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By
Reuters
Published
Feb 1, 2017
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Marcolin agrees JV with LVMH to become its preferred eyewear partner

By
Reuters
Published
Feb 1, 2017

Italy's Marcolin will design and manufacture eyewear for Celine and Louis Vuitton brands from 2018 as part of a joint venture it agreed with LVMH, with an aim to become the French luxury group's preferred partner in the glasses business.


Marcolin


LVMH will control 51 percent of the JV and Marcolin the remainder, the unlisted Italian group said in a statement.

As part of the deal, Marcolin will launch a capital increase for 21.9 million euros ($23.6 million) reserved for LVMH which will result in the French group taking a stake of around 10 percent in the Italian firm.

The partnership is likely to put further pressure on Marcolin's domestic rival Safilo, which has a string of licensing deals with LVMH. Safilo's shares were down 6 percent at 6.45 euros by 1131 GMT.

A source had told Reuters earlier this month that LVMH was set to take a stake of up to 10 percent in Marcolin as it seeks to increase control over eyewear manufacturing for its brands.
 

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