PARIS, France and LONGARONE, Italy—LVMH (LVMUY) and Marcolin have announced the next stage for Thélios, a joint-venture created between Marcolin and LVMH in 2017. Today, Marcolin and LVMH have jointly decided to embark Thélios on the next stage of its development and become fully integrated within LVMH. Marcolin and LVMH have reached an agreement for LVMH to purchase the 49 percent stake held by Marcolin in Thélios. Separately, Marcolin will buy back the 10 percent stake LVMH owns in Marcolin, which LVMH acquired when Thélios was founded. The joint statement issued today did not disclose any details of the value of the two transactions.

An LVMH spokesperson told VMAIL the closing is expected in the coming weeks and that a new CEO for Thelios should be named at that time. 

In a joint statement, LVMH and Marcolin said that this move “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.”

Thélios designs and manufactures eyewear for LVMH Maisons including Loewe, Celine, Berluti, Kenzo, Dior and more.