MILAN — News that Giorgio Armani is terminating his licensing pact with Luxottica has kicked the Milanese speculation machine into overdrive on how the eyewear giant will compensate for losing 7.2 percent of its revenue and where Armani will produce his stylish frames.

The talk here has Luxottica negotiating with LVMH Moët Hennessy Louis Vuitton about a Louis Vuitton eyewear license and there is also buzz that the company could buy smaller competitor De Rigo, which produces Prada eyewear though a joint venture. De Rigo has links to LVMH by producing eyewear for Fendi, Givenchy, Loewe and Céline.

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