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Design, develop, produce and distribute Chloé’s eyewear collection worldwide. This is the new challenge for Kering Eyewear, the eyewear division of the French luxury group Kering, which is thereby adding a new major brand to its portfolio of prestigious brands. Objective: to strengthen its position in the high-end segment and consolidate its leadership in the global market for luxury eyewear frames.
The eyewear specialist, based in the heart of the eyewear district in Villa Zaguri near Padua, Italy, announced in a press release “the exclusive partnership for the design, development, production and worldwide distribution of Chloé’s Eyewear“.
A very strategic partnership, deployed by the French luxury group Kering to become a major player in the international high-end eyewear market.
Asserting its leadership and becoming the number one luxury eyewear manufacturer
After only seven years of existence, Kering Eyewear is handling the eyewear collections of 14 brands, each one more prestigious than the other, symbols of contemporary luxury.
Created in 2014, the entity dedicated to the eyewear activity of Kering’s brands has indeed in its portfolio nine Kering brands (Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, McQ, Brioni, Boucheron, Pomellato) and four Richemont brands (Cartier, Alaïa, Chloé, Montblanc), plus Puma.
By partnering with Chloé, another brand of the Richemont group, the Kering group is seeking to reinforce its leadership position in the high-end eyewear segment and to reach “the full potential of the Eyewear segment with a view to establishing it as a leading entity in luxury women’s fashion” as Roberto Vedovotto, CEO and President of Kering Eyewear, stated.
“We are proud of this new partnership with Chloé. Our goal is to support and strengthen the company’s positioning on the global eyewear scene, allowing it to fully express its potential and stand out as a brand leader in the luxury fashion segment for ladies.” said Roberto Vedovotto, Chairman and CEO of Kering Eyewear.
The objective is also to eliminate competition in the luxury eyewear sector and to emulate the giant EssilorLuxottica, the Italian eyewear manufacturer Marcolin and LVMH, the world leader in luxury eyewear, by carving out a leading position for itself in a booming market.
The luxury eyewear market is in fact a juicy segment, estimated at more than 3 billion euros out of a total of 13 billion euros for premium eyewear, and Kering EyeWear’s sales continue to grow every year, generating several million euros in revenue.
A buoyant market that Kering therefore hopes to dominate thanks to its partnership with the iconic Chloé brand.
For the French fashion house is a sure bet, renowned for its “know-how in terms of couture and its youthful attitude” according to Kering and has notably contributed to the creation of emblematic models such as Carlina, Poppy or Rosie, “an extraordinary creative capital to capitalize on“.
This is also a real asset for Chloé: “As Kering Eyewear shares our same ambitious vision for the brand, we are confident they will be an outstanding strategic partner, enabling us to bring Chloé Eyewear’s business to the next level. We are looking forward to the outstanding work that our teams at Chloé and Kering Eyewear will realise together, hand in hand.” said Riccardo Bellini, CEO of Chloe.
Strengthening its partnership strategy
By partnering with Chloé, another house of Swiss giant Richemont, Kering eyewear is also seeking to strengthen its collaboration with Compagnie Financière Richemont, owner of the house Chloé.
Already the company has been linked to Richemont for more than three years. In March 2017, the Swiss group took a 30% stake in its capital: Kering Eyewear had then established a strategic agreement with the jeweller Cartier with a view to developing the house’s Eyewear category.
On this occasion, the Manufacture Cartier Lunettes in Sucy-en-Brie, France, was integrated into Kering Eyewear (63% owned by Kering) becoming its factory dedicated to “jewelry” eyewear, while Kering Eyewear began to manage certain Richemont lens collections.
“This important development contributes to consolidating the alliance between Kering Eyewear and the Richemont group, further proof of strategic confidence“, confirms Roberto Vedovotto, CEO of Kering Eyewear.
Chloé thus becomes the fifth brand of the Richemont group to join forces with Kering after Cartier, Alaïa, Chloé, Montblanc, a partnership that will enable the luxury group to gain credibility with yet another powerful brand in its portfolio and to reinforce the confidence of the Swiss group with regard to it.
The first creations born from this association will be presented next September at Silmo (World Optics Fair), while distribution will start in January 2021 and will include a wide range of sunglasses and glasses for women, as well as a “mini me” selection for children.
Read also > Kering has issued a 1.2 billion euro bond to bulk up on cash
Featured photo : © Kering
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