Tekcapital's subsidiary Lucyd 'excited' by Brazilian partnership

Tekcapital’s wholly owned portfolio company Lucyd on Monday made its first sale to a Brazilian optical retailer as part of a newly-formed reseller partnership between the two companies.

Under the terms of the initial order Lucyd will supply the distributor with 100 pairs of its Loud Bluetooth, bone-conducting glasses for sale through an online store environment that serves Brazil, Mexico, Colombia and Chile.

Harrison Gross, media lead at Lucyd said, "We are very excited to announce signing our first distributor for our innovative eyewear lines. We believe that that our partnership will facilitate sales of products in Latin America and will be mutually beneficial in the long term."

AIM traded intellectual property investment group Tekcapital said the deal was a “unique opportunity” for expansion into the Brazilian market for Lucyd, which was only established last year.

Clifford Gross, chief executive of Tekcapital, said: "According to Statista, the online market for eyewear will deliver approximately $3.8bn 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."

Lucyd’s products are also available through its own website and are believed to “compare favourably” with those on offer by some of the industries top players, added Clifford Gross.

Tekcapital’s shares were down 3.13% at 7.75p at 1121 BST.