Gucci-owner Kering is bulking up its eyewear division with a deal to buy US-based label Maui Jim, the French luxury group said today.
European luxury companies have shown growing interest in the eyewear business and have tightened their grip on production capacity amid strong demand for luxury products.
Kering, which bought upscale Danish label Lindberg in July last year, expects the Maui Jim deal to be closed in the second half of 2022.
Kering said the purchase of the Hawaiian eyewear label, known for high-end sunglasses, would push the group's annual eyewear revenues above €1 billion and would improve its profitability.
Kering began building an in-house eyewear division in 2014 and wholesale revenues exceeded €700m in 2021.
Rival LVMH has reinforced its presence in the business, saying in December it would buy a 49% stake in Thelios, increasing its holding in the upscale Italian eyewear manufacturer for labels including Dior, Fendi and Celine.
