GCITekcapital’s Lucyd signs agreement with leading Canadian eyewear distributor
(TEK ) said Innovative Eyewear, Inc, a US operating company of the company’s portfolio company Lucyd Ltd has signed an exclusive purchase and distribution agreement.
The UK intellectual property investment group told investors that the agreement has been secured with 8 Points Inc, a subsidiary of Marca Eyewear Group Inc. a leading Canadian distributor that provides high-end spectacles for optical stores and eye care professionals.
To maintain retail distribution exclusivity in Canada, the deal sets out a minimum purchase requirement of $4.6m worth of Lucyd® Lyte® e-glasses over 30 months. Monthly minimum committed purchases are expected to rise ‘incrementally’ over the term of the agreement.
The Lucyd® Lyte™ glasses are the company’s latest range of tech-enhanced, prescription eyewear which enables its wearers to ‘seamlessly play music, take phone calls and chat with their phone's assistant while maintaining situational awareness with open-ear technology.’
The features of the e-glasses include Hi-fi Bluetooth® Audio which allows connections to all Bluetooth devices, enables rapid pairing, clear sound quality for calls, music and podcasts as well as open-ear audio enables simultaneous connectivity and situational awareness.
The Company told shareholders that in the event that 8 Points Inc does not meet the minimum monthly purchase requirements, Lucyd may convert 8 Points Inc’s exclusive rights to non-exclusive rights for the remainder of the term or thereby terminate the agreement.
Under the terms of the agreement, 8 Points Inc will provide Canadian warehousing and dual language customer support which Lucyd believes ‘will likely result in significant market penetration of its Lyte glasses throughout all provinces and territories in Canada’ it said.
Harrison Gross, Lucyd’s Co-Founder and Chief Executive commented, “We are excited to sign this agreement with a leading Canadian eyewear distributor. The Marca Eyewear Group has represented numerous renowned eyewear brands over the past 24 years.”
As a result, we believe this agreement will enhance Lucyd’s first-mover advantage as a technology, style and price leader in the emerging smart eyewear market in Canada.”
Tekcapital said it believes Lucyd Lyte e-glasses are positioned ‘at the intersection of the eyeglass, hearables and voice assistant markets.’ According to Fortune Business Insights, the eyewear market is projected to reach $179 billion by the end of 2026 with a CAGR of 5.7%.
According to Allied Market Research, the hearables market size is projected to reach $93.9bn by the end of 2026 with a CAGR of 17.2%. Over four billion voice assistant devices are currently in use globally with projected sales of $5.9bn by 2026 with a CAGR of 30.5%.
To date, Tekcapital currently owns 100% of the share capital of Lucyd Ltd and approximately 80% of the share capital of its U.S. operating subsidiary, Innovative Eyewear, Inc.
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Tekcapital said it believes that the new Lyte line has the potential for mass market adoption ‘due to its advanced design, designer eyeglass form-factor and affordable pricing.’
Last month, Lucyd, the smart eyewear and wearable software developer, closed a fully subscribed Regulation Crowdfund, raising $1.07m at a post-money valuation of $4.8m.
Tekcapital said the crowdfunding round would be ‘beneficial’ to Lucyd, by introducing the brand to ‘thousands of new individuals’, funding Lucyd Lyte™ e-glasses and Vyrb™ app development and providing it with a large community for beta testing of its new products.
Closing of the crowdfund follows recent news that Tekcapital secured its first distribution agreement for the Lucyd’s Lyte™ glasses range since its initial launch back in January 2021.
Shares in Tekcapital have increased by over 35% since the beginning of May 2021.
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