Luxottica Sees Future Through Versace Frames

Luxottica Group SpA (Milan, Italy), the world's largest eyewear company, has announced a 10-year worldwide licensing agreement with Gianni Versace SpA (Milan) for the design, production and distribution of Versace, Versus and Versace Sport sunglasses and prescription frames.

The announcement comes just two months after Luxottica revealed it would be ending its 14-year licensing arrangement with Milan-based Giorgio Armani SpA.

The transaction was completed through Luxottica's purchase of IC Optics, an Italian-based company that produces and distributes eyewear. Prior to this transaction, Versace and Italocremona SpA. held IC Optics through a 50/50 joint venture.

Luxottica designs, manufactures and sells mid- and premium-priced eyeglass frames and sunglasses in 115 countries around the world. Its more than 2250 house brands and designer frames (such as Chanel, Ray-Ban and Revo) are offered in its LensCrafters, Sunglass Hut International, Watch Station and Watch World stores.