Milan—Michael Kors Holdings Ltd. has become a billion dollar corporation partly due to its successful offerings in several accessories categories such as handbags, watches etc. Now the designer brand has set its sights on eyewear.
In a new 10-year long license agreement with Luxottica Group, Michael Kors will soon be available in eyewear categories under the Michael Kors Collection and MICHAEL Michael Kors brands.
‘One of the Most Powerful American Luxury Brands’
The brand’s two luxury eyewear collections will be carried around the world in Michael Kors stores, department stores, select travel retail locations, independent optical locations and Luxottica’s retail stores.
“We have achieved great success in the eyewear business and believe that our new partnership will further enhance our luxury image in the optical and sunglass marketplace,” said John D. Idol, chief executive at Michael Kors. “Luxottica is the industry leader in eyewear through their commitment to design and quality which makes them the perfect partner for our luxury brand. Our eyewear business is an important component of the overall growth strategy as we continue our expansion around the world.”
Luxottica, which boasts more than 7,000 optical and sun retail stores around the world, produces eyewear under its propriety brands as well as license with names such as Giorgio Armani, Bulgary, Burberry, Chanel, Coach, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada, Tiffany and Versace.
“We are very excited and proud to be entering this new partnership with Michael Kors, one of the most powerful American luxury lifestyle brands in the world,” said Andrea Guerra, Luxottica Group chief executive. “Michael Kors has a major influence in fashion, with products that are exciting to luxury audiences globally. We believe that the Michael Kors’ brand proposition, its solid growth and strong performance across its segments, and its innovative fashion design fit perfectly within our portfolio. We are confident that this partnership will have great success.”