MILAN — Luxottica on Friday agreed to buy 100 percent of Alain Mikli International.
Terms of the deal were not disclosed, but Stefano Corneliani, senior analyst at Intermonte SMI, pegged the price tag at between 120 and 130 million euros, or $155 million to $168 million at current exchange.
The Italian eyewear giant reached an agreement with Alain Miklitarian and London-based private equity NEO Capital, which acquired 47 percent of Alain Mikli International in April 2009.
The deal had little impact on Luxottica’s shares, which closed up 0.4 percent to 29.95 euros, or $38.47, on Friday.
“This proposed operation perfectly reflects our long-term growth strategy,” said Luxottica chief executive officer Andrea Guerra. “With its innovative design, Alain Mikli would enrich our luxury eyewear segment and further strengthens our prescription side, where we have deeply invested in the past years, to further contribute to the group’s resilient growth. Moreover, Luxottica’s vertically integrated business model and deep know-how of luxury eyewear distribution would allow Alain Mikli to increase its selected global presence.”
Luxottica currently produces and distributes eyewear collections for brands including Bulgari, Burberry, Chanel, Coach, Dolce & Gabbana, Donna Karan, Polo Ralph Lauren, Prada, Tiffany and Versace. The company, which in 2011 posted net sales of more than 6.2 billion euros, or $8.7 billion at average exchange rate, also owns a number of brands, such as Ray-Ban, Oakley, Vogue, Persol, Oliver Peoples, Arnette and Revo.
“I’m very excited about this new adventure,” said Mikli, who founded his company in 1978 and opened his first store in Paris in the Eighties, followed by one in New York in 1992. “I have worked for 35 years pursuing the same idea and the same dream: to please our clients. Working with Luxottica will represent a great new opportunity to push the Alain Mikli brand to the next level in distribution, quality and service. Now I can share my passion with many customers around the world.”
Alain Mikli, which recently opened four stores in Asia and two in the U.S., acquired French sunglasses manufacturer Vuarnet in December 2009. The company also manufactures Philippe Starck’s Starck Eyes eyewear collection and an exclusive line designed by Jean Paul Gaultier.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast