Luxottica Renews License Agreement With Chanel

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MILAN— Luxottica Group S.p.A. (NYSE: LUX) and Chanel have announced the signing of a new license agreement for the exclusive development, manufacture and worldwide distribution of Chanel prescription frames and sunglasses through Dec.31, 2018. The agreement is renewable until Dec. 31, 2020.

“The objectives of the new license agreement are to build a successful product line combining Chanel’s creation with Luxottica’s expertise and manufacturing capabilities, through the most luxurious and appropriate distribution network,” the announcement stated.

Bruno Pavlovsky, president of Chanel’s Fashion commented, “We are delighted to extend our relationship with Luxottica and continue to develop eyewear that is creative and of the highest quality.”

Andrea Guerra, Luxottica Group’s CEO, added, “We are extremely pleased with this strategic agreement for our group which marks the further extension of an already long-standing relationship between our two companies, which dates back to 1999 with the launch of Chanel’s first-ever eyewear collections and continues with great mutual satisfaction.”