Despite a turbulent global landscape, the eyewear industry’s behemoths maintained strong momentum in 2024, as reflected in the full-year results of Marcolin, Safilo, EssilorLuxottica and Inspecs.
Marcolin
Marcolin continued its upward trajectory in 2024, reinforcing profitability even amid geopolitical uncertainties. The company reported an adjusted Ebitda (earnings before interest, taxes, depreciation and amortisation) of €85.0m – up 10.2% from 2023 – with an Ebitda margin on net sales rising to 15.6%, compared to 13.8% the previous year.
Net sales totalled €545.8m, representing a slight decline of 2.2% at current exchange rates (1.8% at constant rates). However, on a like-for-like basis – excluding the impact of newly acquired and discontinued brands - net sales increased by 1.7% at current rates (2.1% at constant rates).
Brand activity remained dynamic, with renewals secured for Zegna, GCDS, Max&Co and Skechers, alongside exclusive agreements with Christian Louboutin, K-Way and Abercrombie & Fitch Co, and the continued commercial integration of the new brand ic! berlin.
Safilo
For Safilo, growth in Europe helped offset the challenges in the North American market. Net sales reached €993.2m, a decline of 2.3% at constant exchange rates, which included an approximate 3% negative impact from the exit of Jimmy Choo.
Despite this, the brand portfolio strengthened, with notable growth for Carrera, David Beckham, Tommy Hilfiger and Carolina Herrera. A perpetual licence for Eyewear by David Beckham was signed and all main licences were renewed early through to 2030/31.
Margins improved across the board: gross margin rose to 59.7% (up from 58.7%), adjusted Ebitda margin reached 9.4% (up from 9.0%), and the adjusted net result more than doubled to €34.2m from €14.0m.
CEO Angelo Trocchia commented: ‘2024 was a year marked by a complex macroeconomic context, which affected business and consumer confidence, influencing demand dynamics in various sectors, including eyewear.
‘In the face of market challenges, we proved our resilience and adaptability, consolidating our competitive edge through dynamic brand portfolio management and targeted investments. Our steadfast dedication to the quality of services offered to our customers and consumers remains the cornerstone of our strategy.’
EssilorLuxottica
EssilorLuxottica placed employee engagement at the heart of its 2024 performance, with record investment in its shareholding plans. As of April 2025, 97,000 employees across 85 countries were shareholders – up from 83,500 the previous year.
In 2025, EssilorLuxottica launched an enhanced version of its traditional investment programme, introducing three new investment options and doubling total subscriptions to over €190m – a company record. Meanwhile, the French PEE collective savings scheme surpassed a new high of €33m in 2024.
Chairman and CEO Francesco Milleri and deputy CEO Paul du Saillant said: ‘We are proud to engage our employees on this journey, as our company’s value and market capitalisation continue to rise.
‘These results confirm our commitment to further enhancing employee engagement and aligning their interests with the company’s long-term success, empowering them to play an active role in shaping the future of EssilorLuxottica. As we enter an era of vast opportunities, we are confident that even greater achievements lie ahead.’
Inspecs
Inspecs reported group revenue of £198.3m, down 2.5% from £203.3m in 2023. On a constant currency basis, revenue stood at £203.2m. The underlying Ebitda dipped by 2% to £17.6m, while operating profit rose 17% to £3.4m. Gross margin increased to 52.2%, up from 50.9%.
Despite a difficult first half of 2024, the company saw a 3.4% increase in second-half revenue, reaching £95.3m compared to the same period the previous year. The company also continued to generate positive cash flow and reduced net debt by £1.3m, bringing it to £22.9m for the full year.
CEO Richard Peck commented: ‘Inspecs demonstrated resilience in 2024 despite challenging macroeconomic conditions, with revenue declining by 2.5% to £198.3m due to softer consumer demand and competitor consolidation.’
He added: ‘Notwithstanding the recently announced tariffs and caution in relation to market conditions, compelling new projects in the pipeline give us confidence in delivering on market expectations for 2025 and our medium-term ambition to accelerate revenue growth and deliver double digit underlying Ebitda while targeting net debt of 40%-75% of underlying Ebitda.’
In a separate development, CFO Chris Kay announced plans to step down, with a successor search underway.
