Innovative Eyewear (NASDAQ:LUCY) stock is trending on Yahoo Finance and soaring over 70% in early trading after it announced that it had licensed the Eddie Bauer brand from Authentic Brands Group. Innovative will use the brand to market its smart eyeglasses.
Eddie Bauer is a clothing brand known for its “outdoor, adventure” attire, and it’s considered “affordable.” Among its offerings are “down jackets, footwear, [and] adventure gear.” It caters to outdoor tourists. The brand was founded in 1920.
More About Innovative Eyewear
Innovative Eyewear specializes in selling smart glasses. The company’s top offering — its Lucyd Lyte glasses — enables its wearer to “listen to music, take and make calls, and use voice assistants.”
In October, the company licensed the Nautica brand, which describes itself as “a nautical-influenced classic American sportswear brand” focused on water activities.
Innovative launched a small, $7.4 million initial public offering (IPO) in August 2022. It began trading in August at $6.50 per share. Today, its shares are changing hands for around $1.50.
Founded in 2019, Florida-based Innovative licenses technology developed by the U.K.’s Lucyd Ltd.
Innovative’s co-founder and CEO, Harrison Gross, served as CEO of Lucyd, which is also the largest owner of LUCY stock. Gross has a background as a digital media manager and a credit analyst.
Citing research firm Allied Market Research, Seeking Alpha columnist Donavan Jones reported that the revenue generated by smart glasses is expected to climb at a compound, average annual growth rate of 16.6% between 2020 and 2027. Gaming and industry are expected to generate most of the gains.
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On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.