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Women's Wear Daily reports that Oakley (ticker: OO) has acquired luxury eyewear brand Oliver Peoples:

Oakley, which produces performance and lifestyle apparel, accessories, eyewear, footwear, watches and various electronics, is breaking the "athletic" mold for which it is known without abandoning its roots. The firm held its second-ever runway show on Saturday at Bryant Park and opened a boutique in Manhattan's SoHo neighborhood last year. The company's net sales last year amounted to $638.7 million and generated a net income of $52.6 million.

Comment: While Oakley is distinguished by its blazing logo, Oliver Peoples is known among high-end eyewear brands for being elegant and subtle. This acquisition could be a great way for Oakley to tone it down while moving upmarket and establishing a fashionable, not just sporty, image. Additionally, WWD reports that Oliver Peoples holds the license for Paul Smith eyewear, which should be increasingly lucrative as the Paul Smith label continues to gain international recognition.

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