Luxottica Signs New Eyewear License With Michael Kors

By

Michael Kors.

HONG KONG/MILAN— Luxottica Group (MTA: LUX) (NYSE: LUX) and Michael Kors Holdings Limited (NYSE: KORS) have announced that they have signed a new and exclusive 10-year eyewear license agreement for the Michael Kors Collection and Michael Michael Kors eyewear, effective Jan. 1, 2015.

“We are very excited and proud to be entering this new partnership with Michael Kors, one of the most powerful American luxury lifestyle brands in the world,” said Andrea Guerra, CEO of Luxottica Group. “Michael Kors has a major influence in fashion, with products that are exciting to luxury audiences globally. We believe that the Michael Kors’ brand proposition, its solid growth and strong performance across its segments, and its innovative fashion design fit perfectly within our portfolio.”

Luxottica will produce eyewear for both the Michael Kors Collection and Michael Michael Kors lines beginning with Spring 2015, with the first collection launching in January 2015. According to a statement from Luxottica, this new agreement “will allow Michael Kors to continue the global expansion of the brand’s eyewear business.” The collections will be carried around the world in Michael Kors stores, department stores, select travel retail locations, independent optical locations and Luxottica’s retail stores.

“We have achieved great success in the eyewear business and believe that our new partnership will further enhance our luxury image in the optical and sunglass marketplace,” added John D. Idol, CEO of Michael Kors. “Luxottica is the industry leader in eyewear through their commitment to design and quality which makes them the perfect partner for our luxury brand. Our eyewear business is an important component of the overall growth strategy as we continue our expansion around the world.”

Marchon, which has had the Michael Kors license and launched it in 2005, also released a statement. “We have come to a mutual agreement on the conclusion and transition of our license,” said Claudio Gottardi, president of Marchon Eyewear. “While we could not come to an agreement on a renewal, we are excited to continue building on recent successes, which have firmly positioned Marchon as one of the three largest manufacturers and distributors of quality eyewear and sunwear in the world.

“We also look forward to announcing the imminent launches of a number of additional prestigious global brands to the Marchon portfolio in the coming months in an ongoing effort to support our customer base around the world,” concluded Gottardi.