Kering Eyewear to Acquire Maui Jim – WWD

PARIS – In a sign of the buoyant market for luxury sunglasses, Kering Eyewear said it is to acquire American brand Maui Jim, Inc., known for its color-enhancing and iridescent lenses.

Financial terms were not disclosed.

The transaction follows last July’s “game-changing” step that saw Kering Eyewear take full control of Danish brand Lindberg.

Founded in 1987 in Hawaii, Maui Jim is known for its PolarizedPlus2 lens technology which protects from glare and UV rays while enhancing color naturally perceived by the eye. The sunglasses and optical frames are sold in about 100 countries.

Roberto Vedovotto, president and chief executive officer of Kering Eyewear, touted “strong potential globally for Maui Jim, which will benefit from our expertise and worldwide network to extend its geographical footprint and build on its core values to attract new consumers.”

Walter Hester, CEO of Maui Jim, added that “our companies share similar values, along with a strong commitment to our people and our customers, leading to a remarkable strategic fit.”

Established in 2014, Kering eyewear registered more than 700 million euros in external revenues in 2021. The company touted the Maui Jim acquisition as reinforcing “its status on the high-end eyewear segment” and allowing it to “broaden its offer to cover the full scope from functional to timeless and fashion luxury products.”

“Through this combination, Kering Eyewear reaches new levels, with revenues materially ahead of the billion-euro mark on a full-year basis and profit margins further improving,” the company added.

The transaction is expected to close  in the second half of 2022.

Vedovotto set up Kering Eyewear, headquartered at the 17th-century Villa Zaguri, about an hour away from Venice, in 2014, launching a new business model, and the executive always credits Kering chief François-Henri Pinault for his visionary support.

Kering Eyewear develops and distributes collections for brands ranging from Gucci, Saint Laurent, Bottega Veneta and Alexander McQueen to Alaïa, Brioni, Boucheron, Pomellato, McQ and Puma. In March 2017, Compagnie Financière Richemont became a stakeholder in Kering Eyewear, which led to the production of Cartier eyewear. Collections for Montblanc, Courrèges and Balenciaga have been added and, most recently, for Chloé and Dunhill.