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FGX International buys Corinne McCormack
30
Oct '09
FGX International, a leading designer and marketer of non-prescription reading glasses and sunglasses, announced that it has acquired Corinne McCormack, Inc. , a privately held company located in New York City.

CMI was founded by Corinne McCormack in 1993 and designs and markets a collection of eyewear and accessories under the Corinne McCormack brand name. CMI products are sold to better specialty and department stores and are found in over 2,000 locations. Leading CMI retailer partners include Bloomingdale's, Lord & Taylor and LensCrafters.

Alec Taylor, CEO of FGX International commented, “The acquisition of CMI strengthens our competitive position in the over-the-counter reading glasses category by taking us into higher end channels and adding the fashion-forward styling that Corinne McCormack is known for. We believe that by investing in the marketing and distribution of this brand, we can increase CMI's share of the designer reading glass market. Also, we plan on utilizing Corinne's substantial capabilities with our existing accounts where fashionable offerings are becoming increasingly important.”

Corinne McCormack has over 15 years of experience in the eyewear category and prior to that 15 years experience in wholesaling and retailing accessories. She will serve as Vice President-Fashion Director of FGX International.

FGX International acquired CMI in exchange $1.45 million in cash. The purchase also includes a related e-commerce company, Eye-Bar Inc. For the fiscal year ended December 31, 2008, CMI had net revenues of approximately $2 million.

FGX International expects CMI to have no significant impact on 2009 earnings and to be modestly accretive in 2010.

FGX International Holdings Limited is a leading designer and marketer of non-prescription reading glasses and sunglasses with a portfolio of established, highly recognized eyewear brands including Foster Grant, Magnivision, Angel, Gargoyles, Anarchy, SolarShield and PolarEyes. FGXI also holds licenses for brands such as Ironman, Levi Strauss, Body Glove and C9 by Champion. Based in Smithfield, Rhode Island, FGXI has approximately 375 full time employees. Additional offices are located in San Luis Obispo, CA; Toronto, Canada; Stoke-on-Trent, England; Mexico City, Mexico; and Shenzhen, China.

FGX International Holdings Limited


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