Armani eyewear splits from Luxottica

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Luxottica Group, the leading eyewear maufacturer, and the Giorgio Armani fashion group have announced that they are to part

A joint statement from the two companies said the licensing agreement for the manufacture and distribution of the Giorgio Armani and Emporio Armani eyewear collections will come to an end in the first half of 2003. As a result the Armani eyewear brand will no longer be handled by the Luxottica duty-free division based in Miami.

Luxottica Group chairman Leonardo Del Vecchio said: "I have a deep respect for Giorgio Armani. Unfortunately, during the discussions for the renewal of the license agreement different strategic priorities emerged and as a result it was not possible to find common ground for the respective interests of each group." Luxottica said sales from the Armani brand accounted for 7.2% of total turnover, or ?238m ($238m) of ?3.3bn ($3.3bn) in total sales this year. The company said it expected the success of recent launches such as Chanel eyewear to compensate for the loss.

Chairman and ceo of Armani Group, Giorgio Armani, commented: "The Armani Group and Luxottica Group have had a long and mutually rewarding relationship since 1988, when we signed the first license agreement for the manufacture and distribution of Giorgio Armani eyewear, later followed by the launch of Emporio Armani eyewear. Today as a result of this partnership the Armani Group has become a world leader in designer eyewear. We are currently considering alternatives for the future manufacture and distribution of our eyewear collections."