Michael Kors and Luxottica ink 10 year licensing deal!
Michael Kors, a world-renowned, award-winning designer of luxury accessories and ready-to-wear. Luxottica, a global leader in premium, luxury and sports eyewear, have just announced a 10 year licensing agreement. This partnership will enable Luxottica to produce the fashion eyewear for the Michael Kors collection, and MICHAEL, the Michael Kors line of eyewear. Beginning with the Spring 2015 collections to be produced January 2015, the new licensed eyewear will be carried around the globe in Michael Kors stores, department stores and major retailers and boutiques.
Luxottica already produces their own sunglasses lines that include Ray-Ban, Oakley, and Oliver Peoples. While their licensed brands are the cream of the crop with names like Giorgio Armani, Bulgari, Burberry, Chanel, Coach, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada, and Versace.
Each side is looking forward to the arrangement and being fortunate to be able to expand their own brand presence. According to the news release on the Michael Kors website, “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.” Luxottica stated that “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 are confident that this partnership will have great success.”
It’s a ten year agreement, so it’s not a short term test or a single date between two industries, it’s a long term relationship that can and should have substantial financial and brand benefits to both. We will just have to see how this relationship turns out.