Last March, the Artemis II astronauts returned from the first mission to the Moon in more than fifty years wearing masks selected by NASA. Christina Koch, Victor Glover, Jeremy Hansen, and Reid Wiseman were photographed on the inflatable boat that brought them back to base wearing Smith goggles, just like millions of Americans have for over sixty years.
Hailing from Sun Valley, Idaho, the Smith brand—owned by the Safilo Group since 1995—was founded in 1965 with the invention of the first ski goggle featuring a sealed double thermal lens and breathable ventilation foam by orthodontist Bob Smith. Smith is now the leading brand of ski goggles and helmets in the United States, as well as the number two in the bicycle helmet segment, and ranks among the top five players in the premium sports sector.
The Expansion of the Outdoor and Sports Market
“Outdoor sports represent a massive market. The hiking and trekking sector is worth ten billion euros, followed by winter sports at four billion and cycling at three billion. Revenue from eyewear designed for all outdoor sports activities stands at one billion. “We have therefore decided to invest by expanding our portfolio and strengthening our presence in international markets,” explains Angelo Trocchia, CEO of Safilo, during a visit to Smith’s offices in Portland, Oregon—a northwestern state synonymous with a lifestyle close to nature.
In terms of sales, Smith is the Safilo Group’s leading proprietary brand thanks to its widespread penetration across the U.S. “Smith embodies the American sporting spirit, but in recent years, we’ve begun to promote it seriously in Europe, where it had never really been highlighted until now. The Germany-Austria-Switzerland region is the priority, while Italy and France have different dynamics, mainly due to selective distribution, with fewer but higher-quality retail locations. We’re not in a hurry; we’re building brand awareness to really accelerate expansion starting next year,” says Mr. Trocchia. “In 2024, more than 180 million Americans participated in outdoor activities. Smith targets athletes but also those seeking eyewear that reflects the values of sports without necessarily practicing them. It’s also a leader in helmets and ski goggles, but for now, apparel isn’t a priority.”
The success of the outdoor segment was fueled by the post-COVID boom, and Safilo was able to read the signs of change. “We seized this growth opportunity, and our foresight has paid off. Our own brands—Smith, Blenders, Carrera, and Polaroid—are all connected in one way or another to sports, as are the new entrant Spy+ and the models manufactured under license for Under Armour. ” It is important to note that the sports segment is divided into three distinct macro-zones: performance (Smith), fashion (Carrera, Polaroid), and lifestyle (Blenders).
Polaroid boasts a partnership with tennis champion Flavio Cobolli as brand ambassador for 2026–2027 and a presence on the ATP Tour with activations at select tournaments such as Rome, Madrid, Båstad, and Umag.
New Strategic Acquisitions: Spy+ and Serengeti
Last month, the Safilo Group announced the signing of an exclusive agreement with Bollé Brands to acquire the American brands Spy+ and Serengeti. The former, a recognized name in the sports and sunglasses segment, will further strengthen the Safilo Group’s presence in the sports/outdoor distribution channels, thanks to its strong synergy with Smith. As for Blenders, a brand initially distributed exclusively online and added to Safilo’s portfolio in 2019, its primary target audience consists of people who enjoy being active but not at a professional level. Its entry-level price of around $50 makes it ideal for young people; it is also present at major events such as Oracle Red Bull Racing and has launched a capsule collection with Coach Prime, former American football player Deion Luwynn Sanders. The colorful design and material selection reflect the Californian vibe: the headquarters are located in San Diego, while the design team is based at the Italian headquarters in Padua.
The acquisition of Serengeti, meanwhile, is linked to another area of the eyewear industry. The brand represents a major asset in the high-end eyewear segment, distinguished by the excellence of its mineral lenses and a strong American heritage. In 2025, Spy+ and Serengeti generated combined sales of approximately $39 million (€33.2 million). “Serengeti is undeniably positioned in the high-price segment, justified by its very high-quality lenses. Founded in 1851, it is more famous in Europe than in the United States,” explains the CEO.
Digital Transformation and Advances in AI
“We are working on our portfolio, which today has a perfectly balanced competitive advantage split 50-50 between owned brands and licenses. At the heart of this process is also digital transformation, which allows us to make decisions quickly. It’s an area we firmly believe in, but we also need to invest in people,” explains Mr. Trocchia at Smith’s headquarters, a 1,000-square-meter space where about 80 people work, some of them very young, with an average age of 40. North America accounts for 42.5% of the Safilo Group’s revenue, just behind Europe (43.1%): “We’ve been in the United States for 60 years and have 680 employees here; our digital strategies originate here, thanks in part to Blenders’ expertise, while custom-made products are managed in Padua. We have Smith’s offices in Portland, a design studio in New York, a distribution center in Denver, Blenders’ headquarters in San Diego, a showroom in Miami, a strategic sales office (which also manages Canada) in Secaucus (New Jersey), and our factory specializing in lenses in Clearfield (Utah). E-commerce accounts for 16% of our revenue, but we’re aiming for 20%. We have 29,000 B2B clients connected with us, to whom we also offer free training. B2B accounts for 12% of our revenue, with our target being European and American opticians. The transition of the eyewear industry to digital is much faster here than in Europe, partly because in the United States, it’s possible to download your prescription online.”
It’s impossible to talk about digital without thinking about smart glasses. On this topic, Mr. Trocchia has a different perspective than his competitors: “I think the real breakthrough will come with AI, because it’s not just about photos and videos. We launched Carrera Alexa in the U.S., which served as our testing ground. We’ve gained experience with Amazon, our ideas on this are very clear, and the time has come to play our hand in smart glasses thanks to AI. Currently, the use of the camera is no longer limited to videos and photos, but extends to the ability to gather real-time information.” On the AI front, the Safilo Group is making strides in performance, marketing, and the supply chain: “We’re conducting a lot of training and bringing on new hires with skills we didn’t previously have. The challenge lies not only in the systems but also in the people. AI isn’t free—it must be managed carefully—and the necessary investments are significant.”
Positioning Strategies and Financial Results
The core of the Safilo Group’s portfolio lies in the contemporary premium segment, with eyewear ranging from 80 to 260 euros. The goal is to strengthen the Group’s position in the prescription eyewear and women’s collections segments. In this regard, the Group has acquired a 29.9% stake in the British company Inspecs, which is interested in Inspecs’ Eschenbach Group and BoDe businesses. Management plans to finalize the transaction shortly. Among the strategic new initiatives, Mr. Trocchia announced the return of the Safilo brand; after a “not quite adequate” positioning in the past, starting next year it will adopt a strategy focused primarily on growth in the optical sector, supported by much clearer communication.
The launch of the Victoria Beckham collection at the latest edition of the Mido trade show—with the designer herself serving as the face of her own campaign for the first time—will serve as a catalyst to boost sales of women’s eyewear, alongside the Isabel Marant brand, which is highly popular in France, and Carolina Herrera. The CEO also highlighted the success of Boss and Eyewear by David Beckham, under perpetual license, as well as the excellent sales in Italy of Dsquared2, Missoni, Etro, and Marc Jacobs.
For the full 2025 fiscal year, the Safilo Group reported adjusted net income of €44.6 million, up 30.4% from the previous year. This result is primarily attributable to a nearly 50% decrease in net financial expenses, which fell from €16.3 million to €8.3 million, thanks to reduced debt and more favorable exchange rates. Safilo’s annual sales totaled €983.4 million, representing growth of 1.8% at constant exchange rates (-1% at current exchange rates) following a fourth quarter up 0.4% (-4.6% at current exchange rates) compared to the same period in 2024, impacted by the gradual weakening of the dollar against the euro throughout the year. In 2025, Safilo’s operating performance includes a gain of €9.7 million related to the sale of its subsidiary Lenti, which, along with other non-recurring cost items, is excluded from adjusted results.
During the first three months of 2026, the Safilo Group recorded net sales of €272.9 million, down 4.5% at current exchange rates, primarily due to the depreciation of the U.S. dollar against the euro during the period (+0.4% at constant exchange rates). The gross margin increased by 150 basis points, from 60.5% to 62%, driven by the favorable contribution of the price/mix effect and the continued positive impact of a weaker dollar on the gross margin. The adjusted EBITDA margin increased by 160 basis points, from 12% to 13.6%, reflecting the expansion of the industrial gross margin and effective cost management.
Outlook and Operational Resilience
The business plan confirmed by Mr. Trocchia projects, by next year, a margin of between 12% and 13% of total sales, a figure already close to the target following the 10.6% recorded at the end of 2025, and revenue of €1.3 billion at constant exchange rates (compared to €983.4 million currently, a result impacted by the euro-dollar exchange rate). Given the current geopolitical situation, it is difficult to make predictions: “At the start of the year, the Middle East had gotten off to a very strong start, particularly for Carrera, Polaroid, and Eyewear by David Beckham, but within a matter of weeks, foot traffic in stores suddenly slowed down. "This is why operational flexibility, facilitated by digital technology, allows for the rapid reallocation of investments, enabling a swift response to increasingly sudden and unpredictable changes. As for production, activity at the Chinese factory has decreased significantly, now accounting for only 50% of the total, shifting to countries such as Vietnam, Cambodia, Indonesia, and Thailand, in addition to Italy (near Venice) and the United States. Mr. Trocchia does not rule out the possibility of further acquisitions: the Safilo Group’s rise continues, firmly equipped with its patented goggles and masks.