Kering Eyewear set to acquire Maui Jim in ‘once in a lifetime opportunity’

By Charlotte Turner |

The eyewear division of global luxury group, Kering, has signed an agreement to acquire Maui Jim, Inc, in a ‘once in a lifetime opportunity for both organisations’, according to Walter Hester, CEO of Maui Jim.

 

Founded in 1987, Maui Jim is reportedly the world’s largest independently owned high-end eyewear brand with a leading position in North America.

 

“Recognised for its outstanding technicity and distinctive Hawaiian heritage that embodies the ‘Aloha Spirit’, Maui Jim is an authentic brand that offers a broad spectrum of high-quality sun and optical frames sold in more than 100 countries,” said a statement issued by Kering.

 

Maui Jim engineered the patented PolarizedPlus2 lens technology which protects from intense glare and harmful UV while enhancing colour naturally perceived by the eye.

 

Maui Jim engineered the patented PolarizedPlus2 lens technology.

Maui Jim engineered the patented PolarizedPlus2 lens technology.

‘A MAJOR MILESTONE’

Kering Eyewear, established in 2014, registered more than €700m/US767m in external revenue (revenue of a subsidiary) in FY2021.

 

“The acquisition of Maui Jim represents a major milestone in the successful expansion strategy of Kering Eyewear,” added the statement.

 

“Only a few months after the acquisition of Lindberg, Kering Eyewear will own a second proprietary brand, reinforce its status on the high-end eyewear segment and broaden its offer to cover the full scope from functional to timeless and fashion luxury products.”

 

Kering said that its complementary distribution networks and product offerings will contribute to amplify the growth potential through the expansion of Maui Jim’s geographical footprint and the ability to gain new customers, more focused on innovation and functionalities.

 

STRONG POTENTIAL GLOBALLY FOR MAUI JIM, SAYS VEDOVOTTO

Roberto Vedovotto, President and CEO of Kering Eyewear, declared: “Maui Jim has a unique positioning in the market, with very high-end and technically innovative sunglasses that are beloved by its clientele, and we are delighted that the brand is joining Kering Eyewear’s exceptional portfolio.

 

“We see 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.

 

Roberto Vedovotto, President and CEO of Kering Eyewear.

Roberto Vedovotto, President and CEO of Kering Eyewear.

“This second key acquisition is also a major step for Kering Eyewear, which has now become unparalleled in its market segment, further validating the strategy that laid behind its creation by Kering in 2014.”

“The combination of Kering Eyewear and Maui Jim is a once in a lifetime opportunity for both of our organisations and our Ohana members,” said Walter Hester, CEO of Maui Jim.

“Our companies share similar values, along with a strong commitment to our people and our customers, leading to a remarkable strategic fit.

“I am both humbled and excited that Maui Jim will join the Kering Eyewear family. We have proud pasts, and together will have an even brighter future.”

The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the second half of 2022.

 

 

 

 

 

 

Middle East

JEDCO launches multi-category tenders at KAIA T1

Jeddah Airports Company (JEDCO KSA) has issued a request for proposals for several...

International

TR Consumer Forum 2024: Ticket sales now open

TRBusiness is thrilled to announce that you can now book your tickets to the TR Consumer Forum...

International

Alcohol insights: Conversion up, spend down in Q4

Conversion of visitors in the alcohol category in duty free has risen to 54% in Q4 2023,...

image description

In the Magazine

TRBusiness Magazine is free to access. Read the latest issue now.

E-mail this link to a friend