Luxottica Group, S.p.A. (LUX)

The facilities will consist of:

–                 An Amortizing Term Loan of US$1.5 billion, with a five-year term, with options to extend the maturity on two occasions for one year each time. Consistent with the Group’s main existing facilities, the term loan will have a spread of between 20 and 40 basis points over LIBOR, depending on the Group’s ratio of debt to EBITDA. The Mandated Lead Arrangers and Bookrunners for the term loan are Citigroup (acting also as Documentation Agent), Intesa San Paolo, The Royal Bank of Scotland and UniCredit Markets and Investment Banking (acting also as Facility Agent).

–                 A Short-Term Bridge Loan of US$500 million. The facility may be partially refinanced with a U.S. private placement assuming favorable market conditions. This facility will be underwritten by Bank of America and UniCredit Market and Investment Banking.

Funding under these facilities will be subject to the closing of Luxottica Group’s proposed acquisition of Oakley, Inc.

Enrico Cavatorta, chief financial officer of Luxottica Group, commented: “The facilities are designed to provide financing for the closing of our previously announced proposed acquisition of Oakley. We are pleased to see such a strong show of confidence in our Group from this group of leading international banks. The terms of these facilities reflect the ability of our Group to secure favorable conditions for our financing needs.”

At the Meeting, shareholders also approved the Group’s statutory financial statement and IFRS consolidated financial statements for fiscal year 2006, in accordance with Italian law.

The proposed cash dividend will be paid to holders of record of ordinary shares as of May 18, and to holders of record of ADRs as of May 23. The ex-dividend date for both holders of ordinary shares and ADRs will be May 21, 2007. Luxottica Group will make the dividend payable in Euro to holders of ordinary shares on May 24, 2007. Deutsche Bank Trust Company Americas, the depositary of Luxottica Group’s ordinary shares represented by ADRs, will make the dividend payable in U.S. dollars to ADR holders on June 1, 2007, at the Euro/U.S. dollar exchange rate of May 24, 2007. Information regarding the tax regime applicable to the payment of Luxottica Group dividends are available from the Group’s corporate website at www.luxottica.com.

·                 

Should the offer be fully accepted, Luxottica Group’s indirect holdings in RayBan Sun Optics India Ltd. would increase to approximately 64 percent, from its current 44 percent stake. The Group gained its interest in RayBan Sun Optics India Ltd. in connection with the acquisition of the Ray-Ban eyewear business from Bausch & Lomb in 1999.

Luxottica Group indicated that the maximum expected investment related to this offer would be approximately €11 million, including incremental interest to be paid to certain continuing shareholders. These amounts would have no material financial impact on the Group.

Further details regarding the public offer are available in the public announcement published in India today and available on the website of the Securities and Exchange Board of India at www.sebi.gov.in.

Luxottica Group is a global leader in eyewear, with approximately 5,700 optical and sun retail stores in North America, Asia-Pacific, China and Europe and a strong brand portfolio that includes Ray-Ban, the best selling sun and prescription eyewear brand in the world, as well as, among others, license brands Bvlgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada and Versace, and key house brands Vogue, Persol, Arnette and REVO. In addition to a global wholesale network that touches 130 countries, the Group manages leading retail brands such as LensCrafters and Pearle Vision in North America, OPSM and Laubman & Pank in Asia-Pacific, and Sunglass Hut globally. The Group’s products are designed and manufactured in six Italy-based high-quality manufacturing plants and in the only two China-based plants wholly-owned by a

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premium eyewear manufacturer. For fiscal year 2006, Luxottica Group (NYSE: LUX; MTA: LUX) posted consolidated net sales of €4.7 billion. Additional information on the Group is available at www.luxottica.com.

Certain statements in this press release may constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, fluctuations in exchange rates, economic and weather factors affecting consumer spending, the ability to successfully introduce and market new products, the availability of correction alternatives to prescription eyeglasses, the ability to successfully launch initiatives to increase sales and reduce costs, the ability to effectively integrate recently acquired businesses, as well as other political, economic and technological factors and other risks referred to in Luxottica Group’s filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof and, under U.S. securities regulation, Luxottica Group does not assume any obligation to update them.

Luca Biondolillo, Head of Communications

Tel.: +39 (02) 8633 4062
Email: LucaBiondolillo@Luxottica.com

Alessandra Senici, Senior Manager, Investor Relations

Tel.: +39 (02) 8633 4069
Email: AlessandraSenici@Luxottica.com

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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