Luxottica Group S.p.A. (Milan) has signed a 10-year licensing agreement with the Prada Group (Milan) and is looking to acquire Australia's largest eyewear retailer.
The Prada agreement, which covers all markets worldwide, provides for exclusive production and distribution of prescription frames and sunglasses bearing the Prada and Miu Miu names by the Luxottica Group. The retailer says the agreement “represents one of the most important industrial agreements for 'Made in Italy' and is a noteworthy example of the collaboration between two Italian groups working in the fields of creativity, design, production and distribution.”
Prada, an Italian and world leader of high-quality leather goods, ready-to-wear and footwear, will oversee the creation, design and overall creative coordination of all of the collections under the supervision of Patrizio Bertelli and Miuccia Prada. The first collections will be presented and launched in September.
Luxottica Group has also extended its cash offer, first announced in April, for all outstanding shares, options and performance rights of OPSM Group Ltd. (Sydney), Australia's leading optical retailer, with 481 stores and three brands — OPSM, Laubman & Pank and Budget Eyewear. OPSM is also the market leader in New Zealand, with 34 stores, and has expanded into Asia, where it now has 80 stores in Hong Kong, 12 in Singapore and 12 in Malaysia. The total number of OPSM stores as at 31 December 2002 was 619.
Luxottica said it has chosen to extend the offer period by two weeks to provide shareholders with additional time to accept the offer.