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Luxottica merger with Oakley opens countless opportunities
Feb '08
Luxottica Group S.p.A. a world leader in the design, production and distribution of premium and luxury eyewear, will present later at Oakley's headquarters in California its business plan, which is based on new business prospects generated by Luxottica's acquisition of Oakley for US$2.1 billion on November 14, 2007. The merger of the two companies has formed the new Luxottica Group.

The long-term business plan presented has a clear final objective: to create an innovative business model with countless advantages for consumers, employees and shareholders of Luxottica Group.

The plan is based on the combination of Luxottica's vertical model, its well-balanced brand portfolio and its capacity to reach across the globe with Oakley's technological capability and undisputed strength in the sports segment.

Key figures: Luxottica Group expects to exceed 6.1 billion euro in consolidated sales for fiscal year 2009, assuming an average exchange rate of 1 euro = US$1.45, reflecting an increase of 27% at constant exchange rates from fiscal year 2007.

Consolidated sales for fiscal year 2008 are expected to be between 5.6 billion euro and 5.75 billion euro. EPS in excess of 1.31 euro are expected for 2009 (up by 35% from 2007, excluding the impact of exchange rates and trademark amortization).

EPS for 2008 are expected to be between 1.11 euro and 1.14 euro. The Group now expects that it will report fiscal year 2007 EPS of 1.08 euro, reflectingan increase of 24% from fiscal year 2006 at constant exchange rates.

The Group estimates that operating synergies between the two companies will deliver yearly benefits worth 100 million euro by 2010, broken down as follows: 20 million euro in 2008, 60 million euro in 2009 and 100 million euro in 2010.

"The combination of Luxottica and Oakley changes the future of our industry," said Andrea Guerra, Luxottica Group CEO, on presenting the plan. "Today is the start of a new Luxottica Group, of three to five years of development, new projects and the exploration of new segments.

Two complementary models, two histories that are unique but with much in common: Oakley's extraordinary sun lens technology and its supremacy in sport together with our scale, links with the luxury and fashion worlds as well as design and manufacturing excellence.

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