MILAN, Italy (BRAIN)—Oakley posted double digit growth in 2009 despite the rocky economy according to year-end earnings results released Monday by Oakley’s parent, Luxottica Group.
The solid results last year were on top of double-digit growth in 2008, the company said.
Luxottica said Oakley’s opportunities are still significant in 2010. Following a period of intense activity devoted to improving distribution in Europe and emerging markets, Luxottica will substantially increase its investments in support of this brand.
“Another extremely important factor will be the ability to leverage Oakley’s unique and distinctive position in the optical prescription business, with additional investments in marketing programs, design and technology. Oakley is a brand that is expected to provide a fundamental contribution to Luxottica's sustainable growth over the long term,” the company said in its release.
Luxottica did not break out specific numbers for Oakley, but overall the company’s net sales fell 2.1 percent in 2009, from €5.2 billion in 2008 to €5.09 billion last year. Net income dropped 17 percent to €314 million.
Andrea Guerra, chief executive officer of Luxottica Group, predicts 2010 will be back to normal meaning mid-single-digit revenue growth.
“The first two months of 2010, while representing a limited time horizon, were extremely positive. At this point, the U.S. market is showing solid signs of a turnaround, while emerging markets have been on a path to new and stable growth for some time. In Europe, the pace of the recovery varies from one market to the next, with the countries of Continental and Northern Europe performing better than those in the Mediterranean Basin. Overall, 2010 is going to be a year during which the ability to seize opportunities quickly and flexibly will be particularly important,” Guerra said.
Along with Oakley, Luxottica Group also owns Ray-Ban, Revo, Vogue, Oliver People, Persol and Arnette and licenses numerous other premium eyewear brands.