Trio join forces to form European frame giant

Frame manufacturers Filos of Italy and Metzler of Germany have joined forces, with financial backing from the Asian firm Moulin International as well as Italian investment bank San Paolo IMI. The new group is named European Eyewear and will be based in Stuttgart.
The three international frame companies will combine their sales networks, production resources, licensed brands and financial strengths in a bid to take on the worldÕs biggest frame manufacturers.
The new group will develop and distribute global brands that include United Colours of Benetton, Vivienne Westwood, Longines, Kappa, Krizia, Sisley, Jeff Banks, Paloma Picasso and Marc OÕPolo. Another globally licensed brand, Revlon eyewear was launched at the Silmo show in Paris last weekend.
European Eyewear will use the sales network of Filos in Southern Europe, Metzler in Northern Europe and of Moulin in Asia Pacific, while there will be consolidation in the US of subsidiaries of the Filos Group and Moulin International.
The Asian company is listed on the Hong Kong stock exchange and will contribute its manufacturing capacity and supply chain know-how to the new group. This, combined with the facilities in Germany and Italy, is estimated to give a production capacity of over 15 million frames a year, with distribution to more than 70 countries through some 300 sales staff.
Expected turnover for 2002 is 140m Euros, of which 60 per cent will be generated from Europe, 20 per cent from the US and 20 per cent from the rest of the world.
The new eyewear group, benefiting from Ôa substantial increase in capitalÕ, has main shareholders in Moulin European Holding, San Paolo IMI, the original Filos and Metzler shareholders and the management of the two companies.
Metzler chairman Ulrich Fischer will become chairman of the supervisory board of European Eyewear, while retaining his Metzler role.