LVMH, the luxury goods group, is set to purchase up to 2% of Safilo, the Italian eyeglass manufacturer, which is expected to raise up to €980m ($1.16bn) when it lists on the Milan Stock Exchange next week.

Dow Jones reports that Italian fashion house Giorgio Armani and the owner of Italian fashion chain Diesel, which both buy eyeglass frames from Safilo, have already agreed to by an undisclosed stake in Safilo. Safilo also makes eyeglass frames for LVMH fashion brand Marc Jacobs.