One company will now sell many of the dark shades dawned by superstar athletes and Hollywood celebrities.
Well-known athletic eyewear-maker Oakley Inc., whose ads feature Lance Armstrong and Annika Sorenstam, has purchased sunglasses maker Oliver Peoples Inc. from its founders for roughly $46.7 million as it further expands into the high-end luxury market.
Oliver Peoples, which includes the Mosley Tribes and Paul Smith Spectacles brands, have graced the faces of several Hollywood hotshots including Brad Pitt, Angelina Jolie. Jessica Simpson and Johnny Depp.
The Los Angeles-based company sells most of its shades, which can run over $300 a pair, through eyeglass retailers but it also has a handful of small boutiques including two in Manhattan.
Buying Oliver Peoples gives Oakley a strong luxury brand to sell alongside its performance eyewear at a time when the California designer has struggled to find profitable products to fuel growth.