OAKLEY, LUXOTTICA SIGN NEW CONTRACT
FOOTHILL RANCH - 01/07/05 - Eyewear designer Oakley Inc. and the Luxottica Group S.p.A. of Italy have agreed to a new contract that defines the relationship of the two companies through the end of this year.
The terms of the agreement, which takes effect immediately, include "slightly more favorable pricing that will apply globally to the sale of eyewear products and related accessories between the two companies," according to a company press release.
No other terms of the agreement were disclosed.
Oakley Inc. does business in more than 100 countries and chalked-up revenues totaling $549 million for the year ending September 30. Net income totaled $34.8 million for the same period.
Luxottica Group designs, manufactures, and markets prescription frames and sunglasses in mid- and premium- priced categories.
The Group's products are designed and manufactured in its six facilities in Italy and one in the People's Republic of China.
Its product lines include over 2,450 eyeglass styles and are sold through 20 wholly-owned subsidiaries in the US, Canada, Italy, France, Spain, Portugal, Sweden, Germany, the UK, Brazil, Switzerland, Mexico, Belgium, Argentina, South Africa, Finland, Austria, Norway, Japan, and Australia.
In addition, the company operates through a pair of 75%-owned subsidiaries in Israel and Poland; a 70%-owned subsidiary in Greece; three 51%-owned subsidiaries in the Netherlands, Turkey and Singapore, one 49%-owned subsidiary in the Arab Emirates; and a single 44%-owned subsidiary in India.
Last October, the Italian company acquired Cole National Corporation, one of the largest optical retailers in the US, operating more than 2,100 retail locations under the Pearle Vision, Sears Optical, Target Optical, and BJ's Optical brandnames.
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