Luxottica announced this month that it expects its new Luxottica Group incorporating Oakley to exceed €6.1bn in sales in 2009, up 27 per cent on 2007.
The group estimated that operating synergies between the companies would deliver yearly benefits of €100m by 2010. The company will concentrate on Europe and emerging markets at first and aims to more than double Oakley's sales over the next three years. It plans to tell the Oakley story in many more new stores, with a particular emphasis on optics.
Luxottica CEO Andrea Guerra said the group had merged the strengths of two winning companies. 'The combination of Luxottica and Oakley changes the future of our industry.'
The move brought 'Oakley's extraordinary sun lens technology and its supremacy in sport together with our scale, links with the luxury and fashion worlds as well as design and manufacturing excellence'.
'Today we are witnessing the creation of new market segments and lifestyles as barriers between technology, luxury and sport come down,' he said.
Priorities included the research and development of sunglass lenses, merging Oakley's skills with Luxottica's long tradition.
The group also plans to strengthen the global operating infrastructure of the Californian luxury brand Oliver Peoples as well as appropriately positioning the Revo and Arnette brands.