Burberry Group plc (London) , the international luxury apparel and accessories brand, and Luxottica Group S.p.A. (Milan), worldwide leader in the eyewear sector, have announced a 10-year license agreement for the design, production and worldwide distribution of prescription frames and sunglasses under the Burberry name. The agreement will begin on Jan. 1, 2006.
The first Burberry eyewear collections under the agreement will be presented in October 2006. The two companies expect that the collections have the potential to generate wholesale sales in excess of $61 million annually within two to three years of launch.
Burberry president and coo Brian Blake said: “Burberry looks forward to working with Luxottica in this new global partnership. Among Luxottica’s many strengths, its proprietary store network in key markets and targeted growth geographies are very well aligned with Burberry’s expansion strategies. Together we will endeavor to realize the exciting opportunities for the Burberry brand in the eyewear category.”
According to Luxottica Group chairman Leonardo Del Vecchio, “We are extremely pleased with this new long-term license agreement and look forward to working with the Burberry team to develop new, exciting collections. Burberry is one of the world’s most distinctive and dynamic luxury brands. Burberry’s strength in the substantial U.S. and Japan markets is of particular strategic importance for our group.”