Polinelli Group: 2003 results
The Polinelli Group, which produces and sells framed sunglasses and ophthalmic glasses, goggles and sports eyewear, is made up of two companies: Polinelli Srl, a sales company operating in Italy and abroad, and Lem Srl, which produces sports goggles and fashion and sport sunglasses.
Polinelli Srl buys from sister company Lem Srl and also from other producers at home and abroad. In Italy, Polinelli was one of the first companies in the eyewear sector to sell to large-scale retailers. Currently, it is the exclusive supplier of framed sunglasses and ophthalmic glasses to turnpike outlets and for many years it has been the commercial partner of such prestigious stores as La Rinascente, Iper, Il Gigante, GS. Apart from the large-scale retailers, it directly serves around 1,200 outlets in Italy.
The Group's total billings for tax year 2002-2003 were in excess of 16 million euros, a growth of 10% compared to the previous year. It has approximately 150 employees (5% more than last year) and 30 sales agents.
With the strength of its Italian experience behind it, for the last two years Polinelli has begun to recover its 'vocation' for exports, applying over the borders the same business model that has been so successful in Italy. The same brands Polinelli has on the Italian market (Best for fashion, Blast and Sunteam for sport), are also to be found on the Spanish, Portuguese, Swiss, Finnish and French markets, with billings in 2002/2003 billings of 770 thousand euros (strong growth compared to the 162,888 euros of the previous year).
For the large-scale retail and department store channels, Polinelli also has 'Private Label' collections for various chains. Its market shares in Europe vary from country to country. Particularly significant is Portugal, where Polinelli's share is about 30% of the large-scale retail market. In other countries, its share is estimated at between 5 and 10% in the channels it serves.
After the positive results of 2003, the presence of the fashion eyewear line Best, the company's core business today, will be further strengthened in Italy's large-scale retail. A new advertising campaign has been devoted to the brand and has the primary objective of building up the perception of product quality, linking the image of Best sunglasses to a fun, fresh and carefree lifestyle.
Another of the group's objectives for 2004 is the promotion and strengthening of Blast collection penetration in specialist sports stores. Abroad, where 2003/2004 billings are estimated to be 1 million 600 thousand euros, the aim is to increase the market share of Polinelli collections by enhancing the 'global service' package, and strengthening the distribution network.
