Michael Kors Renews Eyewear Licensing Agreement With EssilorLuxottica
EssilorLuxottica and Michael Kors have renewed their licensing agreement for the development, production and worldwide distribution of prescription frames and sunglasses under the Michael Kors brand.
The renewal will come into effect on Jan. 1, 2025, and cover a period of five years, with an option for a five-year extension. The early renewal, coming almost a year before the expiration of the current agreement, is a testament to the strong confidence and collaboration between the two companies since 2015, the companies said.
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“We are really proud of the work we’ve done with Michael Kors over the past decade. In the years ahead, we’ll continue to innovate together with designs that reflect the brand’s innate sense of modern glamour and its unfailing eye for effortless chic,” said Francesco Milleri, chairman and chief executive officer of EssilorLuxottica. “With this move, EssilorLuxottica continues to strengthen its collaboration with one of the most relevant luxury groups around the world through strategic partnerships that express the essence of its unique brands.”
Cedric Wilmotte, chief executive officer of Michael Kors, said, “We’re very pleased with the success of our partnership with EssilorLuxottica over the past 10 years. Together we have grown Michael Kors eyewear into a global business at the leading edge of fashion eyewear while continuing to celebrate the brand’s long and distinctive heritage. We share EssilorLuxottica’s commitment to design, innovation and quality, and look forward to continuing our close collaboration in the years ahead.”
Established in 2018 by the merger of France’s Essilor and Italy’s Luxottica Group, the company in 2022 reported consolidated revenues of 24.5 billion euros. In addition to its proprietary brands, from Ray-Ban to Oakley and Persol, EssilorLuxottica licensed brands include Michael Kors, Giorgio Armani, Brunello Cucinelli, Burberry, Chanel, Coach, Dolce & Gabbana, Ferrari, Prada, Ralph Lauren, Starck Biotech Paris, Swarovski, Tiffany & Co., Tory Burch and Versace.
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