Tory Burch and Luxottica Group SpA are looking a decade ahead.
Luxottica Group SpA has renewed its contract with the fashion designer, extending the license agreement to distribute Tory Burch sun and prescription eyewear globally for the next 10 years, expiring on Dec. 31, 2024.
“Luxottica has been a great partner,” Burch said. “We look forward to working with them to introduce new designs and further grow our business in this important category.”
Burch and Luxottica launched eyewear in November 2009 under a six-year contract, marking Burch’s first foray into licensing. Burch has since introduced a line of watches with Fossil and cosmetics and fragrance offerings with Estée Lauder; recently, the brand teamed with Fitbit on a line of wearable technology. Earlier this year, Burch revealed plans to launch a line of activewear apparel and accessories as well as men’s accessories.
Prices for Tory Burch eyewear range from $145 to $250. Retailers include Neiman Marcus, Bloomingdale’s, Nordstrom and Bergdorf Goodman, among others.
Luxottica produces under license for the Giorgio Armani Group, Bulgari, Burberry, Chanel, Coach, Prada and Versace, among others, and also has a number of owned brands, including Ray-Ban, Oakley and Persol. Earlier this season, the Italian company restructured its management team, adopting a co-chief executive model, with Leonardo Del Vecchio, chairman of the group, taking on a more active role. In October, Del Vecchio named former Procter & Gamble executive Adil Mehboob-Khan and Massimo Vian to the post.
Despite the internal shakeup, the group’s business has not faltered. On Dec. 1, Barclays defined Luxottica as “our best idea for 2015 in the luxury sector, driven by underlying secular growth, very strong market position, operational gearing and high cash generation.”