French luxury group, LVMH, has agreed to acquire a 49% stake in Thelios, further increasing its ownership in the Italian eyewear group that manufactures products for brands such as Celine, Dior and Fendi.
The company is buying the shares from Italian group Marcolin, which will also buy back 10% of the stake LVMH acquired in its business when Thelios was launched in 2017.
LVMH’s effort to increase its stake in Thelios comes at a time when luxury brands and retailers are making moves to bolster their production capabilities, especially as business continues to boom with the reopening of economies and consumers’ growing reengagement in social activities.
Kering, which is LVMH’s key competitor, made a similar move in July this year when it announced plans to acquire high-end Danish eyewear label, Lindberg. The acquisition was part of the company’s strategy to further develop its in-house eyewear division, which generated nearly $680 million in wholesale revenue in 2019.