Armani Group, EssilorLuxottica Renew Eyewear Deal for Another 15 Years
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MILAN — Armani Group and EssilorLuxottica have renewed their licensing agreement for the development, production and worldwide distribution of eyewear collections under the Giorgio Armani, Giorgio Armani Privé, Emporio Armani, EA7 Emporio Armani and A|X Armani Exchange brands.
The existing deal, which took effect in 2013, was set to expire at the end of this year. The 15-year licensing renewal will be effective Jan. 1, 2023.
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The partnership between the fashion group and the eyewear powerhouse dates back to 1988, when Giorgio Armani teamed up with the late Luxottica founder and visionary entrepreneur Leonardo Del Vecchio to develop branded glasses, marking the evolution of the item as fashion accessory.
At the time, the two parties signed an initial 14-year licensing agreement. Luxottica then lost the license to Safilo SpA in 2003, but the original tie-up was eventually restored with the deal effective in 2013.
“During the course of my career I have always built long-term collaborations and agreements with trusted partners,” Giorgio Armani said in a statement Wednesday. “The relationship with EssilorLuxottica has been a cornerstone of my path, born from personal and professional esteem, which has led to challenging choices. Such an important renewal is the confirmation of a mutual loyalty that makes me proud and that will lead to further, important innovations.”
“Leonardo Del Vecchio saw in Giorgio Armani a fellow entrepreneur with a shared passion for quality and innovation, and we are excited to continue on the journey they started,” said Francesco Milleri, chairman and chief executive officer of EssilorLuxottica. “In keeping with Leonardo Del Vecchio’s vision, with Armani we inaugurate a new long-term partnership model that will anchor us in the same spirit for many years to come.”
This is not the first time Armani Group commits in a long-term licensing deal. In 2018, the company renewed its existing beauty license with L’Oréal until 2050, marking a unique case for the industry. Incidentally, the French cosmetic giant has developed Armani’s fragrances, skin care and makeup in close collaboration with the Italian designer since 1988.
Luxottica Group merged with French company Essilor International, which focused on lenses, in 2018, forming an eyewear colossus that transformed the sector’s global landscape.
In addition to holding eyewear licenses for brands of the likes of Burberry, Bulgari, Chanel, Coach, Michael Kors, Prada, Ralph Lauren, Tiffany & Co. and Versace, EssilorLuxottica also counts proprietary labels such as Ray-Ban, Oakley, Persol and Oliver Peoples; lens technology brands including Varilux and Transitions, and key retailers including Sunglass Hut, LensCrafters and Salmoiraghi & Viganò, among others.
Publicly listed on the Paris Stock Exchange, EssilorLuxottica generated consolidated pro forma revenue of 21.5 billion euros in 2021.
