Proactive Investors - Run By Investors For Investors

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.

View full TEK profile View Profile

Tekcapital PLC Timeline

Related Articles

machines
February 04 2019
“We continue to focus on further strengthening our engineering capability and optimising quality management to meet the expected growth in demand for driver monitoring systems,” chief executive Ken Kroeger.
Iran sanctions cartoon
September 21 2018
The group has been providing baggage screening services at Freetown International Airport in Sierra Leone for the past five years
Male model
July 09 2018
Clothes maketh the man ... and the chances are, those clothes were bought from a website that uses ATTRQT's technology

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use