Eyewear manufacturer Luxottica Group recently announced that it has renewed its exclusive license agreement with Ralph Lauren Corporation.
The two companies said that it is going to be a 10-year agreement extending to March 31, 2027 (though still subject to terms and conditions during that timeframe). This business strategy will have Luxottica develop, produce, and globally distribute sunglasses and prescription frames under “certain” Ralph Lauren brands, like Polo and Ralph Lauren.
Luxottica also handles brands such as Ray-Ban, Chanel, Burberry, Giorgio Armani, Michael Kors, and Prada, among others. Reportedly, Luxottica’s current wholesale distribution network covers more than 150 countires, complemented with a retail network of over 7,400 stores, including LensCrafters and Sunglass Hut. The group has around 79,000 employees to date.