default-output-block.skip-main
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

EssilorLuxottica, Armani Renew Deal

Paris of Emporio Armani sunglasses
EssilorLuxottica and Giorgio Armani Group said they’ll renew a landmark licensing agreement with roots in the 1980s. (Shutterstock)

EssilorLuxottica SA and Giorgio Armani’s fashion group said Wednesday that they’ll renew a landmark licensing agreement with roots in the 1980s, which saw optics tycoon Leonardo Del Vecchio and fashion icon Armani join forces to shake up the eyewear world.

The companies said they’ll extend their current cooperation deal for 15 years, continuing to focus on development, production and global eyewear distribution under the Giorgio Armani, Giorgio Armani Privé, Emporio Armani, EA7 Emporio Armani and A|X Armani Exchange brands.

The companies have been working together on and off since 1988, when Luxottica’s founder and late Chairman Del Vecchio teamed up with Giorgio Armani in a then-revolutionary bid to transform eyeglasses from ho-hum optical devices to must-have fashion accessories.

Analysts were upbeat on the extension, with Equita’s Domenico Ghilotti writing in a note that it’s “positive news, although in our view taken for granted by the market in light of Armani’s long partnership and presence in Essilux’s capital.”

Luxottica terminated the original licensing deal in 2002, citing “different strategic priorities,” sending the eyeglass maker’s shares down the most in 12 years. It wasn’t for another decade that the two sides agreed to a new contract, which saw orders for Armani-branded eyewear soar above expectations following the agreement.

EssilorLuxottica holds a capital markets day on Wednesday, which is starting “on a high note” given the renewal, Bernstein analyst Luca Solca said in emailed comments.

By Chiara Remondini and Flavia Rotondi.

Learn more:

Inside Giorgio Armani’s Fashion Legacy

Does Giorgio Armani have a plan to secure his legacy? Last week, as he celebrated his 40th year in business with a party to open Armani/Silos, a new museum showcasing his vast archive, Mr Armani spoke exclusively to BoF ‘s Imran Amed in his only video interview to mark the occasion.

In This Article

© 2021 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
Inside the $7 Billion Dior Phenomenon
© 2022 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions and Privacy policy.
Inside the $7 Billion Dior Phenomenon