French luxury group Kering (PRTP.PA) said on Tuesday that its Kering Eyewear unit and Maison Cartier, owned by Compagnie Financiere Richemont, will partner to develop, manufacture and distribute worldwide the Cartier eyewear collection.
Under the deal, Richemont (CFR.S) will buy a 30 percent stake in Kering Eyewear, the statement said.
Financial terms were not disclosed.
Kering Eyewear will notably integrate the Manufacture Cartier Lunettes plant in Sucy-en-Brie, France.
The project is subject to clearance by antitrust authorities. Subject to closing, the Cartier 2018 Spring Summer collection, which will be presented at the Silmo fair in Paris on October 6-9, will mark the official beginning of the partnership.
Source: Reuters.com