MILAN – Reinforcing its commitment to its eyewear category and in a sign of conviction in its longtime partner, Prada Group has renewed its licensing agreement with EssilorLuxottica for the development, production and distribution of eyewear for the Prada, Prada Linea Rossa and Miu Miu brands.
The existing agreement will expire on Dec. 31, 2025, and has been extended through Dec. 31, 2030, with the provision for renewal until Dec. 31, 2035.
Patrizio Bertelli, Prada Group chairman, defined EssilorLuxottica “a trusted and long-standing partner with whom we have developed a strong collaboration built on craftsmanship, quality and innovation. This renewal reaffirms our commitment to these values and to our shared vision for the future of eyewear.”
The license was first inked in 2003.
“Since our paths first crossed, Prada Group has been an extraordinary partner, holding a very special place in our journey,” said Francesco Milleri, chairman and chief executive officer of EssilorLuxottica. “This renewal fills us with pride and marks our shared commitment to embrace the finest expression of luxury eyewear – from refined elegance to bold irreverence and sport-inspired dynamism. Together we aim to deliver even greater innovations in the years to come.”
The strength of Prada Group’s licenses for eyewear and fragrance was highlighted at the end of October, when the company reported revenues in the first nine months of the year totaled 3.83 billion euros. In the period ended Sept. 30, royalties rose 24 percent to 91 million euros.
Further underscoring the relevance of its eyewear collections, Prada earlier this year extended its long-term partnership with Jake Gyllenhaal for its 2024 Prada Linea Rossa Eyewear campaign, first launched for the brand’s spring 2023 collection.
The Academy Award-nominated actor features in the 2024 campaign, titled “In the Midst of the Action,” which was photographed by Lukas Korschan at the Italian sailboat racing team Luna Rossa Prada Pirelli’s base in Cagliari, Italy. The campaign came ahead of the 37th America’s Cup sailing competition, which took place in Barcelona in the fall.
Prada prides itself on developing with EssilorLuxottica a Linea Rossa eyewear collection that blends functionality with high-fashion aesthetics. The collection includes designs such as an aerodynamic wraparound style with lightweight frames and a color palette inspired by the AC75 Luna Rossa boat. The collection’s lenses are said to protect from the rays of the sun and enhance peripheral vision.
Also adding visibility to the collections, in September, seven-time Olympic gold medalist Simone Biles made a statement in Miu Miu sunglasses at the 2024 U.S. Open for men’s and women’s quarterfinal matches.
This has been a busy year for EssilorLuxottica, which saw the debut of collections for Brunello Cucinelli, Jimmy Choo and Ferrari, Moncler’s new Lunettes collection in September, an Alain Mikli relaunch and an Oliver Peoples four-collection collaboration with Roger Federer. It also acquired Supreme from VF Corp., invested in med-tech buying two spcialists in the sector, and extended its partnership with Meta Platforms with the aim of building on the success of its Ray-Ban Meta smartglasses to develop the next generation of smart eyewear products.
Established in 2018 by the merger of France’s Essilor and Italy’s Luxottica Group, in addition to its proprietary brands, from Ray-Ban to Oakley and Persol, the group produces eyewear under license for brands ranging from Giorgio Armani and Prada to Tiffany & Co. and Versace.
EssilorLuxottica, which is publicly traded on Euronext Paris, in the first nine months of the year reported revenues of 19.7 billion euros, up 3 percent compared with the same period in 2023.
