Thursday, October 27, 2011

Luxottica Looks to Land Armani

"Luxottica Group SpA has sets its sights on roping in Giorgio Armani to produce a designer line of luxury eyewear," according to EliteChoice. "Until now, Armani was beyond its reach because the Italian fashion house held a contract with smaller eyewear firm Safilo. The contract expires this year, which leaves the field open for Luxottica to court the coveted designer brand. Irrespective of whether the deal happens or not, Luxottica is on a growth path. The company has reported a respectable increase in third quarter profits. Moreover, it is aggressively targeting newer markets such as Brazil and China. Take a look at the figures. Luxottica witnessed a 9.1 percent increase in third quarter net profits, which rose to €111.2 million compared to €101.9 million a year ago. Sales increased by 4 percent in this quarter to €1.52 billion, up from €1.46 billion last year. Estimates suggest that Luxottica will see net profits of €105.3 million and sales of €1.5 billion." Read more.

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