Italian firm Luxottica, the world’s largest eyewear maker, has signed an agreement to produce eyewear for leading classic American fashion brand Coach from 2012, the companies said in a joint statement this week.
Under the agreement Luxottica will design, manufacture and distribute globally sun and optical frames under the Coach, Coach Poppy and Reed Krakoff brands.
The agreement takes affect from beginning January 2012.
“We’re very excited about this partnership, which will combine Coach’s distinct design aesthetic with Luxottica’s excellent product quality and craftsmanship,” said Lew Frankfort, Chairman and Chief Executive Officer of Coach, Inc.
…distribution of Coach eyewear collections would be through Coach stores, independent optical locations and Luxottica’s retail chains throughout the world
“Through the new Coach Eyewear collection by Luxottica, we will continue to offer a compelling eyewear assortment to our consumers and further strengthening our position as a global lifestyle accessories brand.”
And Luxottica was just as buoyed by the announcement with its CEO, Andrea Guerra saying: “We are very excited and proud to be entering this new partnership with Coach, one of the most important accessories brands in the world, Coach’s brand proposition, its commitment to the highest standards for design and craftsmanship and its distribution in strategic geographies worldwide fit perfectly within our portfolio. Over the years, Coach has enjoyed increasing global recognition and is now greatly appreciated by consumers throughout the world, and we are confident that this partnership will be mutually beneficial.”
A joint media release explained that the distribution of Coach eyewear collections would be through Coach stores, independent optical locations and Luxottica’s retail chains throughout the world, as well as through selected department stores primarily in North America, Japan, China and East Asia as well as through select travel retail locations, independent optical locations and Luxottica’s retail chains.
The release said: “The multi-year agreement will include renewal options; the first collection will be presented during 2012. Coach eyewear is expected to generate strong growth, with annual sales – outside of Coach stores – targeted at approximately USD$100 million annually, after the initial launch period and once the distribution has been fully rolled out across key geographies and channels.