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Tekcapital’s Innovative Eyewear surges 140% higher after announcing the launch of Eddie Bauer Smart Eyewear

Tekcapital portfolio company Innovative Eyewear has announced the launch of Eddie Bauer Smart Eyewear in four distinct styles – all enabled with ChatGPT.

The launch of the Eddie Bauer range follows the release of Nautica-branded smart eyewear at the beginning of the year. Innovative Eyewear is also working on Reebok-branded smart eyewear, which is expected to hit the shops later in 2024.

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The launch of Eddie Bauer Smart Eyewear shouldn’t have come as a surprise to investors after Tekcapital announced Innovative Eyewear would launch the range this year, but take nothing away from the market reaction, which sent Innovative Eyewear shares over 140% higher at one point in US trade on Wednesday.

Innovative Eyewear recently announced sharp increases in Q4 2023 and Q1 2024 revenues, and the launch of the Eddie Bauer range has the potential to power a step change in revenue generation for the company.

“We believe the launch of our Eddie Bauer Smart Eyewear line marks a significant milestone in our mission to push the boundaries of eyewear innovation,” said Harrison Gross, CEO of Innovative Eyewear.

“By introducing the first-ever rimless smart eyewear, we believe we are not only elevating style but also redefining the possibilities of wearable technology. This collection exemplifies our commitment to merging fashion and function, catering to the modern, adventurous lifestyle that Eddie Bauer embodies. We believe this is our most premium product to-date, with a combination of high-end finishes, tried and true frame contours and powerful tech accessories to deliver a smartglass experience like no other.”

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Eddie Bauer is part of the Authentic Brands group, which owns leading brands, including Billabong, David Beckham, Reebok, Ted Baker, Quicksilver, Rockport, and Hunter.

“We are pleased to introduce Eddie Bauer’s next adventure in innovation to its audience of brand fans,” said Sierra McPhillips, Vice President of Brand at Authentic.

“Innovation is at the core of Eddie Bauer’s brand values, and we are thrilled to continue that mission through the Smart Eyewear launch, in partnership with Innovative Eyewear.”

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