Innovative Eyewear Secures Distribution Deal for Gulf Cooperation Council (GCC) Countries
Rhea-AI Summary
Innovative Eyewear (NASDAQ: LUCY) announced an exclusive distribution agreement with Ecom Gulf FZCO (Mixireal.com) to sell its ChatGPT-enabled smart eyewear across the GCC countries — United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman.
The partner will showcase the product at the Dubai AI & Web3 Festival on September 11-12, 2024. The release cites a Statista projection that the GCC eyewear market will generate US$1.81bn in 2024 with a 3.02% CAGR (2024–2029), highlighting regional demand for premium eyewear.
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Insights
Exclusive GCC distribution deal expands Lucyd smart eyewear into key Middle East markets ahead of Dubai AI & Web3 Festival.
Bold distribution through Ecom Gulf FZCO gives Innovative Eyewear direct channel access across the six GCC countries, enabling product placement in a region cited to generate
Execution depends on distribution roll‑out, local regulatory clearances, pricing and retail execution; these factors determine conversion from awareness to sales. Watch for concrete launch timelines, inventory availability, regional pricing, and first‑quarter sales or order announcements as near-term milestones over the next
MIAMI, Sept. 5, 2024 /PRNewswire/ -- Innovative Eyewear, Inc. ("Innovative Eyewear" or the "Company") (NASDAQ: LUCY; LUCYW), the developer of ChatGPT-enabled smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, is pleased to announce a significant expansion into the Middle East market through an exclusive distribution agreement with Ecom Gulf FZCO (DBA Mixireal.com). To kick off the partnership, Ecom Gulf FZCO will be participating in the Dubai AI & Web3 Festival, showcasing Innovative Eyewear's cutting-edge ChatGPT smart eyewear.
The exclusive distribution agreement with Ecom Gulf FZCO covers the GCC countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman. This strategic partnership aims to introduce Innovative Eyewear's smart glasses to a rapidly growing market for tech products in the region. According to Statista[1], in 2024, "The [traditional] eyewear market in GCC is projected to generate revenue of US
Harrison Gross, CEO of Innovative Eyewear, said "We are thrilled to partner with Ecom Gulf FZCO to bring our stylish and user-friendly smart eyewear to the Middle East. This region represents a significant opportunity for growth, with its tech-forward consumers and robust retail landscape. Their participation in the Dubai AI & Web3 Festival aligns perfectly with our expansion strategy and showcases our commitment to the global adoption of smart eyewear."
"Their presence at the Dubai AI & Web3 Festival not only allows us to demonstrate our products to a highly relevant audience but also reinforces our position as a leader in the intersection of fashion and technology," added Gross.
The Dubai AI & Web3 Festival, scheduled for September 11-12, 2024, at Madinat Jumeirah, Dubai, provides an ideal platform for Ecom Gulf FZCO to showcase Innovative's smart eyewear offerings. The festival, focused on enabling digital economies, brings together global leaders in artificial intelligence and Web3 technologies.
Hisham Elhusseini, CEO of Ecom Gulf FZCO, said "I am excited to announce our partnership with Innovative Eyewear, Inc. as the exclusive distributor of their pioneering smart glasses in the Middle East. This collaboration marks a key milestone in our commitment to driving the future of smart living through GenAI technology, and we look forward to introducing these innovative products to our customers across the region."
To learn more about our ChatGPT enabled smart eyewear, please visit Lucyd.co.
About Innovative Eyewear, Inc.
Innovative Eyewear is a developer and retailer of ChatGPT smart eyewear, under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands. True to our mission to Upgrade Your Eyewear®, our Bluetooth audio glasses allow users to stay safely and ergonomically connected to their digital lives, and are offered in hundreds of frame and lens combinations to meet the needs of the optical market. To learn more and explore our continuously evolving collection of smart eyewear, please visit www.lucyd.co.
About Ecom Gulf FZCO DBA Mixireal
MIXIREAL was founded with a dream to transform daily life through the integration of metaverse technologies. Located in the heart of the Middle East, MIXIREAL serves as the first one-stop shop for augmented reality (AR), virtual reality (VR), and smart eyewear. Our journey began with a small team of tech enthusiasts dedicated to making the extraordinary possibilities of the metaverse accessible to everyone. By partnering with leading global brands, we curate a selection of the best AR, VR, and smart eyewear devices, ensuring quality and innovation.
We envision a future where immersive technology enhances everyday activities—whether it's using AR glasses to visualize a new home layout, VR headsets for interactive remote collaboration, or smart eyewear for real-time information. MIXIREAL's mission is to help people seamlessly integrate these technologies into their routines, making life easier and more enjoyable. To learn more, visit Mixireal.com.
Forward Looking Statements
This press release contains certain forward-looking statements, including those relating to the anticipated timing of expansion of our products into new markets. Forward-looking statements are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K under the caption "Risk Factors."
Investor Relations Contact:
Scott Powell Skyline Corporate Communications Group, LLC
Office: +1 (646) 893-5835
Email: scott@skylineccg.com
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SOURCE Innovative Eyewear, Inc.
FAQ
What did Innovative Eyewear (LUCY) announce on September 5, 2024 regarding Middle East distribution?
When and where will Ecom Gulf FZCO showcase LUCY smart eyewear in Dubai?
Which product lines are included under Innovative Eyewear's ChatGPT-enabled offering for the GCC?
Which GCC countries are covered by LUCY's exclusive distributor Ecom Gulf FZCO?
What market size figure did the announcement cite for the GCC eyewear market?
How can investors learn more about Innovative Eyewear's ChatGPT-enabled smart eyewear?
