LONGARONE, Italy—The board of directors of Marcolin S.p.A. approved the consolidated financial results as of March 31,  2023. In the first quarter of 2023, the consolidation of the company's economic results continued positively. Group net sales amounted to €152.3 million, up 17.3 percent at current exchange rates compared to the same period of the previous year (+15.2 percent at constant exchange rates), "confirming the business strategy," an announcement said, "in a year when the international geopolitical challenges and instabilities continue to play a part."

Compared to the first quarter of 2022, the group improved net sales in all geographic areas, which saw significant growth  in Asia (+134.2 percent at current exchange rates and 126.2 percent at constant exchange rates). EMEA (+15.5 percent at current exchange rates and 15.6 percent at constant exchange rates) and Americas (+8.1 percent at current exchange rates and 3.5 percent at constant exchange rates). 

Adjusted EBITDA for the period was €23.7 million,  an increase of 30.0 percent compared to €18.2 million in the same period of the previous year. The trend in the adjusted EBITDA margin was equally positive, reaching 15.5 percent of net sales (14.0 percent in the first quarter of 2022).

The second quarter opened with a historic agreement for Marcolin Group, the closing of a perpetual license with The Estée Lauder Companies for Tom Ford eyewear, a substantial extension of its license with Tom Ford, a brand for which Marcolin has manufactured and distributed eyewear since 2005, as VMAIL reported earlier this week.