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Luxottica Group operates nearly 5,500 optical and sunglasses stores mainly in North America, Asia Pacific and China and boasts a portfolio that comprises leading premium house and licensed brands |
ITALY. Luxottica Group, the global leader in the premium and luxury eyewear sector, has announced a ten-year licence agreement with US fashion giant Polo Ralph Lauren Corp for the design, production and worldwide distribution of prescription frames and sunglasses under the Polo Ralph Lauren name.
The agreement, which will begin on 1 January 2007, is estimated to be worth in excess of US$1.75 billion in sales to the Italian eyewear giant. Terms include an advance payment on royalties of US$199 million that will mature over the ten-year term.
Luxottica Group Chairman Leonardo Del Vecchio commented: “We are extremely pleased to start 2006 with the announcement of a landmark agreement with one of the world’s leading brands. Polo Ralph Lauren is truly a global brand and a perfect fit for our integrated approach to wholesale retail distribution. We have high expectations for what Polo Ralph Lauren and Luxottica will accomplish together in years to come. Our partnership will especially benefit from our ability to support brands through a worldwide retail network.”
Commenting on the latest deal, Luxottica Travel Retail Manager Martha Rosas said: “The Polo Ralph Lauren brand is very strong and is a welcome addition to our portfolio. We look forward to building on its presence in the global duty free market and introducing it to new locations. It joins our already successful portfolio of luxury brands, including Prada, Versace and Ferragamo and, of course, in the last 12 months, this has grown to include Donna Karan, DKNY, Dolce & Gabbana and D&G. We are also getting ready for the Burberry launch this year and now we have Polo Ralph Lauren to look forward to for next year. It really is great news and an exciting time for us.”
Luxottica will be exhibiting at the IAADFS show next month (Booth 813). It will be presenting the Spring 2006 collections from its luxury brands portfolio, including Prada and Versace and house brands, including Ray-Ban. It will be the first presentation of the D&G collection to the Americas market, following its successful launch at TFWA World Exhibition in Cannes last year.
About Luxottica Group
Luxottica Group operates nearly 5,500 optical and sunglasses stores mainly in North America, Asia Pacific and China and boasts a portfolio that comprises leading premium house and licensed brands, including Ray-Ban, the best-selling sun and prescription eyewear brand in the world. The brand portfolio includes house brands Vogue, Persol, Arnette and REVO and licensed brands Bvlgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Prada, Versace and Polo Ralph Lauren, from January 2007. Luxottica Group’s global wholesale network spans 120 countries, with a direct presence in the key 28 eyewear markets worldwide. The group’s products are designed and manufactured at its six Italian manufacturing plants and at the only China-based plant wholly-owned by a premium eyewear manufacturer. For the fiscal year 2005, Luxottica Group posted consolidated net sales and net income of €4.3 billion and €342.3 million, respectively. Visit www.luxottica.com
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