VSP Vision Completes Marcolin Acquisition Building An Eyewear Powerhouse​

US eyewear giant VSP Vision completes acquisition of Italian group Marcolin, marking a major consolidation move in the global eyewear market and expanding its reach across EMEA, the Americas, and Asia. The deal unites VSP Vision’s existing Marchon business with Marcolin’s powerful licensed brand portfolio, although the purchase price has not been disclosed.

What VSP Vision is buying

VSP Vision, based in Rancho Cordova in California, has acquired Marcolin from private equity firm PAI Partners and other minority shareholders, with the transaction announced on December 23, 2025. The group, originally founded in Oakland in 1955 as CVS-California Vision Services, has grown into a leading integrated vision care and eyewear company.

Marcolin, headquartered in Veneto in Italy, is one of the world’s major eyewear players, distributing its products in more than 125 countries through proprietary and licensed brands. Its portfolio includes owned labels Web Eyewear and Ic! Berlin, alongside licenses such as Tom Ford (under a perpetual licence), Guess, Adidas Sport, Adidas Originals, Christian Louboutin, Max Mara, Zegna, GCDS, MAX&Co., MCM, Pucci, BMW, K-Way, Kenneth Cole, Abercrombie & Fitch, Hollister, Rag & Bone, Timberland, Gant, Harley-Davidson, Marciano, and Skechers.

Strategic rationale and CEO vision

“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.

VSP Vision already owns Marchon, one of the industry’s best-known eyewear specialists, which it acquired in 2008 for more than $700 million. With Marcolin added to the portfolio, VSP Vision gains deeper access to premium fashion and lifestyle brands while reinforcing its vertically integrated model across vision care and eyewear.

Deal terms and private equity exit

The amount paid by VSP Vision has not been disclosed; however, industry sources have recently indicated that PAI Partners was targeting a valuation for Marcolin exceeding €1 billion. PAI Partners had been exploring an exit since 2022, weighing interest from several potential buyers, including EssilorLuxottica, Kering Eyewear, Safilo, FountainVest in Hong Kong, and HAL Investments, before VSP Vision ultimately emerged as the successful bidder.

PAI Partners originally acquired a 78.39% stake in Marcolin in 2012 for about €207 million, buying out shareholders including the Marcolin family, the Della Valle brothers, and Antonio Abete. The sale to VSP Vision closes a more than 10-year investment cycle in which PAI Partners repositioned Marcolin as a scale player in licensed luxury and lifestyle eyewear.

Operating model and brand continuity

Following the transaction, Marcolin and Marchon will continue to operate as they do today, preserving their existing structures and relationships with brand partners. This continuity is important for fashion houses such as Tom Ford, Guess, Adidas, Max Mara, and Christian Louboutin, which rely on consistent design, distribution, and brand positioning in eyewear.

For retailers and optical professionals across EMEA, the Americas, and Asia, the combination of Marcolin and Marchon under VSP Vision could translate into a broader assortment across price tiers and categories from sports to luxury fashion. Over time, synergies in sourcing, manufacturing, and logistics may help support service levels and product innovation, even as both businesses keep their distinct identities.

Marcolin’s latest financial performance

In the first nine months of 2025, Marcolin reported revenues of €416.6 million, a 2.1% increase year-over-year. The EMEA region remained the largest market, with revenues of €218.6 million, an increase of 7.6%. In contrast, the Americas generated €142.7 million, a 5.5% decrease.

The Asian market, described as a high-potential region for Marcolin, fully recovered in the third quarter of 2025 after a temporary slowdown earlier in the year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €68.5 million, equal to 16.4% of net sales, while full-year FY2024 revenues totalled €545.8 million, down 2.2% at current exchange rates.

These figures give VSP Vision a sizeable eyewear manufacturing and brand-licensing platform to build on, complementing its existing vision care operations and positioning the California group as an even more influential global player.