Italy's Safilo reaches deal for sale of sun lens maker Lenti to Kering
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 businesses to boost revenue in face of an more challenging environment and are tightening their grip on production capacity.
Gucci-owner Kering started its in-house eyewear division more than ten years ago, and makes glasses for its own labels including Saint Laurent, Balenciaga and Cartier.
Safilo had achieved full control of Lenti - based in the northern Italian city of Bergamo - in 2016 in a move aimed at strengthening its offer in the sun lenses business.
"This transaction marks a significant step for Safilo Group as it continues to refine its portfolio within the
eyewear industry
," Safilo said in a statement.
Kering said separately that the deal "is another milestone in the ongoing industrial development strategy, representing an opportunity for the company to establish in-house capabilities for the development of Made in Italy sun lenses."
The groups did not disclose financial details of the sale.
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