On December 23, 2025, US eyewear giant VSP Vision announced that it had completed the acquisition of Italian eyewear group Marcolin- another of the world’s leading companies in the sector- from private equity firm PAI Partners and other minority shareholders.
Marcolin headquarters – Marcolin
“The acquisition of Marcolin marks another important milestone in our 70-year history, dedicated to providing our members, customers, doctors within the VSP network, company-owned stores, and key partners with ever greater value and a broader offering,” said Michael Guyette, president and CEO of VSP Vision. “Marcolin’s portfolio of global brands, manufacturing excellence, and geographical footprint complement Marchon Eyewear‘s brands and capabilities perfectly, further strengthening our ability to meet the evolving needs of customers around the world.”
VSP Vision’s portfolio already includes fellow US company Marchon, one of the world’s most renowned specialist eyewear players, which it acquired in 2008 for more than $700 million. Marchon is a licensee of US brands such as Calvin Klein, Nike, and DKNY, as well as designer labels including Ferragamo, Paul Smith, and Victoria Beckham.
Marcolin and Marchon will continue to operate as they do today, VSP Vision said in its statement. The amount paid by the Rancho Cordova, California-based company (formerly known as CVS-California Vision Services, and founded in Oakland, California, in 1955) was not disclosed, but according to informed sources cited in the eyewear trade press in recent months, PAI had sought a valuation of Marcolin in excess of 1 billion euros ($1.2 billion).
In 2012, PAI Partners acquired a 78.39% stake in the Veneto-based Marcolin group, buying it from shareholders party to a shareholders’ agreement (the Marcolin family and the Della Valle brothers) and from Antonio Abete, for about 207 million euros. The private equity fund had been seeking to sell Marcolin since 2022 and, after a succession of bids and more or less concrete options for potential buyers (from EssilorLuxottica to Kering Eyewear, Safilo, Hong Kong’s FountainVest fund, and HAL Investments), VSP’s offer ultimately prevailed.
Marcolin ended the first nine months of 2025 with revenues of 416.6 million euros, up 2.1% year on year. The main markets remained EMEA and the Americas, which posted revenues of 218.6 million (+7.6%) and 142.7 million (-5.5%), respectively. The Asian market, a high-potential region for the group, fully recovered in the third quarter of 2025 from the temporary slowdown. EBITDA was 68.5 million, accounting for 16.4% of net sales. In FY2024, total revenues amounted to 545.8 million euros, down 2.2% at current exchange rates.
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