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Safilo Group has signed an agreement with StyleMark for the acquisition of the Polaroid Eyewear business.
Padua, Italy-Safilo Group has signed an agreement with StyleMark for the acquisition of the Polaroid Eyewear business.
Safilo will acquire the Polaroid Eyewear business for a consideration of $87.5 million (U.S.) or a maximum €65 million, as determined based on predetermined currency conversion mechanisms. The completion of the acquisition, which is subject to conditions set forth in the contractual documentation, is expected to occur during the first quarter of 2012.
According to Safilo, the inclusion of the Polaroid Eyewear business into its portfolio represents an offering in a market segment with a high growth potential, especially in markets outside Europe where Polaroid is currently underrepresented and where the distribution network of Safilo Group will allow a prompt expansion.
“We are extremely happy to announce that a historical yet contemporary brand like Polaroid is becoming part of the new Safilo, bringing along its reputation of leader in the manufacturing of high-quality polarizing lenses and the distribution of world-class polarized sunglasses around the world,” said Roberto Vedovotto, chief executive officer of Safilo Group. “The size of the polarizing eyewear market is rising steadily as more and more consumers realize the benefits and the value of glare-free vision. I am confident that a brand like Polaroid will help us in giving a strong push in the use of such important technology.”
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