Coach teams with Luxottica on eyewear deal
Handbag and accessories company Coach Inc. is teaming with Luxottica Group SpA to release prescription eyewear beginning in 2012.
The multiyear deal includes renewal options, the companies said Tuesday. Further terms were not disclosed.
The licensing agreement with Luxottica, an Italian eyewear company, will include the creation of prescription eyewear under the Coach Poppy, Coach and Reed Krakoff brands starting in January 2012.
The eyeglasses will be sold at Coach stores, some travel retail locations, independent optical stores, Luxottica's retail locations and certain department stores mostly in North America, Japan, China and East Asia.
Annual sales from the Coach eyewear, not including those sold at its namesake stores, is expected to be about $100 million.
In August Coach reported that its fourth-quarter net income rose 34 percent on brisk demand in North America and China.
Coach is based in New York.