Safilo Group announced the acquisition of a 70 percent stake in the equity of California-based Blenders Eyewear LLC.
Safilo purchased the stake from Chase Fisher, the company’s founding entrepreneur and full owner.
Launched in San Diego, Blenders Eyewear “has built an advanced e-commerce platform with unique digital and social media skills, which has achieved fast and profitable growth thanks to its world-class digital capabilities,” according to a press release. The company generates about 95 percent of its business through its proprietary direct-to-consumer e-commerce platform, more recently complemented by the opening of the first Blenders flagship store in San Diego.
Blenders Eyewear’s products “are inspired by the California active and progressive lifestyle and offer a compelling price-to-value eyewear proposition, particularly appealing to a broad range of consumers with a focus on Millennials and Generation Z, both female and male,” according to the release.
The brand has fueled its growth through highly social marketing strategies, partnering with influencers, athletes, and lifestyle enthusiasts and arranging product collaborations.
In 2019 the company expects to reach profitable net sales of approximately $42 million, all generated in the U.S. and up around 40 percent compared to the previous year.
Angelo Trocchia, Safilo’s CEO, said: “We are thrilled to welcome to Safilo an inspiring brand like Blenders Eyewear, a fast-growing e-commerce-powered business at the forefront of the latest direct to consumer and omni-channel capabilities, which will enrich our proprietary portfolio with new strong skills and a particular focus on our key US market.”
Chase Fisher, founder and CEO of Blenders Eyewear, said: “This marks a huge step forward for Blenders and we’re excited to be part of Safilo to reach a wider marketplace. Safilo’s product know-how and global distribution capabilities are the perfect complement to our digitally native business model, opening up worldwide expansion potential. We’re on a mission to build a thriving global community that inspires people to live in forward motion.”
Safilo acquired the 70 percent controlling interest in the company, based on a total value on a cash and debt free basis equal to $90 million. The cash consideration to be paid at closing is subject to customary price adjustments.
Fisher will retain full ownership of 30 percent of the shares and will remain CEO of Blenders Eyewear, which will continue to run out of its San Diego home.