As reported in Optician last week, Marcolin and fashion house LVMH have confirmed the creation of a joint venture agreement that will see the French firm take a 10% stake in the Italian eyewear manufacturer and distributor.
The companies said the first fruits of the partnership would appear in 2018, with the design and manufacture of eyewear for the Céline brand. Marcolin aims to be the preferred partner of LVMH in the eyewear sector.
LVMH will control a 51% stake in the new partnership and the remainder of the share capital will be controlled by Marcolin. Between €20m and €25m will be invested in the partnership over the course of the next four to five years.
The move will be a blow to Safilo, which, according to Reuters, currently holds LVMH licenses worth €340 million and accounts for more than a quarter of its annual sales. Licences for Givenchy, Fendi and Marc Jacobs will expire between 2021 and 2024.