Kering Acquires Lens Maker Lenti in Eyewear Push
Kering has acquired Italian lens manufacturer Lenti in its latest move to build out its industrial platform in high-end eyewear. The terms of the deal were not disclosed.
In April, the French group acquired stakes in Italian eyewear manufacturers Visard and Mistral. Last month, it inked a partnership with Google to develop smart glasses.
Kering has been working to vertically integrate eyewear innovation, production and distribution since a shift away from licensing and the launch of Kering Eyewear in 2014. The unit now produces and distributes eyewear collections for 14 brands, including Gucci, Saint Laurent, Balenciaga, Cartier and Chloé.
Kering Eyewear generated €1.6 billion in revenue in 2024, up six percent year-over-year.
Learn more:
Kering's Woes Deepen as Gucci Sales Tumble 25%
Group revenues fell 14 percent in the first quarter as Saint Laurent and Balenciaga also suffered from the downturn in luxury demand.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
27 minutes ago
- Yahoo
Tribute Portfolio expands to Buenos Aires, Argentina
Tribute Portfolio, a collection of independent hotels from Marriott Bonvoy's global portfolio, has opened its first property in Buenos Aires, Argentina. The Recoleta Grand Hotel is situated in the city's Recoleta district. The hotel offers 142 guest rooms, including six suites, all showcasing the porteña culture and French influence through Lucas Gashu's interior designs. Marriott International Caribbean and Latin America president Brian King said: 'The opening of Recoleta Grand marks an exciting chapter for Tribute Portfolio as we continue to expand into Argentina. 'This property captures the essence of what makes the brand so compelling – distinctive design, vibrant spaces, and an authentic connection to place. It's a fitting addition to our growing global collection of independent hotels that celebrate character and creativity at every turn.' The Recoleta Grand offers various dining options while the preserved historical Mansión Mihura hosts spaces such as La Maga, Rayuela, and Serpent Club. In addition to its culinary offerings, the hotel features 3,700ft² of flexible event space, a rooftop terrace, a spa, an executive lounge, and a fitness centre. Recoleta Grand general manager Mauricio Secco said: 'Recoleta Grand is more than a hotel—it's a living narrative of Buenos Aires' rich heritage and vibrant present. 'Every detail, from our literary-inspired spaces to our locally rooted dining experiences, is designed to offer guests a sense of discovery and belonging; in this neighbourhood, the Grand Recoleta Hotel carries forward a legacy of sophistication, offering an atmosphere that feels both timeless and contemporary.' Tribute Portfolio has expanded to more than 155 hotels in over 30 countries and territories. The Buenos Aires launch follows its entrance into the Middle East in May 2024 with The First Collection at Jumeirah Village Circle in Dubai, UAE. "Tribute Portfolio expands to Buenos Aires, Argentina" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business of Fashion
an hour ago
- Business of Fashion
French Senate Backs Law to Curb Ultra Fast-Fashion
France's Senate approved a revised version of a law regulating fast fashion on Tuesday, which if implemented would ban advertising by fast-growing Chinese e-commerce platforms like Shein and Temu. Senators in the upper house of parliament voted almost unanimously for a modified version of a bill passed by France's lower house last year, which aims to reduce the environmental impact of the textile industry. Critics say the low-priced garments produced by fast-fashion chains drive excessive consumption and waste, exacerbating the textile sector's impact on the environment. An amended version of the bill distinguishes between 'ultra' fast fashion and 'classic' fast fashion, however, imposing less onerous restrictions on European fast-fashion players like Zara and Kiabi, but drawing criticism from environmental groups. The 'clarifications (made by the Senate) make it possible to target players who ignore environmental, social, and economic realities, notably Shein and Temu, without penalising the European ready-to-wear sector,' said Jean-Francois Longeot, chair of the Senate's Committee on Regional Planning and Sustainable Development. 'Shein is not a fast fashion company,' said the Chinese firm in a statement in response to the vote, adding that its model was 'part of the solution, not the problem'. Faced with competition from very low-priced products, several French brands are experiencing significant difficulties, such as Jennyfer, which went into liquidation at the end of April, and NafNaf, which has been in receivership since May. The law would also introduce penalties for both fast and ultra fast-fashion companies if they don't meet certain environmental criteria, reaching at least 10 euros per item of clothing by 2030, or up to 50 percent of the product's price excluding tax. The government needs to notify the European Commission of the vote, and will then need to set up a joint committee to reach a compromise between the Senate and lower house versions of the law before it is implemented. By Florence Loeve; Editors: Dominique Patton and Mark Potter Learn more: Tariffs Won't Kill Fast Fashion, But They Might Kill Sustainable Fashion Some have hailed America's escalating trade war as a means to finally curb overconsumption of cheap goods. Instead, the economic hardship its likely to bring on will eviscerate efforts to transform the industry for the better, writes Kenneth P. Pucker.
CNBC
2 hours ago
- CNBC
UniCredit CEO says Commerzbank shares are now too far 'beyond the fundamentals' for a takeover offer
UniCredit CEO Andrea Orcel on Wednesday told CNBC that the share price of potential takeover target Commerzbank is currently too prohibitively expensive for a merger deal. UniCredit has built a surprise stake in Commerzbank of 28% since September through derivatives and has the European Central Bank's authorization to hold up to 29.9% in the lender. When asked by CNBC's Annette Weisbach whether the Italian bank would proceed with an acquisition offer at premium to Commerzbank's current share value, Orcel said, "At this [share] level, we would not see value for our investors. Actually, we would not, we are very happy for the gain we've had on the 30[% stake], but we wouldn't see value for our investors." He stressed that UniCredit is presently "far away" from a merger bid with Commerzbank and would first seek a "constructive solution" to opposition from the German government. "Secondly, in our opinion the share price has gone well beyond the fundamentals. There is a lot of activity which is directed at keeping the share price at higher level than you see every day, but we're patient," Orcel said. CNBC has reached out to Commerzbank for comment.
