MILAN – Kering Eyewear has inked an agreement to acquire Italian eyewear manufacturers Visard and Mistral.
As per the agreement, Kering Eyewear will become the owner of 100 percent of Visard and a minority shareholder of Mistral, with the option to buy the remainder in 2030.
The two companies have been strategic partners of Kering Eyewear since its foundation in 2014 and this operation will allow the company to further strengthen its position in the industry and to advance its industrial development.
“Over the years, Visard, Mistral and their respective founders have significantly contributed to the success of Kering Eyewear, providing our company with unparalleled quality and technical competence,” said Roberto Vedovotto, founder, president and chief executive officer of Kering Eyewear.
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The executive said he was “pleased to collaborate more closely with Mistral on the next phase of its development, confirming our commitment to support the exceptional human capital of the Belluno district, strengthening it as the center of the eyewear industry, further investing in innovation and in artisanal excellence.”
Visard and Mistral are both based in the Belluno area, in the Veneto region, a key eyewear manufacturing hub.
Visard was founded in 1985 and has around 75 employees. It leverages a strong know-how and artisanal capacities in the production of optical frames and sunglasses.
Mistral was founded in 1991 as a spinoff of Visard and has around 120 employees, with expertise in acetate eyewear.
The transaction is expected to be finalized in the third quarter of 2025 following the approval of antitrust authorities.
Kering Eyewear was a pioneer in changing the business model for luxury groups with regard to the eyewear category, straying from the well-trodden licensing business model. It has grown to produce and distribute collections for 14 brands, including Gucci, Cartier, Saint Laurent, Bottega Veneta, Balenciaga, Chloé, Alexander McQueen, Montblanc, Dunhill, Alaïa and Puma. It also owns brands Lindberg, Maui Jim and Zeal Optics.
As reported, Maui Jim has inked a multiyear partnership with the Oracle Red Bull Racing team, starting with the 2025 Formula 1 season, during which the brand will supply its eyewear to the team. The initiative follows Maui Jim’s 2024 partnership with Red Bull Global Sports.
In 2024, Kering Eyewear reached record revenue of 1.6 billion euros, a 6 percent increase on 2023 on a comparable basis. It reported recurring operating income of 277 million euros, and a margin of 17.5 percent on sales.
