Italian eyewear producer De Rigo had an exceptional fiscal year in 2023, with revenue surpassing €500 million. The company, which was founded in 1978 and is currently headquartered in Longarone, experienced a remarkable growth rate of 11.8%, with its revenue increasing by an impressive €53.3 million compared to the previous year. However, it is important to note that this growth was somewhat impacted by exchange rate fluctuations in certain countries where De Rigo operates. When exchange rates are held constant, the revenue growth for the group actually stands at an even more impressive 16.3% in 2023.
Of particular note is the significant increase in revenue within De Rigo’s wholesale business, which grew by 16.8% and reached €279.1 million. This represents a substantial improvement from the €239 million generated in 2022. Furthermore, at constant exchange rates, the channel’s revenue growth was even higher, reaching an impressive 20.1%. The success of De Rigo can be largely attributed to its presence in key markets such as Italy, Turkey, Brazil, China, and Spain. The high-end brands within its portfolio have played a crucial role in driving revenue, accounting for two-thirds of the group’s growth. One such brand is Police, which is owned by De Rigo and celebrated its 40th anniversary in 2023. Police offers a wide range of products beyond eyewear, including fragrances, watches, jewelry, ready-to-wear, and leather goods.
In addition to its organic growth, De Rigo also made a significant acquisition during the year by acquiring the eyewear division of the Rodenstock group, which includes the prestigious Porsche Design and Rodenstock brands. While their contribution to De Rigo’s performance was limited in 2023 due to the timing of their incorporation, they are expected to be additional growth factors in fiscal 2024.
The direct retail division of De Rigo also experienced growth, with revenue increasing by 6.5% to reach €242.6 million. This is a notable improvement from the €227.7 million generated in the previous year. However, the division’s revenue growth was hindered by the weakness of the Turkish lira. It is worth mentioning that the direct retail division’s revenue increase in 2023 was entirely organic, as De Rigo did not open any new stores during the year.
Ennio De Rigo, the president of the De Rigo group, expressed his satisfaction with the company’s development despite the challenges faced during the pandemic period. He acknowledged the positive impact of investments made in recent years on sales and highlighted the complexities involved in forecasting and planning international initiatives due to increasing conflicts in various parts of the world. Despite these uncertainties, De Rigo remains committed to diversifying and expanding globally to minimize any negative effects resulting from such events. The completion of the integration of the Rodenstock Eyewear division and the expected growth in the medium-high market segment are predicted to be the main drivers of growth for De Rigo in 2024.
With its ownership of opticians’ chains such as General Optica in Spain, Mais Optica in Portugal, and Opmar Optik in Turkey, as well as its stake in Boots Opticians in the UK, the De Rigo group has established a strong presence in the eyewear industry. Its products are distributed through a network of wholesalers and are available in over 100 countries, particularly in Europe, Asia, and the Americas. The group owns numerous reputable brands, including Lozza, Police, Sting, and Yalea, and holds licensing agreements with various renowned brands.
Surpassing the €500 million revenue milestone truly reflects De Rigo’s ongoing success and growth within the highly competitive eyewear market. The company’s strategic acquisitions, robust brand portfolio, and extensive global presence position it well for future achievements within the industry.