Luxottica and CHANEL announce new license agreement
New agreement reflects the strategic partnership and the strength of the relationship between companies
Milan, Italy, July 24, 2014 – Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), a leader in the design, manufacture, distribution and sale of fashion, luxury and sports eyewear, and CHANEL today announced the signing of a new license agreement for the exclusive development, manufacture and worldwide distribution of CHANEL prescription frames and sunglasses through December 31, 2018 (renewable until December 31, 2020).
The objectives of the new license agreement are to build a successful product line combining CHANEL’s creation with Luxottica’s expertise and manufacturing capabilities, through the most luxurious and appropriate distribution network.
Bruno Pavlovsky, President of CHANEL's Fashion commented: “We are delighted to extend our relationship with Luxottica and continue to develop eyewear that is creative and of the highest quality.”
Andrea Guerra, Chief Executive Officer at Luxottica, commented: “We are extremely pleased with this strategic agreement for our Group which marks the further extension of an already long-standing relationship between our two Companies, which dates back 1999 with the launch of CHANEL’s first-ever eyewear collections and continues with great mutual satisfaction.”