Italy’s Luxottica Group SPA wrapped up its $2.1 billion buy of Foothill Ranch-based Oakley Inc. on Wednesday.
The deal was announced in June.
Oakley’s shares saw their last day of trading on Wall Street, closing flat with a market value of $2 billion.
The maker of sunglasses and clothes is set to keep its name as part of Luxottica. Founder and former 63% owner Jim Jannard will remain as “chief mad scientist” and “chief visionary,” according to an Oakley spokesman.
Oakley’s top executives are staying put for now, with Chief Executive Scott Olivet reporting to Andrea Guerra, Luxottica chief executive.
Some analysts wonder if Oakley will see an exodus of people, like what happened at Arnette Optical Illusions Inc., an edgy Orange County sunglasses maker that Luxottica bought in 1999.
Kip Arnette, son of Arnette founder Greg Arnette, left to start Electric Visual Evolution in San Clemente. Others left or were laid off when distribution shifted elsewhere.
Luxottica, which counts yearly sales of $5 billion, designs and makes upscale eyeglasses frames and sunglasses. It also sells upscale frames from Chanel, Prada and others through its retail arm, which includes Sunglass Hut and the LensCrafters and Pearle Vision chains.
