Safilo: Key Preliminary Data for the 2024 Financial Year
Europe’s resilience helped offset the slowdown in the North American market, mitigating the decline in net sales to 2.3%.
The gross industrial margin improved to 59.7% of sales, and the adjusted EBITDA margin increased to 9.4%.
The Board of Directors of Safilo Group S.p.A. has reviewed the key preliminary data for the financial year ended December 31, 2024. The full financial results will be approved by the Board on March 11, 2025.
In 2024, Safilo’s preliminary net sales amounted to €993.2 million, marking a 2.3% decline at constant exchange rates and 3.1% at current exchange rates compared to 2023, mainly due to the expiration of the Jimmy Choo license. Excluding this impact, sales showed slight growth, driven by the European market, while North America faced challenges in the sunglasses and sports eyewear segments.
In Q4, the decline was more contained at -1.1% at constant exchange rates and -1.6% at current exchange rates, thanks to the recovery of emerging markets. Excluding the Jimmy Choo impact, the quarter recorded an increase of nearly 2%. Sales in Europe remained stable (-0.1%), while North America experienced a -4.6% decline, affected by lower sales of Blenders, which had benefited from the Coach Prime collaboration in Q4 2023.
However, Smith saw growth in the Direct-to-Consumer (DtC) channel and physical stores, supported by a strong start to the 2025 ski season. Asia grew by 12.9%, while the Rest of the World recorded a +2.4% increase.
On an annual basis, Europe grew by 1.6%, while North America saw a 5.2% decline. Revenue in Asia-Pacific and the Rest of the World decreased by 2.1% and 5.9%, respectively.
In 2024, Safilo strengthened its brand portfolio with the acquisition of the perpetual license for Eyewear by David Beckham. Carrera and David Beckham reported double-digit growth throughout the year and in Q4, with positive performances also from Tommy Hilfiger, Marc Jacobs, and Carolina Herrera.
Following the 2023 restructuring, the gross industrial margin rose to 59.7% (+100 basis points), while in Q4 it stood at 59.5%. The adjusted EBITDA margin reached 9.4% (+40 basis points), and in Q4, it improved to 7.5% (+60 basis points).
The Q4 Free Cash Flow was positive at €18.9 million, bringing the annual total to €16.7 million, including the investment in the Beckham license. Net financial debt remained stable at €82.7 million (€40.3 million pre-IFRS 16, improving by €3 million compared to 2023).
Looking ahead to 2025, Safilo aims to further strengthen its brand portfolio, optimize investments and resources, and build on the solid economic and financial foundations established in 2024.