The deal is for design and manufacturing.

Marcolin and LVMH Moët Hennessy Louis Vuitton are forming a joint venture for design and manufacturing.

France-based luxury goods conglomerate LVMH will hold 10 percent of the Italy-based Marcolin, Reuters reports. Media reports last month had suggested that such a deal was in the works.

Marcolin explained in a press release that the joint venture "will, starting in 2018, design and manufacture eyewear for the Céline brand, with the aim of becoming, in the future, the preferred partner of LVMH in the eyewear business."

LVMH and Marcolin will control, respectively, 51 percent and 49 percent of the share capital of the proposed joint venture, according to the release. Marcolina estimates that its equity contributions to the start-up costs, capital expenditures and working capital requirements of the joint venture will be between 20 million euros (US $21.6 million) and 25 million euros (US $27 million) over the next four to five years.

Marcolin is held by PAI partners, a private equity group.

Read more at Reuters reports