De Rigo buys Rodenstock’s eyewear division, confirms 2022 revenue guidance at over €450 million
Italian eyewear group De Rigo, one of the world’s leading specialists in the design, production and distribution of quality glasses, has inked a deal to buy outright the eyewear division of Rodenstock, Germany’s main producer of ophthalmic lenses and eyeglasses frames, and a world leader in the field of high-index progressive lenses.
The acquisition of Rodenstock Eyewear, for a sum that has not been disclosed, is part of De Rigo's strategic plan to expand internationally and grow within the high-end glasses segment, and will be finalised towards the end of Q2 2023. A significant element of the deal is that the acquisition also includes the Rodenstock and Porsche Design brands.
De Rigo, based in Longarone, within northern Italy’s eyewear district, intends to strengthen its distribution network in central Europe, and especially Germany, an area the group believes has major growth opportunities. De Rigo has been collaborating with Rodenstock for some time, and acquiring the latter’s eyewear division will enable the Italian group to ramp up its commercial capabilities, adding resources and skills as well as an extensive sales organisation in Germany and around the world. By adding Rodenstock and Porsche Design to its brand portfolio, De Rigo is also further diversifying its product range.
“We are confident that, building on our global platform and network, we will be able to support the continued growth of the business and its brands,” said Maurizio Dessolis, executive vice-chairman of De Rigo Vision S.p.A., cited in a press release. Anders Hedegaard, CEO of Rodenstock, said that De Rigo “will ensure continuity for our eyewear business,” adding that “thanks to their great know-how in the frames business and excellent access to international markets, De Rigo is ideally positioned to further drive the development of the eyewear business and strengthen its brands Rodenstock Eyewear and Porsche Design Eyewear.”
De Rigo closed fiscal 2021 with a consolidated revenue of €421.6 million, up 21.9% over the €345.8 million generated in 2020. At constant exchange rates, revenue instead grew by 24.6%. The markets that contributed the most to the group's growth were the USA, Spain, Brazil, Italy, France, China and Turkey.
De Rigo has told FashionNetwork.com that, in the first nine months of fiscal 2022, its revenue grew by 10%, only to slow down owing to the protracted conflict caused by the Russian invasion of Ukraine, with the attendant geopolitical and financial disruption the conflict has triggered. The group estimates that it will close fiscal 2022 with a revenue between €450 million and €460 million, equivalent to a percentage increase over the previous year in the high single digits.
De Rigo Vision owns the General Optica (Spain), Mais Optica (Portugal) and Opmar Optik (Turkey) retail chains, and holds a stake in UK chain Boots Opticians. Additionally, the group has an extensive wholesale distribution network, commercialising the group's products in some 80 countries, chiefly in Europe, Asia and the Americas, via 18 distributors and over 100 independent dealers. De Rigo owns the Lozza, Police, Sting and Yalea brands, and is currently a licensee of Aramis, Blumarine, Chopard, Diff Eyewear, Escada, Fila, Furla, Gap, John Varvatos, Jones New York, Just Cavalli, Lucky Brand, Mulberry, Nina Ricci, Philipp Plein, Philosophy by Lorenzo Serafini, Roberto Cavalli, Tous, Trussardi, Tumi, Victor Hugo and Zadig & Voltaire.
Rodenstock manufactures technologically advanced biometric ophthalmic lenses and other solutions for visual well-being. It was founded in Munich in 1877. The company currently operates 14 production sites in 13 countries, and has approximately 4,900 employees worldwide. It is present in 85 countries with commercial subsidiaries and distribution partners.
In fiscal 2021, the year Rodenstock was bought by investment funds owned by London-based private equity firm Apax Partners, the company beat its revenue target, generating a net revenue of €494 million, up 23% on the €401 million generated in 2020, while recurring EBITDA reached the record value of €127 million, up 41% over 2020.
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