CHANEL and Luxottica Group renew license agreement
Paris, France, and Milan, Italy, October 22, 2019 – CHANEL and Luxottica Group today announced the early renewal of an exclusive license agreement for the development, production and worldwide distribution of sunglasses and prescription frames under the CHANEL brand. The five-year agreement will come into effect on January 1, 2020 and run until December 31, 2024 with a possibility for renewal for a period of three years (January 1, 2025 to December 31, 2027).
Bruno Pavlovsky, President of CHANEL's Fashion and CHANEL SAS, commented: “CHANEL has developed a very strong and valuable partnership with Luxottica over the past twenty years. Together we have built an exceptional product line, combining CHANEL's creation with Luxottica's expertise and manufacturing capabilities. We are convinced that CHANEL’s eyewear will continue to be one of the most desirable fashion accessories thanks to Luxottica’s innovative know-how which magnifies CHANEL’s creation and our further enhancement of the client experience in the coming years. We are absolutely delighted to continue this success story with Luxottica.”
Leonardo Del Vecchio, Executive Chairman at Luxottica, commented: “We are extremely pleased with this strategic agreement for our Group. For twenty years, Luxottica and CHANEL have shaped the idea of luxury eyewear together, with outstanding, highly exclusive and iconic products, starting with the launch of CHANEL’s first-ever eyewear collection in 1999. We are proud and thankful for this collaboration which has brought mutual success and satisfaction.”