MILAN — Kering Eyewear is taking full management of Danish model Lindberg.
The acquisition is “an extraordinary, game-changing step for Kering Eyewear,” and the primary of its type for the group, stated president and chief government officer Roberto Vedovotto in an interview with WWD.
“Lindberg is really an extraordinary company, a luxury excellence in eyewear,” stated the manager, touting the super-light, hypoallergenic titanium employed by Lindberg, which is even used for medical surgical procedure, he famous.
He confessed the deal is “a dream come true” as he has courted the founding Lindberg household for 20 years, way back to when he was helming Safilo Group.
“I know [CEO] Henrik Lindberg has received many offers through the years, always declining to sell and I think he accepted our offer out of sheer exhaustion, as I never gave up on the idea of this deal,” stated a clearly upbeat Vedovotto with a chuckle. “I have a boundless admiration for the brand.”
Vedovotto stated Kering Eyewear and Lindberg are completely complementary and that the latter will stay impartial and won’t produce for the manufacturers in Kering Eyewear’s portfolio.
Market sources estimate Lindberg revenues complete greater than 100 million euros. While Vedovotto declined to substantiate this determine and to disclose the quantity paid for 100% of Lindberg, he stated the corporate is worthwhile and stable. The settlement with Kering Eyewear may also assist Lindberg guarantee continuity and a future for the model.
“Thirty-five years ago, we started our company in two small back rooms behind our family optical store, with nothing more than the idea of bringing unseen comfort and quality to the eyewear business,” stated Henrik Lindberg. “Thanks to a team of dedicated employees, we can now — in Roberto Vedovotto’s own words — call ourselves makers of ‘absolute luxury eyewear.’ Kering and Lindberg share a common philosophy that design is ultimately about taking eyewear to an even higher level. That is why the Lindberg family is extremely happy to be able to pass the torch on to Kering Eyewear. Under Roberto Vedovotto’s leadership and backed by the impressive values and high standards of the Kering Group, I am convinced that the Lindberg brand will be taken to new heights and the key values and the unique DNA kept.”
Citing Lindberg’s 6,000 companions and presence in 135 nations on the earth, Vedovotto believes the model has additional development potential, whereas “preserving its character and design.”
Vedovotto’s motto is that Kering Eyewear, based in 2014, and “merely an idea on a piece of paper,” has grown “from zero to hero,” reporting wholesale revenues of 600 million euros in 2019. But he stated “there’s always something to learn and I believe we will learn from each other.” He additionally stated that Lindberg’s “unparalleled expertise in optical frames” will give Kering Eyewear “additional legitimacy with independent opticians,” and permit it to additional develop within the optical section. The two firms will have the ability to leverage synergies in distribution and geographical attain, he continued. The settlement may also assist amplify Lindberg’s attain and improve its model consciousness.
Founded in 1969 in Denmark by optician Poul-Jørn Lindberg and his spouse as an optical retailer, their son Henrik Lindberg has turned the household firm into a world model, well known for its high-end manufacturing of design-oriented, light-weight, and customizable optical frames with a specialization in titanium.
Vedovotto praised Lindberg’s made-to-order capabilities and customer support, as bespoke glasses might be created via an prolonged modular system which incorporates billions of mixtures, in a variety of supplies from titanium to acetate, buffalo horn, wooden or treasured metals and acquired in 5 to eight enterprise days. “It’s the best in class,” he stated.
Lindberg has developed and patented manufacturing strategies and improvements comparable to hypoallergenic, multi-adjustable and screwless frames which might be key differentiating components within the high-end eyewear market, noticed Vedovotto.
The transaction is topic to the clearance by the related competitors authorities and is anticipated to be accomplished within the second half of 2021.
Vedovotto arrange Kering Eyewear, headquartered on the Seventeenth-century Villa Zaguri, about an hour away from Venice, in 2014, launching a brand new enterprise mannequin, and the manager at all times credit Kering chief François-Henri Pinault for his visionary assist.
Kering Eyewear develops and distributes collections for manufacturers starting from Gucci, Saint Laurent, Bottega Veneta and Alexander McQueen to Alaïa, Brioni, Boucheron, Pomellato, McQ and Puma. In March 2017, Compagnie Financière Richemont grew to become a stakeholder in Kering Eyewear, which led to the manufacturing of Cartier eyewear. Collections for Montblanc, Courrèges and Balenciaga have been added and, most not too long ago, for Chloé and Dunhill.
Vedovotto stated the corporate’s technique has not modified since its inception and it’s working via partnerships with manufacturers below the Kering and Richemonth umbrellas, and never via licenses.
Asked if the acquisition of Lindberg might imply a brand new enterprise mannequin, prescient of different M&As, he stated “there is still a lot to do to exploit the company’s potential” however admitted that, “if something very interesting came along, why not?”
Vedovotto stated Kering Eyewear will proceed to steadiness solar and optical glasses, totally leveraging the potential of the manufacturers, and stated the corporate “worked well” through the COVID-19 pandemic, “with passion, commitment and team spirit, expanding its market share. In general, there are great prospects for the eyewear sector, which has suffered less than other categories,” additionally in mild of the elevated want for optical frames attributable to the extended use of screens through the lockdowns.