After announcing a listing on US supermarket giant Target’s website last week, Tekcapital portfolio company Innovative Eyewear is now setting its sights on the lucrative Middle Eastern market for the next stage of its global expansion.
Innovative Eyewear, a leading developer and retailer of ChatGPT-enabled smart eyewear, has announced its expansion into the region market through an exclusive distribution agreement with Ecom Gulf FZCO.
The agreement encompasses the Gulf Cooperation Council (GCC) countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman.
This strategic move aims to introduce Innovative Eyewear’s smart glasses to a region experiencing rapid growth in demand for technology products and wearables. Innovative Eyewear’s revenue has grown substantially over the past year, and the launch of Eddie Bauer and Nautica-branded smart eyewear has been a precursor for a global expansion drive.
According to research compiled by Tekcapital and Innovative Eyewear, market projections for the GCC region are present a significant growth opportunity.
Statista data forecasts that the traditional eyewear market is expected to generate revenue of US$1.8 billion in 2024, with a compound annual growth rate of 3% between 2024 and 2029. By 2029, the market volume is anticipated to reach approximately 170 million frames.
The companies note an increasing demand for luxury eyewear brands in the GCC, with consumers demonstrating a willingness to pay premium prices for high-quality, stylish frames.
To launch this partnership, Ecom Gulf FZCO will participate in the Dubai AI & Web3 Festival, scheduled for 11-12 September 2024 at Madinat Jumeirah, Dubai. This event provides a significant platform for showcasing Innovative Eyewear’s cutting-edge ChatGPT smart eyewear. The festival, which focuses on enabling digital economies, brings together global leaders in artificial intelligence and Web3 technologies.
“I am excited to announce our partnership with Innovative Eyewear, Inc. as the exclusive distributor of their pioneering smart glasses in the Middle East,” said Hisham Elhusseini, CEO of Ecom Gulf FZCO.
“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.”