Luxottica and Chanel announce new license agreement
The new agreement reflects the strategic collaboration and soundness of the relationship between the two companies
Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX), leader for the design, manufacture and sale of high-end, luxury and sports eyewear, and CHANEL today announced that they have signed a new agreement for the design, manufacture and exclusive worldwide distribution of optical frames and sunglasses with the CHANEL label.
The agreement is valid through December 31, 2018, with automatic renewal through December 31, 2020. The aim of the new license agreement is to develop a successful line of products that is a blend of CHANEL creativity and Luxottica manufacturing experience and expertise.
It will be sold through the best and most appropriate distribution network for luxury items. Bruno Pavlovsky, President of CHANEL Fashion, stated: "We are pleased to continue our relationship with Luxottica and develop a line of eyewear that is both creative and top quality."
Andrea Guerra, Chief Executive Officer of Luxottica, said: "We are particularly proud of this strategic collaboration for our Group. It further consolidates the long and sound relationship there has been between our companies since 1999, when we launched the very first collection of Chanel eyewear, and which continues to our mutual satisfaction."