BUSINESS: Financial Marcolin Reports Growth and Return to Profit in 2021, With a Sharp Rise in Business to Pre-Pandemic Levels By Staff Monday, May 2, 2022 12:27 AM MILAN—The shareholders' meeting of Marcolin, one of the world's leading eyewear companies, last week approved the separate and Group consolidated financial statements for the year ending Dec. 31, 2021. The group's board of directors also approved the economic and financial results for the first quarter ending March 21. In the 2021 financial year, Marcolin's net sales were €455.6 million, up 34 percent on 2020, a figure that confirms the strong recovery following the COVID-19 pandemic, the company said.Compared to 2020, the group increased its sales in all geographical areas, particularly in EMEA (+31.7 percent) and the Americas (+38.8 percent), which together account for almost 90 percent of net sales. Results were also positive in high-potential geographical areas such as Asia (+27.1 percent) and the Rest of the World (+24.8 percent). Adjusted EBITDA amounted to €50.1 million, representing +90.5 percent of the 2020 result. The adjusted EBITDA margin was also positive, rising to 11 percent of net sales, an excellent result that brought the company back to pre-pandemic levels. In 2021, Marcolin said it also recorded a significant reduction in its net debt thanks to the divestment of the Thélios joint venture, which was reported by VMAIL and the implementation of new business models capable of improving net working capital management. The company noted," At the end of 2021, Marcolin finalized the sale of the shares held in Thélios, a joint venture with the French luxury goods group LVMH, a transaction that allowed both groups to pursue their respective future strategies separately, given the start-up phase of the company had been successfully concluded with mutual satisfaction."In addition, the company said, "The strategy adopted by Marcolin in 2021 saw the optimization and development of the existing brand portfolio; major investments in various management areas, including logistics and production, have helped to enable the company to perform." Marcolin CEO and general manager Fabrizio Curci, stated, "Marcolin is a solid, high-performing company that has managed to react and achieve important results despite two difficult years due to the pandemic. Thanks to the introduction of new processes aimed at optimizing the organizational set-up, investments in the production and logistics areas, and in the brand portfolio, the company is moving toward a new period of growth. We are delighted that 2021, the year in which the company celebrated its 60th anniversary, marked a return to profitability. The growth recorded in the first quarter of 2022 is an additional incentive to continue to improve".For the first quarter of fiscal 2022, ending March 31, the company reported, "The growth path outlined in the previous year continued in the first quarter of 2022: net sales stood at €129.8 million, representing +19.5 percent compared with the same period of 2021 (€108.7 million), with particularly significant growth in all geographical areas of the world: EMEA (+19.8 percent), the Americas (+17.9 percent) and the Rest of the World (+36.5 percent)." The company added, "Adjusted EBITDA grew by +27.1 percent to €18.2 million, representing a 14.0 percent margin on net sales, an excellent result even compared to the first three months of 2019." Marcolin Group's portfolio includes the house brands WEB Eyewear, Marcolin and Viva and the licensed brands Tom Ford, Guess, adidas Sport, adidas Originals, Bally, Moncler, Max Mara, Sportmax, Zegna, Longines, OMEGA, GCDS, Barton Perreira, Tod's, Emilio Pucci, BMW, Swarovski, MAX&Co., Kenneth Cole, Timberland, GANT, Harley-Davidson, Marciano, Skechers and Candie’s. Through its own direct network and global partners, Marcolin distributes its products in more than 125 countries.