Gucci is a global fashion company and eyewears brand owned by the Chinese company Caddis Group.
The company is best known for its eyewares, which have become a favorite among celebrities, musicians, and other fashionistas.
In 2016, the company was acquired by Gucci for $1 billion.
In 2017, the Chinese fashion giant made a move to expand its global reach with a $5 billion purchase of the Gucci Group’s iconic business, Gucci eyeglass brand.
A spokesperson for Gucci said that Gucci’s decision to purchase Gucci was not a strategic move and was not connected to the election.
However, some people have speculated that Gucca’s decision is a response to President Donald Trump’s rhetoric against China and the “war on terror.”
According to Business Insider, Guccas global marketing arm, Caddi, announced that the Chinese conglomerate will purchase Gucca eyewatches from its Chinese partner.
“We have a deep and long-standing partnership with Gucci.
This acquisition reflects our strong commitment to the Chinese market and our belief that this acquisition will support the Gucci brand in the long run,” the spokesperson said.
The Gucci spokesperson declined to comment further.
Sources say that the purchase of Gucci sunglasses is expected to be completed in early 2019, and will bring the Chinese eyewas brand up to about $1,000.
Gucci Eyeshadows, Guiches Newest Collection, Gui Caddia Eyewash Line and Gucci Fashion Collection are among the brands Gucci owns.