Luxottica has signed a 10-year deal to design, produce and distribute the eyewear for Polo Ralph Lauren from the beginning of next year, ending months of speculation that Safilo had lost the licence.
The agreement is estimated to be worth more than $1.75bn over the decade. Terms include an advance payment of US$199m.
Leonardo Del Vecchio, Luxottica chairman, said: 'We are extremely pleased to start 2006 with the announcement of a landmark agreement with one of the world's leading brands.
'Polo Ralph Lauren is truly a global brand and a perfect fit for our integrated approach to wholesale/retail distribution.'
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