VSP Vision Takes Over Marcolin: Italian Eyewear Giant Sold by Pai Partners

Marcolin crosses the pond. The Italian optical group is leaving Pai Partners after 23 years in the company’s portfolio to join Marchon’s parent company, U.S.-based Vsp Vision. The deal comes after ending fiscal 2024 with sales down but net income up. The value of the investment has not been disclosed.

Vsp Vision, together with other minority shareholders, has acquired the Italian company, which manages the optical license for brands such as Tom Ford, Gcds, Zegna, Max&Co. and Skechers, with whom it renewed last year. In addition, it also secured agreements with Christian Louboutin and Abercrombie&Fitch.

“The addition of Marcolin is another example of our commitment to purposeful growth that will deliver greater value to VSP members, clients, physicians and key customers,“ said Michael Guyette, president and CEO of VSP Vision. “With a portfolio of some of the world’s most coveted brands and advanced in-house manufacturing capabilities, Marcolin will more than complement our existing offerings through Marchon Eyewear as we continue to deliver high-quality eyewear that meets the diverse and evolving needs of our global customers,“ he added in a statement released Friday, Sept. 5.

This transaction comes after the company closed 2024 with sales at €545.8 million, down 2.23% from 2023, when the group posted sales of €558.3 million.

Marcolin closed 2024 with an increase in EBITDA of 10.25% compared to the previous year.

Marcolin recorded a gross operating profit (ebitda) of 85 million euros, an increase of 10.25% on the figure recorded in 2023. The gross margin stood at 63.7%, 2.7 percentage points up on the 61% recorded in 2023, when it posted a turnover of 340.6 million euros.

The group’s profit before tax amounted to 57 million at the end of 2024, an increase of 11.58% compared to 2023, when the company earned 51.8 million.

The group’s main geographic markets in 2024 were Europe, the Middle East and Africa (Emea) and the Americas, which recorded net sales of 269.1 million euros (up 6.2% on a like-for-like basis) and 198.6 million euros (down 7.1% on a like-for-like basis), respectively. In the Asian market, “a geography with high potential for the group,“ the company increased its sales by 9.6% at constant exchange rates.

The transaction is expected to close in the fourth quarter of 2025 and is subject to customary regulatory approvals.