In major breaking news, Kering Eyewear has signed an agreement to acquire Hawaiian sunglasses and eyewear brand Maui Jim. The transaction is expected to be completed in the second half of 2022, subject to clearance by relevant authorities.
Maui Jim was founded in 1987 and is the world’s largest independently-owned high-end eyewear brand. The brand is known for its distinctive Hawaiian heritage and its use of innovative eyewear technologies. It offers a wide assortment of broad spectrum high-quality sunglasses and optical frames.
Notably, Maui Jim engineered the patented PolarizedPlus2 lens technology which protects the eyes from intense glare and harmful UV rays, while simultaneously enhancing colours.
According to Kering Eyewear, Maui Jim is a complementary addition to its portfolio. Through complementary distribution networks and product offerings, Kering Eyewear plans to drive growth and gain new customers by expanding Maui Jim’s retail footprint.
Kering Eyewear believes that the acquisition, and its wider growth strategy, will create positive returns. The company said that its revenues are materially ahead of the billion-Euro mark on a full-year basis, with profit margins continuing to show an upward trajectory.
Commenting on the acquisition, Kering Eyewear President and CEO Roberto Vedovotto said: “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. 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.”
As reported, Kering Eyewear posted a strong performance in 2021, with total revenue reaching €706 million. The result included three months of revenue from Danish luxury eyewear brand Lindberg after its acquisition was completed on 30 September, 2021.
Kering Eyewear’s sales rose by 45.0% (reported) and by +40.8% at constant scope and exchange rates relative to 2020. Notably, they were +16.9% higher than in pre-pandemic 2019 at constant scope and exchange rates.
Maui Jim CEO Walter Hester added, “The combination of Kering Eyewear and Maui Jim is a once in a lifetime opportunity for both of our organisations and our Ohana members. 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.”
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