LVMH to buy Marcolin's 49% stake in joint-venture Thelios

A detail of the facade of the Louis Vuitton store is seen at Miami Design District, in Miami, Florida, U.S. November 30, 2021. REUTERS/Marco Bello

Dec 10 (Reuters) - France's LVMH (LVMH.PA) has reached an agreement with Italian group Marcolin to buy a 49% stake in Thelios, increasing its holding in the upscale Italian eyewear manufacturer for labels including Dior, Fendi and Celine.

Marcolin will also buy back the 10% stake LVMH acquired in the firm when Thelios was founded in 2017, the companies said in a joint statement.

The move reflects interest in European luxury companies in bulking up and tightnening their grip on production capacity, as business bounces back strongly from pandemic disruptions following a resumption in social activities.

French rival Kering (PRTP.PA) also recently reinforced its eyewear business, announcing plans to purchase upscale Danish label Lindberg in July. The Gucci owner began building an in-house eyewear division in 2014, reaching almost 600 million euros ($678.42 million) in wholesale revenues in 2019.

($1 = 0.8844 euros)

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Reporting by Juliette Portala and Mimosa Spencer; Editing by Benoit Van Overstraeten

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