Michael Kors Announces Eyewear License with Luxottica
HONG KONG & MILAN -- April 15, 2014
Michael Kors Holdings Limited (NYSE:KORS) and Luxottica Group (MTA:LUX)
(NYSE:LUX) announced today that they have signed a new and exclusive eyewear
license agreement for the Michael Kors Collection and MICHAEL Michael Kors
eyewear. The first collection produced with Luxottica will launch in January
The partnership with Luxottica, a global leader in premium, luxury and sports
eyewear, will last 10 years. It will allow Michael Kors, celebrated for its
luxury accessories and ready-to-wear, as well as its iconic jet set lifestyle,
to continue the global expansion of the brand’s eyewear business. Luxottica
will produce eyewear for both the Michael Kors Collection and MICHAEL Michael
Kors lines, beginning with Spring 2015. The brand’s two luxury eyewear
collections will be carried around the world in Michael Kors stores,
department stores, select travel retail locations, independent optical
locations and Luxottica’s retail stores.
“We have achieved great success in the eyewear business and believe that our
new partnership will further enhance our luxury image in the optical and
sunglass marketplace,” said John D. Idol, CEO of Michael Kors. “Luxottica is
the industry leader in eyewear through their commitment to design and quality
which makes them the perfect partner for our luxury brand. Our eyewear
business is an important component of the overall growth strategy as we
continue our expansion around the world.”
“We are very excited and proud to be entering this new partnership with
Michael Kors, one of the most powerful American luxury lifestyle brands in the
world,” said Andrea Guerra, Chief Executive Officer of Luxottica Group.
“Michael Kors has a major influence in fashion, with products that are
exciting to luxury audiences globally. We believe that the Michael Kors’ brand
proposition, its solid growth and strong performance across its segments, and
its innovative fashion design fit perfectly within our portfolio. We are
confident that this partnership will have great success.”
About Michael Kors
Michael Kors is a world-renowned, award-winning designer of luxury accessories
and ready-to-wear. His namesake company, established in 1981, currently
produces a range of products through his Michael Kors and MICHAEL Michael Kors
labels, including accessories, footwear, watches, jewelry, men’s and women’s
ready-to-wear, and a full line of fragrance products. Michael Kors stores are
operated, either directly or through licensing partners, in some of the most
prestigious cities in the world, including New York, Beverly Hills, Chicago,
London, Milan, Paris, Munich, Istanbul, Dubai, Seoul, Tokyo and Hong Kong.
About Luxottica Group S.p.A.
Luxottica Group is a leader in premium, luxury and sports eyewear with over
7,000 optical and sun retail stores in North America, Asia-Pacific, China,
South Africa, Latin America and Europe, and a strong, well-balanced brand
portfolio. House brands include Ray-Ban, the world’s most famous sun eyewear
brand, Oakley, Vogue Eyewear, Persol, Oliver Peoples, Alain Mikli and Arnette,
while licensed brands include Giorgio Armani, Bulgari, Burberry, Chanel,
Coach, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada, Starck Eyes,
Tiffany and Versace. In addition to a global wholesale network involving 130
different countries, the Group manages leading retail chains in major markets,
including LensCrafters, Pearle Vision and ILORI in North America, OPSM and
Laubman & Pank in Asia-Pacific, LensCrafters in China, GMO in Latin America
and Sunglass Hut worldwide. The Group's products are designed and manufactured
at its six manufacturing plants in Italy, three wholly owned plants in the
People’s Republic of China, one plant in Brazil and one plant in the United
States devoted to the production of sports eyewear. In 2013, Luxottica Group
posted net sales of more than Euro 7.3 billion. Additional information on the
Group is available at www.luxottica.com.
This press release contains forward-looking statements about Michael Kors and
Luxottica. You should not place undue reliance on such statements because they
are subject to numerous uncertainties and factors relating to the operations
and business environment of each company, all of which are difficult to
predict and many of which are beyond such company’s control. Forward-looking
statements include information concerning each company’s possible or assumed
future results of operations, including descriptions of its business strategy.
These statements often include words such as
similar expressions. The forward-looking statements contained in this press
release are based on assumptions that each company has made in light of
management’s experience in the industry as well as its perceptions of
historical trends, current conditions, expected future developments and other
factors that it believes are appropriate under the circumstances. You should
understand that these statements are not guarantees of performance or results.
They involve known and unknown risks, uncertainties and assumptions. Although
each company believes that these forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could affect its
actual financial results or results of operations and could cause actual
results to differ materially from those in these forward-looking statements.
Please refer to both companies respective annual filings with the U.S.
Securities and Exchange Commission for a complete list of risk factors.
FOR MICHAEL KORS INQUIRIES:
Brittany Rae Fraser
FOR LUXOTTICA INQUIRIES:
Group Corporate Communication and Public Relations Director
T: +39 (02) 8633 4683
Group Investor Relations Director
T: +39 (02) 8633 4870
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