TGT - ICU Eyewear Diversifies Its Manufacturing With The Help Of 1847 Holdings – Move Expected To Reduce Costs Significantly | Benzinga
From investments to revenue generation, diversification is key to growing a business, and that seems to be true when it comes to ICU Eyewear Holdings Inc., a subsidiary of private equity holding firm 1847 Holdings LLC (AMEX:EFSH). The online purveyor of sunglasses, readers and anti-blue light glasses recently announced it has geographically diversified its manufacturing operations beyond mainland China to now include both the Philippines and a manufacturing partner in the U.S. That's a big deal for ICU Eyewear. It not only gives it more manufacturing might, but the company reports it was able to negotiate favorable pricing with its existing and new manufacturing partners and eliminate certain tariffs, which it said should "significantly" reduce its cost of goods.
“ICU remains dedicated to enhancing the reliability and efficiency of its supply chain. Notably, we expect to benefit from a 25% savings on accessories, which represents 20% of ICU revenue, and a 10% savings on eyewear, which represents 80% of revenue," said Christine Roach President & CFO of ICU Eyewear, in a statement. "Our new US manufacturing partner is planning to integrate advanced technology into its operations, which will allow ICU to benefit from cutting-edge manufacturing processes, thereby ensuring we continue to offer the absolute highest quality product to our customers."
Big Name Customers On The Roster
ICU, which 1847 acquired for $4.5 million in February 2023, is a leading designer of over-the-counter (OTC) non-prescription reading glasses, sunglasses, blue light-blocking eyewear, sun readers and outdoor specialty ...