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Sunglass family business continues to surge

Luxottica, the world's biggest eyewear group which is 70% owned by the Del Vecchio family, recorded a 34.5% year-on-year rise in net profits to €101.9 million in the third quarter.
 
The rise is on top of the 30% rise in net profits in the second quarter of 2010.
 
In a statement the Milan-based company said it is targeting net profit of €400 million in 2010, 27% higher than in 2009.
 
Net sales rose 19.7% in the third quarter to €1.46 billion.
 
Luxottica, founded in 1961, makes famous sunglass brands such as Ray-Ban and Oakley, as well as the frames for glasses for Chanel and Prada.
 
Leonardo Del Vecchio, 74 and Italy's second richest man with a fortune worth more than $10 billion, according to Forbes, is gradually handing more control of the company to his son and heir apparent Claudio.
 
Claudio Del Vecchio ran the US business for Luxottica, but is best known for buying and improving the profitability of the iconic American clothing retailer Brooks Brothers, which is now part of the family business empire.

 

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