MILAN, Italy--Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) has announced the signing of a new partnership agreement with Chanel for eyewear collections under the Chanel brand.

“We are extremely pleased with this key renewal for our brand group with mutual satisfaction of both parties for the terms and conditions of the agreement,” said Leonardo Del Vecchio, chairman of Luxottica Group. “More importantly, this marks the further extension of an already long-term relationship between our two companies, which started in 1999 with the launch of Chanel’s first-ever eyewear collections and now looks to capture the additional opportunities for growth that exist even for this highly-exclusive and iconic luxury fashion brand.”

The agreement is for three years and will be automatically renewable for an additional three years if certain goals are met, according to a Luxottica spokesperson. ■