(PRESS RELEASE) Inspecs Group plc announces that it has completed the acquisition of Ego Eyewear Limited (“Ego Eyewear”, “Ego”). Ego Eyewear is a design and licensing company and uses third party eyewear manufacturers to produce premium fashion brands. Its prestigious design house is based in Stockholm, and it also has operations in London, Osaka and Hong Kong.
Ego’s licensed brands include Barbour, Liberty of London, Viktor & Rolf, Lyle & Scott, Henry Lloyd and Joseph, and Nordic brands Ivana Helsinki, Valerie and Day. Ego’s main distribution channel is through major optical chains. The company is run by second generation eyewear veterans Ronald and Johanna Gezang, who are known for their innovative and creative designs.
Inspecs Group plc has acquired 100% of Ego Eyewear Limited and its operating subsidiaries in Sweden and Hong Kong for an initial consideration of £6.175m and a deferred consideration partly based on performance over the next 3 years. Ego is expected to have revenue of £8.9m for the year to 31 December 2021 (2020: £3.4m), and Inspecs expects the acquisition to be earnings enhancing for 2022.
More information on Ego Eyewear can be found at www.egoeyewear.com