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 2015.
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.”