The two companies have teamed up for a 2012 introduction of Coach, Coach Poppy and Reed Krakoff eyewear/sunwear brands.
This is not Coach’s first foray into eyewear, however. Marchon is Coach’s current partner for Coach, Poppy and Reed Krakoff eyewear but will relinquish that license when it passes to Luxottica.
“We are very excited and proud to be entering this new partnership with Coach, one of the most important accessories brands in the world”, commented Andrea Guerra, Chief Executive Officer of Luxottica Group. “Coach’s brand proposition, its commitment to the highest standards for design and craftsmanship and its distribution in strategic geographies worldwide fit perfectly within our portfolio.
The launch is international, with distribution in Coach stores througout the world as well as department stores in North America, Japan, China and East Asia, as well as travel locations. Both the optical and sunwear lines will be sold at optical stores and Luxottica’s retail chains (Luxottica owns LensCrafters, Ilori and more.)
According to a Luxottica statement, the multi-year agreement include renewal options; the first collection will be presented during 2012. Coach eyewear is expected to generate strong growth, with annual sales–outside of Coach stores–targeted at approximately $100 million annually, after the initial launch period and once the distribution has been fully rolled out across key geographies and channels.
Coach would not release upcoming pricing information for the upcoming lines, but noted that current Coach sunwear averages $150 on Coach.com. Reed Krakoff sunwear on the Reed Krakoff website sell in the mid to high $200s.
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