Armani Group and Luxottica are closer to seal a deal after signing a Letter of Intent, preliminary to an exclusive agreement for the design, manufacturing and international distribution of sunwear by the designer group´s brands.
Armani Group, global leader in the fashion and luxury industry, and Luxottica Group S.p.A., a leader in the eyewear sector, today announced that a Letter of Intent has been signed which is preliminary to an exclusive license agreement for the design, manufacturing and global distribution of sun and prescription eyewear under the Giorgio Armani, Emporio Armani and A/X brands, beginning January 2013.
"Back in 1988 Giorgio Armani and Luxottica started a very successful journey together: together we changed the world of eyeglasses which, previously perceived as mere functional instruments, evolved into 'eyewear' and into indispensable fashion accessories. Armani is eponimous of excellence of Made in Italy and represents values which are perfectly in line with ours. We are therefore excited to work together again, in a partnership that will for sure be mutually beneficial," commented Andrea Guerra, Chief Executive Officer of Luxottica.
The Letter of Intent, which is not binding, is preliminary to the signing of a 10 year license agreement.
Safilo announced earlier on Wednesday it would stop producing Armani-branded eyewear when its licence with the leading fashion group expires at the end of 2012, and lowered its medium-term targets.
Luxottica and Armani Group said it is possible that the first collection could be presented in 2013.
U.S. shares of Luxottica Group added 39 cents, or 1.4 percent, to $29.23 in morning trading.