In a significant move to broaden its market presence, Tekcapital portfolio company Innovative Eyewear (NASDAQ:LUCY) has announced the availability of its Lucyd Lyte frames on Target.com.
Tekcapital has made a number of announcements regarding developments for Innovative Eyewear in 2024; today’s may just be the most important one, both in terms of potential revenue generation and the delivery on Innovative Eyewear’s strategy to focus distribution through retail outlets.
The partnership with Target.com brings Lucyd ChatGPT-enabled smart eyewear to one of the largest retail platforms in the United States. Target Corporation, with its vast network of nearly 2,000 stores across the country and a robust online presence, serves millions of US customers daily.
By securing a place on Target.com, Innovative Eyewear gains access to a massive customer base, potentially exposing its smart eyewear products to millions of new consumers nationwide.
“Target is a long-time favourite retailer of mine, as well as millions of loyal customers in the US,” said Harrison Gross, CEO of Innovative Eyewear
“Their focus on product quality, style and accessibility makes Target.com an ideal channel partner for our smart frames. We look forward to upgrading Target guests’ eyewear.”
Innovative Eyewear, which develops and retails smart eyewear under well-known brands such as Lucyd®, Nautica®, Eddie Bauer®, and very shortly, Reebok®, has achieved a step-change in revenue generation this year.
The company has outlined a growth strategy to focus on retail distribution in order to reach millions of consumers. Securing a listing on Target.com does just that.