Luxottica buys O.C. eyewear maker Oakley in $2.1 billion deal

Luxottica buys O.C. eyewear maker Oakley in $2.1 billion deal Luxottica, the world's largest maker, distributor and retailer of sunglasses said Wednesday it would buy Foothill Ranch, Calif.-based Oakley Sunglasses for just under $2.1 billion.
   Headquartered in Milan, Italy, the $5.1 billion-per-year Luxottica manufactures and distributes thousands of brands of well-known eyewear including lines such as Ray-Ban and Persol. The firm's portfolio also includes most of the leading designer brands of eyewear including Chanel, Prada, Dolce & Gabbana, D&G, Versace and Bvlgar. The retail half of the firm operates more than 5,700 outlets worldwide, operating under names such as LensCrafters, Sunglass Hut International, Pearle Vision, Sears Optical and Target Optical.
   Started in 1975 out of the trunk of the founder's car, Oakley has grown to a $390 million-per-year firm specializing in high-end sunglasses and ski goggles. The firm has a long history of product placement in films and deals with notable sports figures such as cyclist Lance Armstrong.
   The buyout of Oakley, according to Bloomberg, will make Luxottica virtually untouchable in the sunglass market.
   'Nobody can touch Luxottica now,’' Gianluca Pacini, an analyst with Caboto Equity Research in Milan, told Bloomberg. 'If you calculate the synergies they expect to exploit, the acquisition adds value. It's the industry's No. 1 player, with the sports brands, luxury brands and optical retailers.'