Kering Eyewear announced that it now holds more than 90% of sunglass brand Maui Jim, with the remaining shares expected to be acquired by the end of the year.
The deal, announced March 14, has been cleared by antitrust authorities, according to a press release. Maui Jim was set to be consolidated in Kering accounts starting from Oct. 1.
Financial terms of the deal were not disclosed.
When the deal was first announced, Kering stated in a press release that it represented “a major milestone in the successful expansion strategy of Kering Eyewear.”
Roberto Vedovotto, CEO of Kering, said at the time: “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.”
Walter Hester, CEO of Maui Jim, said: “The combination of Kering Eyewear and Maui Jim is a once in a lifetime opportunity for both of our organizations 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.”