Luxury market unscathed, Del Vecchio says

May 8, 2008 at 11:39 AM
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MILAN, Italy, May 8 (UPI) -- Italy's second richest man said the current economic slowdown has had no effect on luxury spending.

Eye wear mogul Leonardo Del Vecchio said Thursday, "the luxury market does not depend on … those people who are feeling the economic crisis the most," the Italian news agency Ansa reported.

Del Vecchio, who heads eye wear giant Luxottica, said companies could circumvent the weakness of the dollar against the euro by adjusting retail prices.

Luxottica acquired Lenscrafters in 1995 and Optworld in 1996. It owns 5,800 retail outlets and produces Bulgari, Burberry, Chanel, Prada, Versace, and Polo Ralph Loren, among other brands. It is also the glasses licensee for Giorgio Armani, Yves Saint Laurent, Brooks Brothers and others.

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