Kering Eyewear to Expand Maui Jim in Europe, Asia
PARIS — Kering Eyewear will soon be saying “aloha” to its distribution partners in Europe and Asia as it introduces them to its latest acquisition — the American brand Maui Jim.
At present, Maui Jim generates about 85 percent of its revenues in North America, offering a “huge potential” to leverage its worldwide network and grow the brand in several regions, according to Roberto Vedovotto, president and chief executive officer of Kering Eyewear.
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Discussing the deal in a call with journalists, Vedovotto said there is also potential to expand Maui Jim in several channels, including travel retail outside of the U.S.
What’s more, its proprietary lens technology, perfect for outdoor pursuits, could be applied to fashion brands within the Kering Eyewear portfolio, which include the likes of Gucci and Saint Laurent.
Vedovotto described enormous brand loyalty among Maui Jim aficionados, with many owning five to seven pairs and using them for such sports as golfing and fishing.
“We were missing this segment,” he said. “We now have a very, very balanced portfolio.”
Financial terms were not disclosed, though Kering described Maui Jim as “the world’s largest independently owned high-end eyewear brand.” While inspired by the Hawaiian island and its relentless sun, the company is headquartered in Peoria, Illinois.
The transaction follows last July’s “game-changing” step that saw Kering Eyewear take full control of Danish brand Lindberg.
Vedovotto described Maui Jim as about 3.5 times bigger than Lindberg. That would put its annual revenues north of 300 million euros, according to market sources.
Maui Jim sunglasses retail from about $190 to $330, offering mirrored lenses in green, blue, red and pink colorations.
Founded in 1987, 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, including Australia.
Walter Hester, CEO of Maui Jim, noted 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, once it clears routine regulatory hurdles.
Vedovotto set up Kering Eyewear in 2014, launching a new business model, and the executive always credits Kering CEO 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.
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