ROME (Reuters) -Kering Eyewear has agreed to buy sunglass lens maker Lenti, from Italy's Safilo, the two companies said on Tuesday. European luxury groups are increasingly focusing on their eyewear
Kering Acquires Italian Sunglass Lens Manufacturer Lenti from Safilo
ROME (Reuters) -Kering Eyewear has agreed to buy Italian sunglass lens maker Lenti from Safilo, the unit of French luxury group Kering said on Tuesday, as it pushes for greater control of its supply chain.
Headquartered in the northern city of Bergamo and with some 100 employees, Lenti specializes in moulding and surface treatments, including for sunglass lenses, visors and components for the lighting and automotive sectors.
Neither Kering Eyewear nor Safilo, which also sent out a statement on the deal, disclosed financial details of the sale.
Kering started its in-house eyewear division more than ten years ago, making glasses for its own labels such as Gucci, Saint Laurent and Balenciaga and other brands such as Cartier.
Revenues at the division rose 2% in the first quarter, outperforming the group overall, which was dragged down by a 25% drop in sales at Gucci.
Kering Eyewear said the deal is "another milestone" in its industrial development strategy. In April it signed an agreement to buy Visard and a minority stake in Mistral, two Italian manufacturers of sunglasses and optical frames.
Last month Italian eyewear maker Safilo, which produces sunglasses for brands such as Tommy Hilfiger, said it had renewed its supply agreement with Kering Eyewear until 2029.
Most of Safilo's production is based in China, while only 10% is from Italy, CEO Angelo Trocchia said in a conference call with analysts last month. Safilo sold a bigger plant in Italy in 2023.
(Reporting by Giulia Segreti in Rome and Elisa Anzolin in Milan, Editing by Louise Heavens and Jan Harvey)
