MARCOLIN AND SOVER-M SIGN A JOINT VENTURE AGREEMENT FOR THE RUSSIAN MARKET

The continuation of the international expansion plan that will give Marcolin a 51% stake in the Russian operator Marcolin S.p.A., one of the leading companies in the eyewear sector, today announced that it has signed a joint venture agreement with Victoria Chizhova, founder and managing director of Sover-M, a consolidated operator in the Russian eyewear market. The transaction is part of Marcolin's international expansion plan that will create the conditions for the direct management of the market by strengthening and increasing the distribution of its products in Russia. Marcolin will control 51% of Sover-M, which will distribute all the products in the company's brand portfolio. Valerio Giacobbi, Sales, Marketing and Commercial Strategies Managing Director of Marcolin, was in Moscow to sign the agreement and declared: "This agreement is another step in the process that Marcolin has already started to combine extreme attention to its brand portfolio with an increasingly direct and therefore selective presence in the world's major markets. Thanks to the support of a strong partner like Sover-M, the partnership in this territory will further contribute to strengthening and balancing our business in this important market." Victoria Chizhova, Founder and Managing Director of Sover-M, added: "We are very enthusiastic about working with Marcolin, a company that we have always admired for its strong development of products and brand aimed at consolidating the distribution of its large portfolio in our country."