Yahoo Finance Diesel, EssilorLuxottica Ink 10-year License
MILAN — EssilorLuxottica and Diesel have signed an exclusive licensing agreement for the design, manufacture and worldwide distribution of Diesel eyewear.
The agreement will be effective immediately and run until Dec. 31, 2029, with an automatic renewal option of an additional five years. The initial collection under the agreement will bow in the first quarter next year and be developed under the leadership of Diesel creative director Glenn Martens, who was named to that role in October 2020.
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Renzo Rosso, chairman of Diesel parent OTB Group and founder of the brand, praised EssilorLuxottica as “a global leading group that stands out for its extreme quality and exceptional know-how. Diesel is becoming one of the coolest fashion brands, and thanks to its modern and inclusivity-driven approach, it’s increasingly catching the attention of younger generations. I am sure that this agreement will mark a milestone in the brand’s new path and will contribute to consolidating its global positioning.”
While Diesel’s eyewear has over the years been produced by Safilo and then Marcolin, the brand collaborated with EssilorLuxottica on a pre-fall range for 2023.
“We have long admired Renzo Rosso for his truly disruptive entrepreneurial vision and his unconventional approach,” said Francesco Milleri, chairman and chief executive officer of EssilorLuxottica. “We are excited to share that spirit with consumers around the world, bringing them innovative and highly creative eyewear that is unique to Renzo and the Diesel DNA.”
In a joint statement, the companies said that the new collections “will play in a daring and irreverent way with materials and technologies, embracing Diesel’s growing base of Gen Z brand builders and offering genderless products for diverse backgrounds.”
In addition to its proprietary brands Ray-Ban and Oakley, retail brands including Sunglass Hut, LensCrafters, and GrandVision, among others, EssilorLuxottica produces eyewear collections under license for Giorgio Armani, Burberry, Chanel, Prada and Ralph Lauren, among others. The company, formed through the merger of Essilor and Luxottica in 2018 and now listed on the Euronext Paris market, counts more than 200,000 employees across 150 countries, 650 operations facilities and 18,000 stores. In 2023 it generated consolidated revenues of 25.4 billion euros.
In addition to Diesel, OTB controls the Jil Sander, Maison Margiela, Marni and Viktor&Rolf brands, production arms Staff International and Brave Kid, and holds a stake in the Amiri brand.
Last year, OTB’s net sales amounted to 1.8 billion euros, climbing 9.1 percent compared with 1.63 billion euros in 2022. Diesel posted sales growth of 13.1 percent, representing less than 40 percent of OTB’s revenues. It has seen increased sales in the women’s division, which accounts for almost 50 percent of business. Gen Z now represents 35 percent of its customer base.
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