- New agreement stresses importance of Made in Italy -
MILAN and FLORENCE, Italy, Jan. 30 /PRNewswire-FirstCall/ -- Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), a global leader in premium fashion, luxury and sports eyewear, and Salvatore Ferragamo Italia S.p.A., parent company of the Ferragamo Group, a world leading player in luxury goods industry, announced today a three-year extension of the licence agreement for the design, production and worldwide distribution of prescription frames and sunglasses under the Salvatore Ferragamo brand. The new agreement will run through December 2011, with an option for a further two-year extension under the same terms.
Andrea Guerra, CEO of Luxottica Group, commented: "The relationship with Salvatore Ferragamo started back in 1998 and it is thus one of the longest lasting licenses in our portfolio. We look forward to continue working together to develop new collections that leverage the quality and craftsmanship of Made in Italy that distinguishes our products with clients and consumers alike around the world."
"We are very pleased with the renewal of the agreement with Luxottica, the most prestigious company in eyewear with whom we have been long-time partners. This relationship contributes to further expand our brand in the global luxury market," commented Michele Norsa, CEO of Salvatore Ferragamo.
The terms were substantially unchanged from those of the previous agreement.
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 euro 5 billion. Additional information on the Group is available at www.luxottica.com.
About Salvatore Ferragamo Italia S.p.A.
Incorporated in 1927, Salvatore Ferragamo Italia S.p.A. (S.F.I.) is the parent company of the Ferragamo Group, one of the world's leading players in luxury goods. The group is active in the creation, production and distribution of shoes, leather goods, ready-to-wear, silk products and accessories, as well as fragrances for men and women. The product range also includes eyewear and watches, manufactured by licensees.
Great attention to uniqueness and exclusivity, achieved by combining style, creativity and innovation with quality and workmanship typical of Made in Italy, are the characteristics which have always identified the products of the Group.
With about 2,700 employees and a sophisticated network of over 550 mono-brand stores, the Ferragamo Group runs operations in Italy and in the world through companies which provide the brand with a broad footprint in Europe, America and Asia.
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.
SOURCE Luxottica Group S.p.A.
