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Tekcapital PLC

Tekcapital's Lucyd subsidiary makes sale to Latin American distributor

"This is a unique opportunity for Lucyd to expand its eyeglass offerings into the large Brazilian market," said Tekcapital

Sunglasses
Pretty cool and they are bluetooth capable

Lucyd, a portfolio company of investment company Tekcapital PLC (LON:TEK), has formed a reseller partnership with a Brazilian optical retailer and bagged its first order.

The distributor has purchased an initial order for 100 pairs of Lucyd Loud Bluetooth, bone-conducting glasses, which they will be selling on their own online eyewear store, which will primarily serve Brazil, Mexico, Colombia and Chile.

READ: Tekcapital: Overlooked and under-appreciated; so when will the market turn?

"We are very excited to announce signing our first distributor for our innovative eyewear lines,” declared Harrison Gross, the media lead at Lucyd.

Lucyd, which is wholly-owned by Tekcapital, develops smartglasses, tapping into a sector that is already turning over £3bn a year.

“We believe that our partnership will facilitate sales of products in Latin America and will be mutually beneficial in the long term," Gross added.

Clifford Gross, the chief executive officer of Tekcapital, noted that it is almost a year since it acquired Lucyd, during which time it has made “continued progress”.

“According to Statista, the online market for eyewear will deliver approximately $3.8b in sales in 2018. Lucyd has developed a very competitive footprint in this market with advanced eyewear to meet the needs of technological as well as fashion-forward customers. We believe that Lucyd's unique features and products compare favourably with some of the most successful and respected names in the industry," Gross said.

Shares in Tekcapital were down 0.25p at 7.75p in early trading. At the end of May, the net asset value per share was estimated by the company at 25 US cents - roughly 19p.

Quick facts: Tekcapital PLC

Price: £0.07

Market: LSE
Market Cap: £4.33 m
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