Oakley and Luxottica today jointly announced they have agreed to a new contract, effective immediately. The new commercial agreement sets forth the terms of their relationship through December 31, 2005.

This new commercial agreement represents a new phase in the relationship between Oakley, the leading global eyewear brand, and Luxottica Group, the worldwide leader in the eyewear sector: it establishes the commercial terms applicable for 2005 between Luxottica Group and Oakley and it is the first step towards obtaining an anticipated longer term agreement between the two companies.

The terms of the current agreement include slightly more favorable pricing that will apply globally to the sale of eyewear products and related accessories between the two companies. No other terms of the agreement were disclosed.