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CLASS

Marcolin eyewear opens a branch in Singapore

July 24, 2019


Abstract : It will boost growth in Southeast Asia and in the Pacific area. It will also serve to strengthen commercial synergies with the Hong Kong regional office. The number of branches in the global network is 12. The group based in Longarone (Veneto) is also evaluating further developments in Malaysia.

MILAN, Jul 23 (Class Editori) -- Marcolin eyewear brand aims to strengthen its position in the Asian market opening in Singapore. The company based in the province of Belluno announced the opening of a new branch in the city-state to further expand its direct control.

The opening will boost growth in Southeast Asia and in the Pacific area. It will also serve to strengthen commercial synergies with the Hong Kong regional office, "acting as a commercial hub for the entire network of wholesalers and dealing with the distribution of the brand portfolio in the area," as read in a note from the group led by Massimo Renon.

The brands portfolio includes Tom Ford, Ermenegildo Zegna, Just Cavalli and Timberland. In 2018 the company sold approximately 14.6 million glasses. Revenues in the last year amounted to 482.2 million euros compared to 469.1 million in the previous year, and Ebitda stood at 51 million euros, equal to 10.6% of turnover, while the EBIT amounted to 28.9 million dollars, corresponding to 6% of revenues.

Singapore will not be the last country involved by the expansion in the region. Indeed, the 2018 budget report shows the intention to evaluate opportunities for developing direct channels also in Malaysia. The report also underlines that the group "intends to continue with the activities of rationalization and optimization of the collections, in order to make them increasingly suitable for its outlet markets, paying attention to international distribution (the 'asian fitting' in this specific case), improving the ability to industrialize new models, also paying attention to opportunities deriving from new original materials to be used."

The Singapore branch of Marcolin Group is located in Tower 1 of the Marina Bay Financial Center, the business center specifically designed to enhance the key role of Singapore as the financial capital of South-East Asia and a global hub. The group's global network is now made up of 12 branches located throughout the world, in Europe (Benelux, Germany, Austria, Switzerland, France, Italy, Nordic countries, Portugal, Spain, United Kingdom), America (United States, Brazil) and Asia (Hong Kong, Singapore). It also includes four joint ventures (China, Mexico, Russia, United Arab Emirates) and over 150 international partner distributors.

(Source: Class Editori)

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Keyword: Singapore business expansion Marcolin

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