Kering Eyewear has signed an agreement to acquire the iconic U.S. eyewear brand Maui Jim, Inc. Founded in 1987, Maui Jim is the world’s largest independently owned high-end eyewear brand with a leading position in North America. Maui Jim is an authentic brand that offers a broad spectrum of high-quality sun and optical frames sold in more than 100 countries.
Since its inception in 2014, Kering Eyewear has built an business model that enabled the company to reach more than €700 million external revenues in FY2021. The acquisition of Maui Jim represents a major milestone in the successful expansion strategy of Kering Eyewear. 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.
Their complementary distribution networks and product offerings will contribute to amplify the growth potential through the expansion of Maui Jim’s geographical footprint and the ability to gain new customers, more focused on innovation and functionalities. 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.
Roberto Vedovotto, President and CEO of Kering Eyewear, declared: “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.”
“The combination of Kering Eyewear and Maui Jim is a once in a lifetime opportunity for both of our organizations and our Ohana members,” said Walter Hester, CEO of Maui Jim. “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.”
The transaction is subject to the clearance by the relevant competition authorities and is expected to be completed in the second half of 2022