Kering Eyewear announced that it is acquiring Maui Jim Inc.
Financial terms of the deal were not disclosed.
The acquisition “represents a major milestone in the successful expansion strategy of Kering Eyewear,” according to a press release.
“Only a few months after the acquisition of Lindberg, Kering Eyewear will own a second proprietary brand, reinforce its status on the high-end eyewear segment and broaden its offer to cover the full scope from functional to timeless and fashion luxury products.”
Roberto Vedovotto, CEO of Kering, 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.”
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.”
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The transaction is subject to clearance by competition authorities and is expected to be completed in the second half of 2022.
