This excerpt taken from the LUX 6-K filed Jun 25, 2007.
· Oakley is an innovative and iconic brand: a leading global sports, technology and lifetsyle company with a unique design point of view
· Oakley has tremendous growth potential across numerous market segments
· Luxottica provides a global platform to showcase the Oakley brands while enhancing its international distribution capabilities
· This merger combines two strong, complementary business models
· This merger establishes a stronger and more diversified portfolio of owned and licensed brands
· Combined companies retail platform includes luxury, fashion, lifestyle and sports concepts
Leonardo Del Vecchio, Luxottica Group Chairman, stated, This is a milestone for our group. Significant changes in market dynamics require industry leaders to perfect a mix of best-in-class products and marketing with technical and operational capabilities. Luxottica has long admired the Oakley business and corporate culture, inspired by founder Jim Jannard. Oakley and Luxottica share a mutual commitment to quality, innovation, and technical skills qualities which will help us to solidify Oakleys brand position and Luxotticas strong leadership in the market. I look forward to welcoming the talented Oakley management team, led by Scott Olivet and Colin Baden, to our group.
Jim Jannard, Oakley, Inc. Founder, Chairman and Chief Mad Scientist commented, Mr. Del Vecchio and I started in the industry at about the same time and took our companies on different paths. We were both relentless in our desire to create great products and build unique organizations and I have always had tremendous respect for Mr. Del Vecchio as a partner and competitor. I am very excited that we have found a way to join forces. Oakleys technology and performance is one of the worlds best kept secrets and this partnership should empower our
ability to tell our story throughout the world. I am encouraged by the fact that Luxotticas management has come to understand the unique, rogue nature of Oakley in the eyewear industry and is committed to preserving it. Oakley will continue to be Oakley but with much greater resources and a platform for realizing the true potential of our brand and company. Given the opportunities in front of us, I wrote Mr. Del Vecchio this morning indicating my intent to make an investment in the company after the transaction closes.