This excerpt taken from the LUX 6-K filed Feb 27, 2006.
(NYSE: RL) for the design, production and worldwide distribution of prescription frames and sunglasses under the Polo Ralph Lauren name.
The agreement, which will begin on January 1, 2007, is estimated to be worth for Luxottica Group in excess of US$1.75 billion in sales over its duration. Terms include an advance payment on royalties of US$199 million that will mature over the ten-year term of the agreement.
Leonardo Del Vecchio, chairman of Luxottica Group, commented: We are extremely pleased to start 2006 with the announcement of a landmark agreement with one of the worlds leading brands. Polo Ralph Lauren is truly a global brand and a perfect fit for our integrated approach to wholesale-retail distribution.
We have high expectations for what Polo Ralph Lauren and Luxottica will accomplish together in years to come. Our partnership will especially benefit from our ability to support brands through a worldwide retail network.