Luxottica Second-Quarter Profit Jumps 28 Percent on Strong Demand

WASHINGTON (AP) -- Luxury eyewear maker Luxottica Group SpA said Thursday second-quarter earnings rose nearly 28 percent on strong wholesale demand for sunglasses it makes for such fashion houses as Bulgari, Chanel and Dolce&Gabbana.

The Milan-based company reported earnings rose to 154.6 million euros ($208.4 million), or 34 euro cents per American Depositary Share (45 cents), compared with 121.2 million euros, or 27 euro cents per ADS, a year earlier.

Revenue rose to 1.33 billion euros ($1.79 billion) from 1.23 billion euros in the prior-year period on strong growth in the company's wholesale and retail operations.

Luxottica Group's brands include Ray-Ban and Chanel. Luxottica Retail, which comprises the Cole National operations, is the holding company for the LensCrafters optical chain, Sunglass Hut, Watch Station, and Watch World, and the EyeMed Vision Care group.

- Surfeyes.com

Luxottica Group and Tiffany & Co. Sign landmark 10-year eyewear license agreement!

Milan, Italy and New York, NY – December 5, 2006 - Luxottica Group, the global leader in eyewear, and Tiffany & Co., the world-renowned jeweler, today announced the signing of a landmark 10-year license agreement for the design, manufacturing and worldwide distribution of exclusive ophthalmic and sun collections under the TIFFANY & CO. name. The agreement marks Tiffany’s entrance into the eyewear market, with the launch of the first-ever collections carrying the Company’s iconic luxury brand expected for early 2008.

“As a luxury fashion accessory, eyewear seems like a natural addition for us,” said Michael J. Kowalski, Tiffany’s chairman and chief executive officer. “Tiffany’s success has always been tied to offering a wide range of extraordinary product designs, in jewellery, timepieces, tableware and accessories. Our customers’ expectation and trust in that design integrity is an important foundation of our heritage and brand image. We are pleased to establish this relationship with Luxottica, which we believe will generate exciting designs for our customers.”

Andrea Guerra, chief executive officer of Luxottica Group, commented: “We are extremely pleased to begin this new and historic partnership with Tiffany & Co., one of the world’s most prestigious luxury retailers and a brand that has built its heritage on exquisite design and craftsmanship. Tiffany’s entry into the eyewear market further demonstrates that eyewear has evolved into a high style, luxury accessory.”

For 169 years, Tiffany & Co. has designed and produced standard-setting jewelry and accessories, while Luxottica Group has built over the years a strong tradition of crafting luxury eyewear for some of the leading luxury brands in the world. The licensing arrangement represents a natural partnership that will offer the highest levels of style, quality and service.

Mr. Guerra added, “Over the past years, our Group has further strengthened its leadership position in the eyewear market through the growth of both new and existing partnerships with many of the preeminent luxury and fashion brands in the world. Given this successful track record, along with the long-term nature of the agreement, our two companies can be expected to develop a truly unique eyewear line in full respect of the long-term values of luxury and exclusivity that Tiffany has built over the years.”

The distribution of Tiffany’s collections will be selective and exclusive, starting with Tiffany’s own stores as well as the finest retail locations in North America, Japan, Hong Kong, South Korea, key Middle East markets and Mexico and extending over time to additional markets and through new distribution channels.

Luxottica Group anticipates strong growth from the TIFFANY & CO. eyewear collections. After the initial launch period and distribution has broadened over time to most markets and channels, Luxottica Group expects the line to generate revenues of at least €50 million per year.

- Surfeyes.com

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- Surfeyes.com

Luxottica to Buy Oakley for $2.1 Billion

Milan Italy - Luxottica Group and Oakley, Inc. announced that they have entered into a definitive merger agreement with the unanimous approval of both companies' Boards of Directors.

Under the agreement, Luxottica Group (Owner or Arnette and other brands) will acquire all of the outstanding shares of Oakley Sunglasses for a cash purchase price of US$29.30 per share, together with the purchase of all outstanding options and other equity rights at the same price per share less the exercise price.

The total purchase price will be approximately $2.1 billion(USD), representing an approximate premium of 18% over the most recent 30-day average NYSE trading price of Oakley shares and approximately 24% over the most recent three-month average trading price.

Leonardo Del Vecchio, of Luxottica Group Chairman, stated,

This is a milestone for our group. Significant changes in market dynamics require industry leaders to perfect a mix of best-in-class products and marketing with technical and operational capabilities. Luxottica has long admired the Oakley business and corporate culture, inspired by founder Jim Jannard. Oakley and Luxottica share a mutual commitment to quality, innovation, and technical skills -- qualities which will help us to solidify Oakley's brand position and Luxottica's strong leadership in the market. I look forward to welcoming the talented Oakley management team, led by Scott Olivet and Colin Baden, to our group.

Jim Jannard, Oakley, Inc. Founder, Chairman and Chief Mad Scientist, commented,

Mr. Del Vecchio and I started in the industry at about the same time and took our companies on different paths. We were both relentless in our desire to create great products and build unique organizations and I have always had tremendous respect for Mr. Del Vecchio as a partner and competitor. I am very excited that we have found a way to join forces. Oakley's technology and performance is one of the world's best kept secrets and this partnership should empower our ability to tell our story throughout the world. I am encouraged by the fact that Luxottica's management has come to understand the unique, rogue nature of Oakley in the eyewear industry and is committed to preserving it. Oakley will continue to be Oakley but with much greater resources and a platform for realizing the true potential of our brand and company. Given the opportunities in front of us, I wrote Mr. Del Vecchio this morning indicating my intent to make an investment in the company after the transaction closes.

- Surfeyes.com