LVMH Moët Hennessy Louis Vuitton LVMHF LVMUY, the luxury goods conglomerate, has reportedly confirmed the acquisition of Barton Perreira, an eyewear brand based in Los Angeles.
This strategic move is seen as a bid to enhance LVMH's portfolio with more accessible luxury items that appeal to a broader market, the WSJ reports.
Founded in 2007 by the creative duo Bill Barton and Patty Perreira, Barton Perreira has garnered a loyal following in the U.S., with high-profile personalities like Sandra Bullock and Ryan Gosling donning their designs.
The report notes that the label's frames are manufactured in Japan. This purchase, speculated to be around $80 million, brings a celebrated brand into the fold of LVMH's burgeoning eyewear division.
Looking beyond the U.S. market, LVMH plans to introduce Barton Perreira across Europe and Asia through LVMH's extensive retail network and by establishing standalone stores, starting in Europe, the report adds.
The global eyewear market is expected to grow from $161.61 billion in 2023 to $246.47 billion by 2030, the report notes, citing research firm Fortune Business Insights.
Price Action: LVMUY shares closed higher by 1.01% at $150.75 on Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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