News Brief
Luxottica Expands Its Vision; Buys Oakley Sunglass Brand
Jun 22, 2007, 5:00 AM
Global eyeglass leader Luxottica Group of Italy adds another niche brand to its stable with the purchase of California sunglass maker Oakley for $2.1 billion. Oakley's glasses have drawn endorsements from such athletes as Lance Armstrong and Annika Sorenstam.
Luxottica markets Ray-Ban, Prada and Ralph Lauren brands, among others. It operates more than 5,800 stores worldwide including the LensCrafters, Pearle Vision and Sunglass Hut chains.
The Milan-based company had more than $6 billion in sales last year.
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