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Oakley Issues Statement on Lance Armstrong, Severs Ties

October 24, 2012 12:21 AM

FOOTHILLS RANCH, Calif.—Based on the International Cycling Union’s (UCI) decision on Oct. 22, and the overwhelming evidence that the United States Anti-Doping Agency (USADA) presented, Oakley, a division of Luxottica Group (NYSE: LUX), has severed its 25-year long relationship with Lance Armstrong, effective immediately.

A statement from the company stated, “When Lance joined our family many years ago, he was a symbol of possibility. We are deeply saddened by the outcome, but look forward with hope to athletes and teams of the future who will rekindle that inspiration by racing clean, fair and honest.”

Oakley went on to say that “we believe the LiveStrong Foundation has been a positive force in the lives of many affected by cancer and, at this time, Oakley will continue to support its noble goals.”

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