The French luxury goods group Kering is expanding the brand portfolio of its eyewear division. On Monday, the company announced that subsidiary Kering Eyewear had reached an agreement to acquire US sunglass maker Maui Jim Inc.
Founded in 1987, the company is “the world’s largest independent high-end eyewear brand” and has “a leading position in North America,” Kering said. Financial details of the transaction were not released. The takeover still requires the approval of the relevant competition authorities and is expected to be completed in the second half of the year, the group said.
The planned acquisition of Maui Jim is a “big step” for Kering Eyewear, emphasized CEO Roberto Vedovotto in a statement. With the takeover, the company is creating a second brand of its own, after acquiring the Danish eyewear supplier Lindberg last year. “We see great global potential for Maui Jim,” stated Vedovotto. Going forward, the label will “benefit from our expertise and global network to expand its geographic footprint and attract new customers based on its core values.”
