By Ed Frankl 
 

LVMH Moet Hennessy Louis Vuitton SE said Friday that it has agreed to buy out Marcolin SpA's 49% stake in their joint venture eyewear company Thelios.

The French luxury major said it would fully integrate Thelios, which the two companies created in 2017 as LVMH dipped its toe in the eyewear market.

Separately, Marcolin will buy back the 10% stake LVMH owns in Marcolin, which the Paris-based company acquired when Thelios was founded.

No financial details were provided.

"This represents an opportunity for LVMH to further strengthen its presence in the eyewear industry leveraging its Italian savoir-faire, and for Marcolin to pursue future strategic investments," LVMH said in a statement.

 

Write to Ed Frankl at edward.frankl@dowjones.com

 

(END) Dow Jones Newswires

December 10, 2021 10:36 ET (15:36 GMT)

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