Luxottica and Tory Burch sign new multi-year eyewear global license agreement
Milan, Italy and New York, January 28, 2009 – Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a global leader in premium fashion, luxury and sports eyewear, and Tory Burch LLC, a lifestyle brand which embodies the personal style and spirit of its co-founder and creative director, Tory Burch, today announced the signing of a license agreement for the design, manufacture and global distribution of sun and prescription eyewear under the Tory Burch and TT brands.
The agreement will run for six years starting in January 2009 and it is renewable for an additional four years. The first collection will be unveiled in the summer of this year and will reach the market in the fall.
Since its launch in 2004 as a lifestyle concept with multiple categories, including ready-to-wear, shoes, handbags and jewelry, the Tory Burch brand has received recognition within the industry, including the CFDA Award for Accessories Designer of the Year in 2008. Burch will personally oversee the entire creative process in close collaboration with design and product teams at Luxottica.
“I am thrilled to announce our partnership with Luxottica”, said Tory Burch. “I believe there is an exciting opportunity in the market for Tory Burch eyewear, and I look forward to introducing our customers to this new category with the help of such a strong and experienced partner”.
“We are very proud to be entering this new partnership with Tory Burch, one of the most highly appraised talents in the new generation of fashion designers,” commented Antonio Miyakawa, Executive Vice President, Wholesale and Marketing, of Luxottica Group. “The characteristics of the brand fit excellently in our portfolio, making it even more complete especially in a market as strategic as North America. Thanks to this new license, which shows how we continue to invest even when times are difficult, we are also strengthening our positioning in the US department store segment.”
Distribution of Tory Burch collections will be through Tory Burch boutiques and select department stores in the US, where the brand already has a presence, as well as through select independent optical locations and Luxottica’s retail chains, starting with North America. It will then be extended across Europe and the rest of the world.
About Luxottica Group S.p.A.
Luxottica Group is a global leader in premium fashion, luxury and sports eyewear, with over 6,200 optical and sun retail stores in North America, Asia-Pacific, China, South Africa and Europe and a strong and well balanced brand portfolio. Luxottica’s key house brands include Ray-Ban, the best known sun eyewear brand in the world, Oakley, Vogue, Persol, Oliver Peoples, Arnette and REVO, while license brands include Bvlgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tiffany and Versace. In addition to a global wholesale network covering 130 countries, the Group manages leading retail brands such as LensCrafters and Pearle Vision in North America, OPSM and Laubman & Pank in Australasia, LensCrafters in Greater China and Sunglass Hut globally. The Group’s products are designed and manufactured in six Italy-based manufacturing plants and in two wholly-owned plants in China. In 2007, Luxottica Group posted consolidated net sales of €5 billion. Additional information on the Group is available at www.luxottica.com.
Tory Burch is an attainable, luxury, lifestyle brand defined by classic American sportswear with an eclectic sensibility, which embodies the personal style and spirit of its co-founder and creative director, Tory Burch. Perceiving a void in the market for a sophisticated American aesthetic at an accessible price point, Tory wanted to create stylish yet wearable clothing and accessories for women of all ages. Graphic prints, bold colors and ethnic detailing are all signatures of the brand. Launched in February 2004, the line is available at 17 free-standing Tory Burch boutiques across the US, www.toryburch.com and at over 400 select department and specialty stores worldwide.
Safe Harbor Statement
Certain statements in this press release may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, the ability to successfully integrate Oakley’s operations, the ability to realize expected synergies from the merger with Oakley, the ability to successfully introduce and market new products, the ability to maintain an efficient distribution network, the ability to manage the effect of the poor current global economic conditions on our business and predict future economic conditions and changes in consumer preferences, the ability to achieve and manage growth, the ability to negotiate and maintain favorable license arrangements, the availability of correction alternatives to prescription eyeglasses, fluctuations in exchange rates, the ability to effectively integrate other recently acquired businesses, as well as other political, economic and technological factors and other risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, and we do not assume any obligation to update them.
Luxottica Group - media and investor relations contacts
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Tory Burch - media contacts
Vice President Global Communications
Tel.: +1 (646) 7236614
Director of Public Relations
Tel. +1 (646) 723 6611