PARIS – LVMH Moët Hennessy Louis Vuitton is delving deeper into eyewear by taking a minority stake in the German brand Mykita.
Terms of the deal between Thélios, LVMH’s eyewear entity, and the Berlin-based eyewear maker were not disclosed.
Mykita will remain fully independent operationally, in terms of strategy and creative process, according to a joint statement from both companies.
“This minority investment will strengthen Mykita’s position as a truly global design and manufacturing house, to continue driving innovation and shaping the future of the eyewear category with its unconventional spirit at dedication to exceptional design,” the companies stated.
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Mykita was founded in 2003 by Moritz Krueger. All of the brand’s eyewear is handcrafted by its team of artisans in a Berlin workshop, the Mykita Haus. Part of Mykita’s DNA is a focus on brand-developed materials. In 2022, it switched its entire acetate supply to Acetate Renew, the first brand to use the bio-based material in 100 percent of its products. In 2023, Mykita revealed that all of its signature stainless steel frames use at least 90 percent recycled steel from its original supplier, taking an important step toward full-circle sustainability.
Thélios designs, produces and distributes sunglasses and optical frames for LVMH brands such as Dior, Fendi, Celine, Givenchy, Loewe, Stella McCartney, Kenzo, Berluti, Bulgari, Tag Heuer and Fred. The branch also owns Barton Perreira and Vuarnet.
The state-of-the-art Thélios plant in Longarone, Italy, a one-hour drive from Venice, was inaugurated in 2018. Its production spans more than 194,400 square feet, allowing LVMH to strengthen its presence in the eyewear industry.
The global eyewear market is expected to grow at an annual rate of 5.9 percent to $206.1 billion, versus $115.2 billion in 2022, according to Persistence Market Research.
“This growth is fueled by changing lifestyles an the increasing popularity of stylish accessories among Millennials,” the research company said in a statement.
