Innovative Eyewear distribution to GCC Countries

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group notes that Innovative Eyewear, Inc. ("Innovative Eyewear") (NASDAQ: LUCY; LUCYW), the developer and retailer of ChatGPT enabled smart eyewear under the Lucyd®, Nautica®, Eddie Bauer® and Reebok® brands, has announced overseas expansion into the Middle East market through an exclusive distribution agreement with Ecom Gulf FZCO.

The distribution agreement with Ecom Gulf FZCO covers the GCC countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman. This agreement aims to introduce Innovative Eyewear's smart glasses to a rapidly growing market for tech products in the region.

According to Statista[1], in 2024, "The [traditional] eyewear market in GCC is projected to generate revenue of US$1.8bn with an CAGR of 3% (between 2024-2029), By 2029 the market is expected to achieve a volume of ~170m frames. In the GCC, there is a growing demand for luxury eyewear brands, with consumers willing to pay a premium for high-quality and stylish frames."

Lucyd Lyte® Jupiter style. Image courtesy of Innovative Eyewear, Inc.

Harrison Gross, CEO of Innovative Eyewear Inc., commented:

"We are thrilled to partner with Ecom Gulf FZCO to bring our stylish and user-friendly smart eyewear to the Middle East. This region represents a significant opportunity for growth, with its tech-forward consumers and robust retail landscape."

To kick off the partnership, Ecom Gulf FZCO will be participating in the Dubai AI & Web3 Festival, showcasing Innovative Eyewear's cutting-edge ChatGPT smart eyewear. The Dubai AI & Web3 Festival, scheduled for September 11-12, 2024, at Madinat Jumeirah, Dubai, provides an ideal platform for Ecom Gulf FZCO to showcase Innovative's smart eyewear offerings. The festival, focused on enabling digital economies, brings together global leaders in artificial intelligence and Web3 technologies will enable Innovative Eyewear Inc. to demonstrate its products to a highly relevant audience reinforcing its position as a leader in ChatGPT enabled smart eyewear.

Hisham Elhusseini, CEO of Ecom Gulf FZCO, said:

"I am excited to announce our partnership with Innovative Eyewear, Inc. as the exclusive distributor of their pioneering smart glasses in the Middle East. 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."

About Innovative Eyewear, Inc.

About Ecom Gulf FZCO (DBA Mixireal)

MIXIREAL was founded with a dream to transform daily life through the integration of metaverse technologies. Located in the heart of the Middle East, MIXIREAL serves as the first one-stop shop for augmented reality, virtual reality, and smart eyewear. To learn more, please visit www.mixireal.com.

Tekcapital currently owns 259,455 shares of Innovative Eyewear, Inc.

Clifford M. Gross, Ph.D.

Richard Morrison/Charlie Bouverat (Corporate Finance)/Abigail Wayne / Rob Rees (Corporate Broking)

Tim Thompson/Andrea Seymour/Fergus Mellon