(ANSA) - Milan, November 17 - One of Italy's premier fashion labels Giorgio Armani has ended its partnership with eyewear manufacturer Safilo and returned to rival producer Luxottica. The luxury brand has signed a letter of intent for a new contract with Luxottica, which has 7,000 retail stores in North America, Asia-Pacific, South Africa and Europe and produces licensed eyewear for the Oakley and Ray-Ban labels. Under the new agreement, Luxottica will have an exclusive licence for the design, manufacture and distribution of both spectacles and sunglasses for the Giorgio Armani label as well as Emporio Armani and A/X from 2013. Safilo has been making eyewear products for over 75 years, designing and manufacturing high-quality prescription frames, sunglasses and sports eyewear under licensing agreements for leading luxury and premium brands as well as under its own brands.
Safilo's contract with Armani expires at the end of 2012 and already the group has issued a profit warning. When Armani left Luxottica in 2002 its eyewear accounted for 4.95% of the manufacturer's total sales. Luxottica welcomed the return of one of Italy's top fashion brands whose profits from eyewear totalled 125 million euros - or 16% of the company's total sales - in the first nine months of 2011. "We are happy to go forward together and we are certain this relationship will result in great satisfaction for both companies," said Andrea Guerra, Luxottica's chief executive officer.