Luxottica reports 1,2 % drop in Q1 profit
World’s largest eyewear maker by revenue Luxottica reports a net profit drop of 1.2 percent in the first quarter of 2014, to 157 million euros. Luxottica sales fell to 1.84 billion euros ($2.55 billion) in the quarter to March 31st, down 1.2 percent from the year-ago quarter.
Luxottica expects that its most recent 10 year licence agreement with Michael Kors, should generate at least $100 million every year for the first three years. Luxottica also signed a deal with Google in March to design, make and distribute Google Glass, a type of spectacles with a tiny, Internet-connected screen. The new version of Google Glass, which should arrive on the market in 2015, will be available only in the United States to begin with.