News Flash

Oakley to merge into Luxottica Group for US$29.30 per share

21 Jun '07

2 min read

Leonardo Del Vecchio, Luxottica Group Chairman, stated, "This is a milestone for our group. Significant changes in market dynamics require industry leaders to perfect a mix of best-in-class products and marketing with technical and operational capabilities."

"Luxottica has long admired the Oakley business and corporate culture, inspired by founder Jim Jannard. Oakley and Luxottica share a mutual commitment to quality, innovation, and technical skills -- qualities which will help us to solidify Oakley's brand position and Luxottica's strong leadership in the market. I look forward to welcoming the talented Oakley management team, led by Scott Olivet and Colin Baden, to our group."

Jim Jannard, Oakley Inc Founder, Chairman and Chief Mad Scientist, commented, "Mr. Del Vecchio and I started in the industry at about the same time and took our companies on different paths. We were both relentless in our desire to create great products and build unique organizations and I have always had tremendous respect for Mr. Del Vecchio as a partner and competitor. I am very excited that we have found a way to join forces."

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