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Oakley bought out by Luxxotica

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hucksplat
Posts: 966 - Karma: 1,124
This may be old news to some of you, but Oakley shareholders formally approved a takeover by Luxxotica for $23.90 a share for a total market cap of $2.1 billion.  Jim Jannard, founder, held 60% of the shares and submitted his consent to the deal.  What does this mean for skiing?  Probably very little, but expect change over the next three years.
Nov 8 2007 12:34AM
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Jwalk
Posts: 4647 - Karma: 134
whats luxxotica and what do they make and also 2.1 billion dosnt seem that much to sell a company that big and successful
Nov 8 2007 12:37AM
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Fish_Sandwich.
Posts: 9108 - Karma: 16
No change will occur most likely. 
Nov 8 2007 12:42AM
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garrett.
Posts: 9304 - Karma: 3,670
2 thousand million dollars is a fucking lot dude
Nov 8 2007 12:42AM
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Fish_Sandwich.
Posts: 9108 - Karma: 16
and this is old.
Nov 8 2007 12:42AM
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Fish_Sandwich.
Posts: 9108 - Karma: 16
hahahaha
this kid makes me laugh
Nov 8 2007 12:43AM
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MadSteezin
Posts: 4572 - Karma: 936
Click for larger image
Nov 8 2007 12:45AM
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Finbow
Posts: 80 - Karma: 1,208
luxxotica owns ray ban
Nov 8 2007 12:47AM
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Fish_Sandwich.
Posts: 9108 - Karma: 16
Haha I almost woke up my brother laughing.
Nov 8 2007 12:54AM
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solitaryman
Posts: 3578 - Karma: 123
what morons, they could've made that in like 2 years, i swear.
Nov 8 2007 1:06AM
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japanair
Posts: 441 - Karma: 40

They do have revenues of nearly $1billlion per year,  but their income (revenues minus costs) is only $45 million per year.  Plus, it went down from $60 million the year before so you could say that the company isn't growing (which is bad).  Before LUX bought them, Oakley was worth $1.7 billion, so by selling the company for $2.1, they get a pretty sweet premium of about $400 million.
Nov 8 2007 10:05AM
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FUUUCK
Posts: 18426 - Karma: 4,888
this guy's an economist over here, knows exactly what he's talking about, i swear.
Nov 8 2007 10:35AM
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papasteeze
Posts: 12055 - Karma: 915
anyone heard of budget cuts for flow sponsorships?
Nov 8 2007 10:35AM
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SkierX
Posts: 16253 - Karma: 538
Oakley will maintain they're brand identity and products. They are simply a subsidiary which means they company is owned by Luxottica, but operates under it's own business plan.

It's a good move that will just give Oakley further financial backing and resources.
Nov 8 2007 11:23AM
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Valind
Posts: 4358 - Karma: 17
Dude, this happen a while back.  This is old news.
Nov 8 2007 11:42AM
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radoripper
Posts: 707 - Karma: 45
traditional companies sell for 7X earnings so they did well in that buyout


Nov 8 2007 12:14PM
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SkierX
Posts: 16253 - Karma: 538
Well, it is old-new news.

It was just approved by shareholders.
Nov 8 2007 12:45PM
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Matty_C
Posts: 2598 - Karma: 236

a bit like line and k2 then?

i personally am indifferent as i think oakley is currently monopolising the minds of young newschoolers all over the world, so if oakley's influence wanes a little (i'm sure it won't), i think it would be for the best. VIVE LE CHOIX!

Nov 8 2007 1:04PM
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RtC.
Posts: 1156 - Karma: 28
This is old news, but in the first quater of them owning oakley, sales increased by $8.1million when compared with last year...
Nov 8 2007 1:09PM
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SkierX
Posts: 16253 - Karma: 538
The merger has not been completed yet, and was JUST approved by shareholders as of recently. It will likely be finalized in Mid-November.

And yes, it will be similar in idea with how Line operates as it's own company, yet is owned by K2 Sports Inc.
Nov 8 2007 1:46PM
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dilla_says_go
Posts: 5333 - Karma: 168
anyone heard of people getting flowed by oakley in the first place? they dont really do that shit, and if they did it would be retarded.
Nov 8 2007 2:39PM
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Valind
Posts: 4358 - Karma: 17
Oh I see.  Those shareholders can be a pain in the a$$.  Sweet though, I hear that Oakley wont change one bit.  Now they will just have a little more money backing them.
Nov 8 2007 2:41PM
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RtC.
Posts: 1156 - Karma: 28
Oh really?
Not doubting, just in this financial sports thing we have over here it stated what i said so i assumed it to be true... I could be wrog though but it should be a legit source
Nov 8 2007 2:46PM
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Valind
Posts: 4358 - Karma: 17
Jim Jannard, Oakley's chairman and founder, said, "Oakley will continue to be Oakley but with much greater resources and a platform for realizing the true potential of our brand and company."
Nov 8 2007 2:50PM
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SkierX
Posts: 16253 - Karma: 538
http://investor.oakley.com/phoenix.zhtml?c=67365&p=irol-newsArticle&ID=1074364&highlight=


http://investor.oakley.com/phoenix.zhtml?c=67365&p=irol-news&nyo=0
Nov 8 2007 3:00PM
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