Edgar Filing: LUXOTTICA GROUP SPA

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended June 30, 2011
COMMISSION FILE NO. 1 - 10421

LUXOTTICA GROUP S.p.A.

VIA C. CANTÙ 2, MILAN, 20123 ITALY
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ý Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No ý

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

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F O R M 6-K

for the quarter
ended June 30 of
Fiscal Year 2011

INDEX TO FORM 6-K


Corporate Management
Item 1. Management report on the interim financial results as of June 30, 2011 (unaudited)		1
Item 2. Financial Statements:
	–Consolidated Statement of Financial Position—IAS/IFRS—at June 30, 2011 (unaudited) and December 31, 2010 (audited)	22
	–Consolidated Statement of Income—IAS/IFRS—for the six months ended June 30, 2011 and 2010 (unaudited)	23
	–Consolidated Statement of Comprehensive Income—IAS/IFRS—for the six months ended June 30, 2011 and 2010 (unaudited)	24
	–Consolidated Statement of Stockholders' Equity—IAS/IFRS—for the six months ended June 30, 2011 and 2010 (unaudited)	25
	–Consolidated Statements of Cash Flows—IAS/IFRS—for the six months ended June 30, 2011 and 2010 (unaudited)	26
	–Notes to the Condensed Consolidated Half Year Financial Report as of June 30, 2011 (unaudited)	28
Attachment 1	Exchange rates used to translate financial statements prepared in currencies other than the Euro	50
Attachment 2	Investments of Luxottica Group S.p.A. representing ownership interests in excess of 10% (pursuant to Section 125 Consob Regulation 11971/99)	51

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Corporate Management


Board of Directors
In office until the approval of the financial statements as of and for the year ending December 31, 2011.
Chairman		Leonardo Del Vecchio
Deputy Chairman		Luigi Francavilla
Chief Executive Officer		Andrea Guerra
Directors		Roger Abravanel*
		Mario Cattaneo*
		Enrico Cavatorta
		Roberto Chemello
		Claudio Costamagna*
		Claudio Del Vecchio
		Sergio Erede
		Sabina Grossi
		Ivanhoe Lo Bello (Lead Independent Director)*
		Marco Mangiagalli*
		Gianni Mion*
		Marco Reboa*
*Independent director.
Human Resources Committee		Claudio Costamagna (Chairman)
		Roger Abravanel
		Sabina Grossi
		Gianni Mion
Internal Control Committee		Mario Cattaneo (Chairman)
		Ivanhoe Lo Bello
		Marco Mangiagalli
		Marco Reboa
Board of Statutory Auditors
In office until the approval of the financial statements as of and for the year ending December 31, 2011.
Regular Auditors		Francesco Vella (Chairman)
		Alberto Giussani
		Enrico Cervellera
Alternate Auditors		Alfredo Macchiati
		Giorgio Silva
Officer Responsible for Preparing the Company's Financial Reports		Enrico Cavatorta
Auditing Firm
Until approval of the financial statements as of and for the year ending December 31, 2011.
		Deloitte & Touche S.p.A.

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Luxottica Group S.p.A.
Headquarters and registered office • Via C. Cantù 2, 20123 Milan, Italy
Capital Stock € 28,012,700.58
authorized and issued

ITEM 1. MANAGEMENT REPORT ON THE INTERIM FINANCIAL RESULTS
AS OF JUNE 30, 2011
(UNAUDITED)

The following discussion should be read in conjunction with the disclosure contained in the consolidated financial statements as of December 31, 2010, which includes a study about risks and uncertainties that can influence our operational results or our financial position.

1. OPERATING PERFORMANCE FOR THE THREE- AND THE SIX- MONTH PERIODS ENDED JUNE 30, 2011

During the second quarter of 2011, both the growth trend and Luxottica's investments continued. In a macroeconomic environment that was, as a whole, positive, the Group has successfully achieved results that show great improvement in all the major geographic areas where it operates, with particularly solid performance recorded in Europe, North America and the emerging markets. Despite the significant depreciation of the U.S. dollar against the Euro, going from Euro 1.2708 during the second quarter of 2010 to Euro 1.4391 (–12 percent) during the second quarter of 2011, net sales for the second quarter of 2011 exceeded Euro 1.6 billion and net income stood at Euro 162 million, the best results ever recorded in the history of the Company.

In the second quarter of the year, Luxottica achieved positive performances in most geographic regions where it is present. The results recorded by the wholesale distribution segment are worthy of note, improving on the best-ever sales of previous quarters, recording strong growth in net sales (+11.6 percent at constant exchange rates¹). Emerging markets made a key contribution to this performance, along with Europe, particularly France, Germany, Spain and Italy, which enjoyed an especially positive season.

¹ We calculate constant exchange rates by applying to the current period the average exchange rates between the Euro and the relevant currencies of the various markets in which we operated during the three-month period ended June 30, 2010. Please refer to Attachment 1 for further details on exchange rates.

The results for Sunglass Hut were also exceptional, for the fourth consecutive quarter, benefitting from the continuous actions aimed at attracting and creating meaningful relationships with new consumers, as well as the opening of the first stores in Brazil and China. LensCrafters once again proved to be the point of reference for the optical sector in North America, thanks in part to the major investments made in new technologies and laboratories.

In the second quarter of 2011, net sales for the Group increased by 9.5 percent at constant exchange rates (+2.4 percent at current exchange rates), to Euro 1,633.5 million from Euro 1,595.1 million in the second quarter of 2010. During the first six months of 2011, net sales increased by 9.3 percent at constant exchange rates to Euro 3,189.6 million (Euro 2,986.8 million in the first six months of 2010).

EBITDA² for the second quarter of 2011 increased over the previous year by 5.0 percent to Euro 352.2 million, from Euro 335.4 million in the second quarter of 2010. For the first six months of the year, EBITDA increased to Euro 635.1 million from Euro 578.0 million posted for the first six months of 2010.

² For a further discussion of EBITDA, see page 15—"Non-IAS/IFRS Measures."

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Operating income for the second quarter of 2011 settled at Euro 276.8 million (Euro 258.3 million for the same period last year, +7.2 percent), while the Group's operating margin grew from 16.2 percent in the second quarter of 2010 to 16.9 percent in the second quarter of 2011. For the first six months of the year, the operating income amounted to Euro 484.2 million, up 12.7 percent over the Euro 429.6 million posted for the same period last year.

Net income for the second quarter of 2011 increased to Euro 162.1 million, up by 8.0 percent from Euro 150.1 million for the same period of 2010, resulting in earnings per share (EPS) of Euro 0.35 (at an average Euro/U.S. dollar exchange rate of Euro 1.4391). The EPS in U.S. dollars increased by 21.9 percent from U.S. $0.42 in the second quarter of 2010 to U.S. $0.51 in the second quarter of 2011.

For the second quarter of 2011, the Group increased the investments, opening new stores and investing in new technologies. By carefully controlling working capital, Luxottica once again generated excellent positive free cash flow³ (Euro 154 million). Thanks to this excellent performance and after having paid dividends during the quarter of approximately Euro 200 million, net debt as of June 30, 2011 came to Euro 2,118 million (Euro 2,111 million at the end of 2010), with a ratio of net debt to EBITDA⁴ of 1.9x as of June 30, 2011 as compared with 2.0x at the end of 2010.

³ For a further discussion of free cash flow, see page 15—"Non-IAS/IFRS Measures."

⁴ For a further discussion of net debt to EBITDA ratio, see page 15—"Non-IAS/IFRS Measures."

2. SIGNIFICANT EVENTS DURING THE SIX MONTHS ENDED JUNE 30, 2011

January

On January 20, 2011, the Company terminated the revolving credit line with Banca Nazionale del Lavoro totaling Euro 150 million. The original maturity date of the credit line was July 13, 2011. As of December 31, 2010, the credit line was undrawn.

February

On February 17, 2011, the Company announced that it had entered into agreements pursuant to which it will acquire two sunglass specialty retail chains totaling more than 70 stores in Mexico for a total amount of Euro 19.5 million. This transaction marks the Company's entry into the sun retail business in Mexico where the Group already has a solid presence through its wholesale division. Over time, the stores will be rebranded under the Sunglass Hut brand. The acquisition was completed by June 1, 2011.

March

During the first three months of 2011, we purchased on the Mercato Telematico Azionario ("MTA") 466,204 of our ordinary shares at an average price of Euro 22.45 per share, for a total amount of Euro 10,467,359, pursuant to the stock purchase program approved at the Stockholders' Meeting on October 29, 2009 and launched on November 16, 2009. This stock purchase program expired on April 28, 2011.

April

At the Stockholders' Meeting on April 28, 2011, the stockholders approved the Statutory Financial Statements as of December 31, 2010, as proposed by the Board of Directors and the distribution of a cash dividend of Euro 0.44 per ordinary share, reflecting a year-over-year 26 percent increase. The aggregate dividend amount of Euro 204.6 million was fully paid in May 2011.

May

On May 23, 2011, the Company announced that it had entered into an agreement pursuant to which it will exercise in advance, in July 2011, its call option on 57 percent of Multiopticas Internacional S.L.

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("Multiopticas Internacional") share capital. The Company already owns a 40 percent stake in Multiopticas Internacional, which itself currently owns over 470 eyewear stores operating under the Opticas GMO, Econopticas and Sun Planet retail brands in Chile, Peru, Ecuador and Colombia.

Once the call option is exercised (which is worth approximately Euro 95 million), the Company will own 97 percent of Multiopticas Internacional's share capital.

Multiopticas Internacional is currently present in South America with more than 470 stores, as follows: 221 in Chile, 141 in Peru, 40 in Ecuador and 77 in Colombia. In 2010 they had total net sales exceeding Euro 80 million. Over the last four years, Compound Annual Growth Rate (CAGR) of net sales was more than 11 percent. It is expected that net sales for 2011 for the Multiopticas Internacional business could reach Euro 95 million.

Under the terms of the agreement, the Company paid on July 13, 2011, 70 percent of the exercise price, determined on the basis of Multiopticas Internacional's sales and EBITDA values, at the time of the exercise of the call option. The remaining 30 percent of the exercise price will be paid by the end of 2011.

3. FINANCIAL RESULTS

We are a global leader in the design, manufacture and distribution of fashion, luxury and sport eyewear, with net sales reaching Euro 5.8 billion in 2010, over 60,000 employees and a strong global presence. We operate in two industry segments: (i) manufacturing and wholesale distribution; and (ii) retail distribution. See Note 4 to the Condensed Consolidated Half Year Financial Report as of June 30, 2011 (unaudited) for additional disclosures about our operating segments. Through our manufacturing and wholesale distribution segment, we are engaged in the design, manufacture, wholesale distribution and marketing of house and designer lines of mid- to premium-priced prescription frames and sunglasses. We operate our retail distribution segment principally through our retail brands, which include, among others, LensCrafters, Sunglass Hut, Pearle Vision, ILORI, The Optical Shop of Aspen, OPSM, Laubman & Pank, Budget Eyewear, Bright Eyes, Oakley "O" Stores and Vaults, David Clulow and our Licensed Brands (Sears Optical and Target Optical).

As a result of our numerous acquisitions and the subsequent expansion of our business activities in the United States through these acquisitions, our results of operations, which are reported in Euro, are susceptible to currency rate fluctuations between the Euro and the U.S. dollar. The Euro/U.S. dollar exchange rate has fluctuated from an average exchange rate of Euro 1.00 = U.S. $1.3268 in the first six months of 2010 to Euro 1.00 = U.S. $1.4032 in the same period of 2011. With the acquisition of OPSM and Bright Eyes (acquired through Oakley), our results of operations have also been rendered susceptible to currency fluctuations between the Euro and the Australian dollar. Additionally, we incur part of our manufacturing costs in Chinese Yuan; therefore, the fluctuation of the Chinese Yuan relative to other currencies in which we receive revenues could impact the demand of our products or the profitability in consolidation. However, in the first six months of 2011, the fluctuation of the Chinese Yuan did not significantly affect demand for our products or decrease our profitability in consolidation. Although we engage in certain foreign currency hedging activities to mitigate the impact of these fluctuations, they have impacted our reported revenues and expenses during the periods discussed herein. This discussion should be read in conjunction with the risk factor discussion in Note 10 of the Management Report of the 2010 Consolidated Financial Statements.

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RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010 (UNAUDITED)

In accordance with IAS/IFRS

		Six months ended June 30,


Values in thousands of Euro		2011			% of net sales			2010			% of net sales

Net sales			3,189,646			100.0	%		2,986,811			100.0	%
Cost of sales			1,097,127			34.4	%		1,029,545			34.5	%

Gross profit			2,092,519			65.6	%		1,957,265			65.5	%

Selling			980,366			30.7	%		937,529			31.4	%
Royalties			57,052			1.8	%		52,500			1.8	%
Advertising			203,673			6.4	%		196,488			6.6	%
General and administrative			327,125			10.3	%		299,640			10.0	%
Intangibles amortization			40,069			1.3	%		41,533			1.4	%
Total operating expenses			1,608,285			50.4	%		1,527,690			51.1	%

Income from operations			484,234			15.2	%		429,577			14.4	%

Other income/(expense)
Interest income			7,235			0.2	%		3,282			0.1	%
Interest expense			(60,434	)		1.9	%		(51,571	)		1.7	%
Other—net			(2,896	)		0.1	%		(4,752	)		0.2	%

Income before provision for income taxes			428,140			13.4	%		376,536			12.6	%

Provision for income taxes			(147,221	)		4.6	%		(127,973	)		4.3	%

Net income			280,919			8.8	%		248,562			8.3	%

Attributable to
	—Luxottica Group stockholders		276,781			8.7	%		245,142			8.2	%
	—non-controlling interests		4,138			0.1	%		3,419			0.1	%

NET INCOME			280,919			8.8	%		248,562			8.3	%

Net Sales. Net sales increased by Euro 202.8 million, or 6.8 percent, to Euro 3,189.6 million in the first six months of 2011 from Euro 2,986.8 million in the same period of 2010. Euro 140.4 million of such increase was attributable to the increased sales in the manufacturing and wholesale distribution segment in the first six months of 2011 as compared to the same period in 2010 and to increased sales in the retail distribution segment of Euro 62.4 million for the same period.

Net sales for the retail distribution segment increased by Euro 62.4 million, or 3.5 percent, to Euro 1,844.5 million in the first six months of 2011 from Euro 1,782.1 million in the same period in 2010. The increase in net sales for the period was partially attributable to a 5.6 percent improvement in comparable store sales⁵. In particular, we saw a 6.1 percent increase in comparable store sales for the North American retail operations, which was partially offset by almost flat comparable store sales of 0.3 percent for the Australian/New Zealand retail operations. The effects from currency fluctuations between the Euro (which is our reporting currency) and other currencies in which we conduct business, in particular the weakening of the U.S. dollar, despite the strengthening of the Australian dollar compared to the Euro, decreased net sales in the retail distribution segment by Euro 66.8 million during the period.

⁵ Comparable store sales reflects the change in sales from one period to another that, for comparison purposes, includes in the calculation only stores open in the more recent period that also were open during the comparable prior period in the same geographic area, and applies to both periods the average exchange rate for the prior period.

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Net sales to third parties in the manufacturing and wholesale distribution segment increased by Euro 140.4 million, or 11.7 percent, to Euro 1,345.1 million in the first six months of 2011 from Euro 1,204.7 million in the same period in 2010. This increase was mainly attributable to increased sales of most of our house brands, in particular Ray-Ban and Oakley, and of some designer brands such as Chanel, Prada, Polo, Burberry and Tiffany. These sales volume increases occurred in most of the geographic markets in which the Group operates. These positive effects were partially offset by negative currency fluctuations, in particular the weakening of the U.S. dollar, despite the strengthening of the Australian dollar and other minor currencies, including but not limited to the Brazilian Real, the Canadian Dollar and the Japanese Yen, the total effect of which was to decrease net sales to third parties in the manufacturing and wholesale distribution segment by Euro 9.6 million.

In the first six months of 2011, net sales in the retail distribution segment accounted for approximately 57.8 percent of total net sales, as compared to approximately 59.7 percent of total net sales for the same period in 2010. This decrease in sales for the retail distribution segment as a percentage of total net sales was primarily attributable to a 11.7 percent increase in net sales to third parties in our manufacturing and wholesale distribution segment for the first six months of 2011 as compared to the same period of 2010, which exceeded a 3.5 percent increase in net sales in the retail distribution segment for the first six months of 2011 as compared to the same period of 2010.

In the first six months of 2011, net sales in our retail distribution segment in the United States and Canada comprised 81.8 percent of our total net sales in this segment as compared to 83.1 percent of our total net sales in the same period of 2010. In U.S. dollars, retail net sales in the United States and Canada increased by 7.7 percent to U.S. $2,116.2 million in the first six months of 2011 from U.S. $1,964.0 million for the same period in 2010, due to sales volume increases. During the first six months of 2011, net sales in the retail distribution segment in the rest of the world (excluding the United States and Canada) comprised 18.2 percent of our total net sales in the retail distribution segment and increased by 11.5 percent to Euro 336.5 million in the first six months of 2011 from Euro 301.9 million, or 16.9 percent of our total net sales in the retail distribution segment for the same period in 2010, mainly due to positive currency fluctuation effects.

In the first six months of 2011, net sales to third parties in our manufacturing and wholesale distribution segment in Europe were Euro 682.0 million, comprising 50.7 percent of our total net sales in this segment, compared to Euro 622.0 million, or 51.6 percent of total net sales in the segment, for the same period in 2010. The increase in net sales in Europe of Euro 60.0 million in the first six months of 2011 as compared to the same period of 2010 constituted a 9.7 percent increase in net sales to third parties, due to a general increase in consumer demand. Net sales to third parties in our manufacturing and wholesale distribution segment in the United States and Canada were U.S. $422.5 million and comprised 22.4 percent of our total net sales in this segment for the first six months of 2011, compared to U.S. $366.2 million, or 22.9 percent of total net sales in the segment, for the same period of 2010. The increase in net sales in the United States and Canada was primarily due to a general increase in consumer demand. In the first six months of 2011, net sales to third parties in our manufacturing and wholesale distribution segment in the rest of the world were Euro 362.0 million, comprising 26.9 percent of our total net sales in this segment, compared to Euro 306.7 million, or 25.5 percent of our net sales in this segment, in the same period of 2010. The increase of Euro 55.3 million, or 18.0 percent, in the first six months of 2011 as compared to the same period of 2010, was due to the positive effect of currency fluctuations as well as an increase in consumer demand.

Cost of Sales. Cost of sales increased by Euro 67.6 million, or 6.6 percent, to Euro 1,097.1 million in the first six months of 2011 from Euro 1,029.5 million in the same period of 2010, essentially in line with the increase of net sales in the period. As a percentage of net sales, cost of sales decreased to 34.4 percent in the first six months of 2011 as compared to 34.5 percent in the same period of 2010. In the first six months of 2011, the average number of frames produced daily in our facilities increased to

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approximately 266,000 as compared to approximately 233,300 in the same period of 2010, which was attributable to increased production in all manufacturing facilities in response to an overall increase in demand.

Gross Profit. Our gross profit increased by Euro 135.2 million, or 6.9 percent, to Euro 2,092.5 million in the first six months of 2011 from Euro 1,957.3 million for the same period of 2010. As a percentage of net sales, gross profit increased to 65.6 percent in the first six months of 2011 as compared to 65.5 percent for the same period of 2010, due to the factors noted above.

Operating Expenses. Total operating expenses increased by Euro 80.6 million, or 5.3 percent, to Euro 1,608.3 million in the first six months of 2011 from Euro 1,527.7 million in the same period of 2010. As a percentage of net sales, operating expenses decreased to 50.4 percent in the first six months of 2011, from 51.1 percent in the same period of 2010.

Selling and advertising expenses (including royalty expenses) increased by Euro 54.6 million, or 4.6 percent, to Euro 1,241.1 million in the first six months of 2011 from Euro 1,186.5 million in the same period of 2010. Selling expenses increased by Euro 42.8 million, or 4.6 percent. Advertising expenses increased by Euro 7.2 million, or 3.7 percent. Royalties increased by Euro 4.6 million, or 8.7 percent. As a percentage of net sales, selling and advertising expenses decreased to 38.9 percent in the first six months of 2011, compared to 39.7 percent for the same period of 2010, mainly due to efficiencies reached in managing our sales force.

General and administrative expenses, including intangible asset amortization increased by Euro 26.0 million, or 7.6 percent, to Euro 367.2 million in the first six months of 2011 as compared to Euro 341.2 million in the same period of 2010. As a percentage of net sales, general and administrative expenses were 11.5 percent in the first six months of 2011 as compared to 11.4 percent in the same period of 2010.

Income from Operations. For the reasons described above, income from operations increased by Euro 54.7 million, or 12.7 percent, to Euro 484.2 million in the first six months of 2011 from Euro 429.6 million in the same period of 2010. As a percentage of net sales, income from operations increased to 15.2 percent in the first six months of 2011 from 14.4 percent in the same period of 2010.

Other Income (Expense)—Net. Other income (expense)—net was Euro (56.1) million in the first six months of 2011 as compared to Euro (53.0) million in the same period of 2010. Net interest expense was Euro 53.2 million in the first six months of 2011 as compared to Euro 48.3 million in the same period of 2010. The increase in net interest expense is attributable to an increase in the cost of debt, mainly due to (i) the arrangement of new long-term debt, which has extended the average maturity of the Group's debt and (ii) a higher debt exposure in certain emerging markets where the Group now operates, where the cost of indebtedness is significantly higher as compared to the cost of indebtedness in markets where the Group historically has obtained financing.

Net Income. Income before taxes increased by Euro 51.6 million, or 13.7 percent, to Euro 428.1 million in the first six months of 2011 from Euro 376.5 million in the same period of 2010, for the reasons described above. As a percentage of net sales, income before taxes increased to 13.4 percent in the first six months of 2011 from 12.6 percent in the same period of 2010. Net income attributable to non-controlling interests increased to Euro 4.1 million in the first six months of 2011 as compared to Euro 3.4 million in the same period of 2010. Our effective tax rate was 34.4 percent in the first six months of 2011 as compared to 34.0 percent for the same period of 2010.

Net income attributable to Luxottica Group stockholders increased by Euro 31.7 million, or 12.9 percent, to Euro 276.8 million in the first six months of 2011 from Euro 245.1 million in the same period of

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2010. Net income attributable to Luxottica Group stockholders as a percentage of net sales increased to 8.7 percent in the first six months of 2011 from 8.2 percent in the same period of 2010.

Basic and diluted earnings per share were Euro 0.60 in the first six months of 2011 as compared to Euro 0.53 in the same period of 2010.

RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED JUNE 30, 2011 AND 2010 (UNAUDITED)

In accordance with IAS/IFRS

		Three months ended June 30,


Values in thousands of Euro		2011			% of net sales			2010			% of net sales

Net sales			1,633,544			100.0	%		1,595,124			100.0	%
Cost of sales			542,674			33.2	%		529,756			33.2	%

Gross profit			1,090,871			66.8	%		1,065,367			66.8	%

Selling			488,101			29.9	%		484,763			30.4	%
Royalties			28,509			1.7	%		27,632			1.7	%
Advertising			113,260			6.9	%		115,345			7.2	%
General and administrative			164,482			10.1	%		157,875			9.9	%
Intangibles amortization			19,701			1.2	%		21,422			1.3	%
Total operating expenses			814,053			49.8	%		807,037			50.6	%

Income from operations			276,819			16.9	%		258,330			16.2	%

Other income/(expense)
Interest income			5,148			0.3	%		1,245			0.1	%
Interest expense			(31,172	)		1.9	%		(26,932	)		1.7	%
Other—net			(1,152	)		0.1	%		(3,934	)		0.2	%

Income before provision for income taxes			249,642			15.3	%		228,708			14.3	%

Provision for income taxes			(85,822	)		5.3	%		(77,813	)		4.9	%

Net income			163,820			10.0	%		150,895			9.5	%

Attributable to
	—Luxottica Group stockholders		162,087			9.9	%		150,052			9.4	%
	—non-controlling interests		1,734			0.1	%		843			0.1	%

NET INCOME			163,820			10.0	%		150,895			9.5	%

Net Sales. Net sales increased by Euro 38.4 million, or 2.4 percent, to Euro 1,633.5 million in the three-month period ended June 30, 2011 from Euro 1,595.1 million in the same period of 2010. Euro 52.8 million of such increase was attributable to the increased sales in the manufacturing and wholesale distribution segment in the three-month period ended June 30, 2011 as compared to the same period in 2010, partially offset by decreased sales in the retail distribution segment of Euro 14.4 million for the same period.

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Net sales for the retail distribution segment decreased by Euro 14.4 million, or 1.5 percent, to Euro 929.6 million in the three-month period ended June 30, 2011 from Euro 944.0 million in the same period in 2010. The decrease in net sales for the period was attributable to negative currency fluctuations. The segment experienced a 5.4 percent improvement in comparable store sales⁶. In particular, there was a 5.8 percent increase in comparable store sales for the North American retail operations, which was partially curbed by almost flat comparable store sales of 0.6 percent for the Australian/New Zealand retail operations. The effects from currency fluctuations between the Euro (which is our reporting currency) and other currencies in which we conduct business, in particular the weakening of the U.S. dollar, despite the strengthening of the Australian dollar compared to the Euro, decreased net sales in the retail distribution segment by Euro 90.2 million during the period.

⁶ Comparable store sales reflects the change in sales from one period to another that, for comparison purposes, includes in the calculation only stores open in the more recent period that also were open during the comparable prior period in the same geographic area, and applies to both periods the average exchange rate for the prior period.

Net sales to third parties in the manufacturing and wholesale distribution segment increased by Euro 52.8 million, or 8.1 percent, to Euro 704.0 million in the three-month period ended June 30, 2011 from Euro 651.2 million in the same period in 2010. This increase was mainly attributable to increased sales of most of our house brands, in particular Ray-Ban, and of some designer brands such as Chanel, Polo, Burberry and Tiffany. These sales volume increases occurred in most of the geographic markets in which the Group operates. These positive effects were partially decreased by negative currency fluctuations, in particular a weakening of the U.S. dollar and other minor currencies, including but not limited to the Brazilian Real, the Canadian dollar and the Japanese Yen, which decreased net sales to third parties in the manufacturing and wholesale distribution segment by Euro 22.7 million, notwithstanding the strengthening of the Australian dollar.

During the three-month period ended June 30, 2011, net sales in the retail distribution segment accounted for approximately 56.9 percent of total net sales, as compared to approximately 59.2 percent of total net sales for the same period in 2010. This decrease in sales for the retail distribution segment as a percentage of total net sales was primarily attributable to an 8.1 percent increase in net sales to third parties in our manufacturing and wholesale distribution segment for the three-month period ended June 30, 2011 from the same period of 2010, as compared to a 1.5 percent decrease in net sales in the retail distribution segment for the three-month period ended June 30, 2011 from the same period of 2010.

During the three-month period ended June 30, 2011, net sales in our retail distribution segment in the United States and Canada comprised 81.6 percent of our total net sales in this segment as compared to 83.5 percent of our total net sales in the same period of 2010. In U.S. dollars, retail net sales in the United States and Canada increased by 8.4 percent to U.S. $1,091.1 million in the three-month period ended June 30, 2011 from U.S. $1,007.0 million for the same period in 2010, due to sales volume increases. During the three-month period ended June 30, 2011, net sales in the retail distribution segment in the rest of the world (excluding the United States and Canada) comprised 18.4 percent of our total net sales in the retail distribution segment and increased by 9.7 percent to Euro 170.9 million in the three-month period ended June 30, 2011 from Euro 155.8 million, or 16.5 percent of our total net sales in the retail distribution segment for the same period in 2010, mainly due to an increase in consumer demand.

During the three-month period ended June 30, 2011, net sales to third parties in our manufacturing and wholesale distribution segment in Europe were Euro 370.2 million, comprising 52.6 percent of our total net sales in this segment, compared to Euro 326.6 million, or 50.2 percent of total net sales in the segment, for the same period in 2010. The increase in net sales in Europe of Euro 43.6 million in the three-month period ended June 30, 2011 as compared to the same period of 2010 constituted a 13.3 percent increase in net sales to third parties, due to a general increase in consumer demand. Net

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sales to third parties in our manufacturing and wholesale distribution segment in the United States and Canada were U.S. $212.8 million and comprised 21.0 percent of our total net sales in this segment for the three-month period ended June 30, 2011, compared to U.S. $203.7 million, or 24.3 percent of total net sales in the segment, for the same period of 2010. The increase in net sales in the United States and Canada was primarily due to a general increase in consumer demand. In the three-month period ended June 30, 2011, net sales to third parties in our manufacturing and wholesale distribution segment in the rest of the world were Euro 186.0 million, comprising 26.4 percent of our total net sales in this segment, compared to Euro 166.0 million, or 25.5 percent of our net sales in this segment, in the same period of 2010. The increase of Euro 20.0 million, or 12.0 percent, in the three-month period ended June 30, 2011 as compared to the same period of 2010, was due to an increase in consumer demand.

Cost of Sales. Cost of sales increased by Euro 12.9 million, or 2.4 percent, to Euro 542.7 million in the three-month period ended June 30, 2011 from Euro 529.8 million in the same period of 2010, essentially in line with the increase of net sales in the period. As a percentage of net sales, cost of sales remained flat at 33.2 percent in the three-month periods ended June 30, 2011 and 2010. The average number of frames produced daily in our facilities increased to approximately 280,700 in the three-month period ended June 30, 2011, as compared to approximately 243,200 in the same period of 2010, which was attributable to increased production in all manufacturing facilities in response to an overall increase in demand.

Gross Profit. Our gross profit increased by Euro 25.5 million, or 2.4 percent, to Euro 1,090.9 million in the three-month period ended June 30, 2011 from Euro 1,065.4 million for the same period of 2010. As a percentage of net sales, gross profit remained flat at 66.8 percent in the three-month periods ended June 30, 2011 and 2010, due to the factors noted above.

Operating Expenses. Total operating expenses increased by Euro 7.1 million, or 0.9 percent, to Euro 814.1 million in the three-month period ended June 30, 2011 from Euro 807.0 million in the same period of 2010. As a percentage of net sales, operating expenses decreased to 49.8 percent in the three-month period ended June 30, 2011, from 50.6 percent in the same period of 2010.

Selling and advertising expenses (including royalty expenses) increased by Euro 2.2 million, or 0.3 percent, to Euro 629.9 million in the three-month period ended June 30, 2011 from Euro 627.7 million in the same period of 2010. Selling expenses increased by Euro 3.3 million, or 0.7 percent. Advertising expenses decreased by Euro 2.1 million, or 1.8 percent. Royalties increased by Euro 0.9 million, or 3.2 percent. As a percentage of net sales, selling and advertising expenses decreased to 38.6 percent in the three-month period ended June 30, 2011, compared to 39.4 percent for the same period of 2010, mainly due to efficiencies reached in managing our sales force.

General and administrative expenses, including intangible asset amortization increased by Euro 4.9 million, or 2.7 percent, to Euro 184.2 million in the three-month period ended June 30, 2011 as compared to Euro 179.3 million in the same period of 2010. As a percentage of net sales, general and administrative expenses were 11.3 percent in the three-month period ended June 30, 2011 as compared to 11.2 percent in the same period of 2010.

Income from Operations. For the reasons described above, income from operations increased by Euro 18.5 million, or 7.2 percent, to Euro 276.8 million in the three-month period ended June 30, 2011 from Euro 258.3 million in the same period of 2010. As a percentage of net sales, income from operations increased to 16.9 percent in the three-month period ended June 30, 2011 from 16.2 percent in the same period of 2010.

Other Income (Expense)—Net. Other income (expense)—net was Euro (27.2) million in the three-month period ended June 30, 2011 as compared to Euro (29.6) million in the same period of 2010. Net interest expense was Euro 26.0 million in the three-month period ended June 30, 2011 as compared to Euro 25.7 million in the same period of 2010. Net interest expense remained substantially unchanged

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in the three-month period ended June 30, 2011 as compared to the same period of 2010, although the arrangement of new long-term debt has extended the average maturity of the Group's debt, resulting in a higher debt exposure in certain emerging markets where the Group now operates.

Net Income. Income before taxes increased by Euro 20.9 million, or 9.2 percent, to Euro 249.6 million in the three-month period ended June 30, 2011 from Euro 228.7 million in the same period of 2010, for the reasons described above. As a percentage of net sales, income before taxes increased to 15.3 percent in the three-month period ended June 30, 2011 from 14.3 percent in the same period of 2010. Net income attributable to non-controlling interests increased to Euro 1.7 million in the three-month period ended June 30, 2011 as compared to Euro 0.8 million in the same period of 2010. Our effective tax rate was 34.4 percent in the three-month period ended June 30, 2011 as compared to 34.0 percent for the same period of 2010.

Net income attributable to Luxottica Group stockholders increased by Euro 12.0 million, or 8.0 percent, to Euro 162.1 million in the three-month period ended June 30, 2011 from Euro 150.1 million in the same period of 2010. Net income attributable to Luxottica Group stockholders as a percentage of net sales increased to 9.9 percent in the three-month period ended June 30, 2011 from 9.4 percent in the same period of 2010.

Basic and diluted earnings per share were Euro 0.35 in the three-month period ended June 30, 2011 as compared to Euro 0.33 in the same period of 2010.

OUR CASH FLOWS

The following table sets forth for the periods indicated certain items included in our statements of consolidated cash flows included in Item 2 of this report.

		As of June 30, 2011


		(unaudited) (thousands of Euro)

A)	Cash and cash equivalents at the beginning of the period		679,852		380,081
B)	Cash provided by operating activities		272,300		257,678
C)	Cash used in investing activities		(162,508	)	(170,773	)
D)	Cash used in financing activities		(279,804	)	(185,549	)
	Change in bank overdrafts		17,892		15,600
	Effect of exchange rate changes on cash and cash equivalents		(19,335	)	40,612
E)	Net change in cash and cash equivalents		(171,455	)	(42,432	)

F)	Cash and cash equivalents at the end of the period		508,397		337,649

Operating activities. Our cash provided by operating activities was Euro 272.3 million and Euro 257.7 million for the first six months of 2011 and 2010, respectively.

Depreciation and amortization were Euro 150.9 million in the first six months of 2011 as compared to Euro 148.4 million in the same period of 2010.

Cash used in accounts receivable was Euro (179.7) million in the first six months of 2011, compared to Euro (162.8) million in the same period of 2010. This change was primarily due to an increase in sales volume in the first six months of 2011 as compared to the same period of 2010. Cash (used in)/generated by inventory was Euro (9.5) million in the first six months of 2011 as compared to Euro 0.4 million in the same period of 2010. The increase in inventory in the first six months of 2011 is mainly attributable to currency fluctuations effects. Cash (used in)/generated by accounts payable was Euro (40.0) million in the first six months of 2011 compared to Euro 20.6 million in the same period of 2010. This change is

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mainly due to increased purchases at our manufacturing facilities in the first six months of 2011. Cash generated by income taxes payable was Euro 7.5 million in the first six months of 2011 as compared to Euro 23.6 million in the same period of 2010. This change was mainly due to the timing of tax payments made by the Group in the different jurisdictions. Cash generated by / (used in) other assets/liabilities was Euro 49.5 million in the first six months of 2011 as compared to Euro (21.8) million in the same period of 2010. This change is mainly due to the Euro 55.0 million reduction of tax receivables that occurred in the first six months of 2011 primarily in the North American subsidiaries and to Euro (25.9) million of cash invested in the security portfolio that occurred in the first six months of 2010.

Investing activities. Our cash used in investing activities was Euro (162.5) million for the first six months of 2011 as compared to Euro (170.8) million for the same period in 2010. The cash used in investing activities primarily consisted of (i) Euro (131.6) million in capital expenditures in the first six months of 2011 as compared to Euro (82.9) million in the same period of 2010, (ii) the acquisition of two retail chains of Euro (19.5) million, the acquisition of a retail chain in Australia of Euro (6.0) million and other minor acquisitions of Euro (5.4) million in the first six months of 2011 as compared to the acquisition of the purchase of the remaining minority interest of Luxottica Turkey for a total amount of Euro (61.8) million and other minor acquisitions for a total amount of Euro (12.5), which occurred in the first six months of 2010 and (iii) Euro (20.7) million for the payment of the second installment of the purchase price for the acquisition of a 40 percent investment in Multiopticas Internacional S.L., which occurred in the first three months of 2010.

Financing activities. Our cash used in financing activities for the first six months of 2011 and 2010 was Euro (279.8) million and Euro (185.5) million, respectively. Cash used in financing activities for the first six months of 2011 consisted primarily of Euro (95.2) million used to repay long-term debt expiring during the first six months of 2011 and Euro (204.6) million in cash used to pay dividends. Cash (used in)/provided by financing activities for the first six months of 2010 consisted primarily of the proceeds of Euro 281.9 million from long-term debt borrowings, Euro (301.4) million in cash used to repay long-term debt expiring during the first six months of 2010 and Euro (169.3) million in cash used to pay dividends.

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OUR CONSOLIDATED BALANCE SHEET

In accordance with IAS/IFRS

ASSETS	June 30, 2011 (unaudited)


	(thousands of Euro)

CURRENT ASSETS:
Cash and cash equivalents		508,397	679,852
Accounts receivable—net		812,972	655,892
Inventories—net		586,035	590,036
Other assets		204,460	226,759

Total current assets		2,111,864	2,152,539
NON CURRENT ASSETS:
Property, plant and equipment—net		1,192,194	1,229,130
Goodwill		2,725,907	2,890,397
Intangible assets—net		1,058,086	1,155,007
Investments		53,568	54,083
Other assets		144,042	148,125
Deferred tax assets		369,060	364,299

Total non-current assets		5,542,856	5,841,040

TOTAL ASSETS		7,654,720	7,993,579

LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES:
Bank overdrafts	187,051	158,648
Current portion of long-term debt	230,381	197,566
Accounts payable	481,444	537,742
Income taxes payable	66,119	60,067
Other liabilities	558,020	549,280

Total current liabilities	1,523,015	1,503,303
NON-CURRENT LIABILITIES:
Long-term debt	2,209,278	2,435,071
Liability for termination indemnity	44,742	45,363
Deferred tax liabilities	416,054	429,848
Other liabilities	265,478	310,590

Total non-current liabilities	2,935,552	3,220,872
STOCKHOLDERS' EQUITY:
Luxottica Group stockholders' equity	3,182,845	3,256,375
Non-controlling interests	13,308	13,029

Total stockholders' equity	3,196,153	3,269,404

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,654,720	7,993,579

As of June 30, 2011, total assets decreased by Euro 338.9 million to Euro 7,654.7 million, compared to Euro 7,993.6 million as of December 31, 2010.

In the first six months of 2011, non-current assets decreased by Euro 298.1 million, due to decreases in net intangible assets (including goodwill) of Euro 261.4 million, property, plant and

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equipment—net of Euro 36.9 million, investments of Euro 0.5 million and other assets of Euro 4.1 million partially offset by increases of deferred tax assets of Euro 4.8 million.

The decrease in net intangible assets was primarily due to the negative effects of foreign currency fluctuations of Euro 238.7 million and to the amortization for the period of Euro 42.2 million.

The decrease in property, plant and equipment was primarily due to negative currency fluctuation effects of Euro 58.8 million and to the depreciation for the period of Euro 108.7, partially offset by the increases for the period of Euro 131.7 million.

As of June 30, 2011, as compared to December 31, 2010:

•: Accounts receivable increased by Euro 157.1 million, mainly due to the increase in net sales during the first six months of 2011;
•: Non-current liabilities decreased by Euro 285.3 million due to (i) the decrease of long-term debt by Euro 225.8 million, due to the reclassification of the short-term portion of Euro 137.5 million, (ii) the positive effect of currency fluctuations which decreased non-current liabilities by Euro 71.6 million and (iii) the decrease of interest rate derivatives as a result of an increase in interest rates, compared to December 31, 2010.

Our net financial position as of June 30, 2011 and December 31, 2010 was as follows:

(thousands of Euro)



Cash and cash equivalents	508,397		679,852
Bank overdrafts	(187,051	)	(158,648	)
Current portion of long-term debt	(230,381	)	(197,566	)
Long-term debt	(2,209,278	)	(2,435,071	)

Total	(2,118,313	)	(2,111,433	)

Bank overdrafts consist of the utilized portion of short-term uncommitted revolving credit lines borrowed by various subsidiaries of the Group.

As of June 30, 2011, we, together with our wholly-owned Italian subsidiary Luxottica S.r.l., had credit lines aggregating Euro 326.8 million. The interest rate is a floating rate of EURIBOR plus a margin on average of approximately 0.45 percent. As of June 30, 2011, we had utilized Euro 0.1 million of these credit lines.

As of June 30, 2011, our wholly-owned subsidiary Luxottica U.S. Holdings maintained unsecured lines of credit with an aggregate maximum availability of Euro 92.8 million (U.S. $134.1 million). The interest rate is a floating rate and is approximately USD LIBOR plus 80 basis points. At June 30, 2011, these lines were not used.

4. RELATED PARTY TRANSACTIONS

Our related party transactions are neither atypical nor unusual and occur in the ordinary course of our business. Management believes that these transactions are fair to the Company. For further details regarding the related party transactions, please refer to Note 27 to the Condensed Consolidated Half Year Financial Report as of June 30, 2011 (unaudited).

5. ADAPTATION TO THE ARTICLES 36-39 OF THE REGULATED MARKETS

On July 13, 2011, Luxottica Group S.p.A. acquired control of the capital stock of the Spanish company Multiopticas Internacional S.L. That company controls the following entities based in countries outside of the European Union:

•: OPTICAS GMO CHILE SAS, based in Chile;

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•: OPTICAS GMO COLOMBIA SAS, based in Colombia;
•: OPTICAS GMO PERÚ SAC, based in Peru;
•: OPTICAS GMO ECUADOR SA, based in Ecuador.

The companies OPTICAS GMO CHILE SAS, OPTICAS GMO COLOMBIA SAS and OPTICAS GMO PERÚ SAC are within the scope of the provisions of articles 36-39 of the CONSOB Market Regulation. For this reason, the Company has prepared a compliance plan pursuant to the provisions of CONSOB Market Regulation, which will be completed within the time limits set by law.

In particular, the Company:

•: as set out in Part III, Title II, Chapter II, Section V of Regulation No. 11971/1999 and subsequent amendments, will make available the balance sheet and income statement of the aforementioned subsidiaries established in states outside the European Union, used to prepare the consolidated financial statements.
•: will extend to the abovementioned companies the internal procedures under which it is requested to all Group companies to release a quarterly representation letter that is a self-certification of the completeness of the accounting information and controls in place, necessary for the preparation of the consolidated financial statements of the parent.
•: will ensure that subsidiaries outside of Europe also declare in these representation letters their commitment to provide auditors of the Company with the information necessary to conduct their monitoring of the parent's annual and interim period financial statements. This representation letter will require that the subsidiaries declare the suitability of the administrative—accounting system to provide management and the Company's external auditors with the information necessary to prepare consolidated financial statements and ensure the adequacy of the parent's internal controls.

The Company already has the statute, composition and powers of governing bodies of the aforementioned non-European subsidiaries.

The Company will comply with the provisions of the Market Regulation within six months after completion of the acquisition and will provide information on the state of compliance in the financial documents issued under Regulation 11971/1999.

6. SUBSEQUENT EVENTS

On July 13, 2011, the Company purchased an additional equity stake in Multiopticas Internacional S.L. for a total purchase price of Euro 65.8 million, increasing our ownership interest to approximately 86.0 percent.

The acquisition of the remaining 11 percent, which will bring our ownership to 97 percent, will be completed by the end of the year.

The acquisition will be accounted for as a business combination in accordance with IFRS 3—revised. The Company uses different methods to determine acquired assets and assumed liabilities and all valuations have not been concluded yet as of the date in which this Report has been authorized to be issued.

7. 2011 OUTLOOK

Management strongly believes that the results obtained in the first six months of 2011 provide us an excellent basis to look with confidence to the second half of 2011.

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NON-IAS/IFRS MEASURES

Adjusted measures

We use in this Management Report certain performance measures that are not in accordance with IAS/IFRS. Such non-IAS/IFRS measures are not meant to be considered in isolation or as a substitute for items appearing on our financial statements prepared in accordance with IAS/IFRS. Rather, these non-IAS/IFRS measures should be used as a supplement to IAS/IFRS results to assist the reader in better understanding our operational performance.

Such measures are not defined terms under IAS/IFRS and their definitions should be carefully reviewed and understood by investors. Such non-IAS/IFRS measures are explained in detail and reconciled to their most comparable IAS/IFRS measures below.

In order to provide a supplemental comparison of current period results of operations to prior periods, we have adjusted for certain non-recurring transactions or events.

We have made such adjustments to the following measures: EBITDA, EBITDA margin and net income.

For comparative purposes, management has adjusted each of the foregoing measures by excluding the following:

(a): a non-recurring gain in 2010 from the release of a provision for taxes of approximately U.S. $27 million (approximately Euro 20 million at December 31, 2010) related to the sale of the Things Remembered retail chain in 2006; and
(b): a non-recurring loss in the fourth quarter of 2010 from the impairment charge recorded of approximately Euro 20 million related to certain of the Company's assets in the Australian region.

The Company believes that these adjusted measures are useful to both management and investors in evaluating the Company's operating performance compared with that of other companies in its industry because they exclude the impact of non-recurring items that are not relevant to the Company's operating performance.

The adjusted measures referenced above are not measures of performance in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IAS/IFRS). We include these adjusted comparisons in this presentation in order to provide a supplemental view of operations that excludes items that are unusual, infrequent or unrelated to our ongoing core operations. See the tables below for a reconciliation of the adjusted measures discussed above to their most directly comparable IAS/IFRS financial measure or, in the case of adjusted EBITDA, to EBITDA, which is also a non-IAS/IFRS measure. For reconciliation of EBITDA to its most directly comparable IAS/IFRS measure, see the pages following the tables below:

Non-IAS/IFRS Measures: Reconciliation between reported and adjusted P&L items

	FY10


	EBITDA		Net Income
	Millions of Euro

Reported		1,013.8		402.2
> Adjustment for goodwill impairment charge		20.4		20.4
> Adjustment for discontinued operations		—		(19.9	)
Adjusted		1,034.2		402.7

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EBITDA represents net income attributable to Luxottica Group stockholders, before non-controlling interest, provision for income taxes, other income/expense, depreciation and amortization. EBITDA margin means EBITDA divided by net sales. We believe that EBITDA is useful to both management and investors in evaluating our operating performance compared with that of other companies in our industry. Our calculation of EBITDA allows us to compare our operating results with those of other companies without giving effect to financing, income taxes and the accounting effects of capital spending, which items may vary for different companies for reasons unrelated to the overall operating performance of a company's business.

EBITDA and EBITDA margin are not measures of performance under IAS/IFRS. We include them in this Management Report in order to:

EBITDA and EBITDA margin are not meant to be considered in isolation or as a substitute for items appearing on our financial statements prepared in accordance with IAS/IFRS. Rather, these non-IAS/IFRS measures should be used as a supplement to IAS/IFRS results to assist the reader in better understanding the operational performance of the Company.

The Company cautions that these measures are not defined terms under IAS/IFRS and their definitions should be carefully reviewed and understood by investors.

Investors should be aware that our method of calculating EBITDA may differ from methods used by other companies. We recognize that the usefulness of EBITDA has certain limitations, including:

We compensate for the foregoing limitations by using EBITDA as a comparative tool, together with IAS/IFRS measurements, to assist in the evaluation of our operating performance and leverage.

The following table provides a reconciliation of EBITDA to net income, which is the most directly comparable IAS/IFRS financial measure, as well as the calculation of EBITDA margin on net sales:

Free cash flow represents net income before noncontrolling interests, taxes, other income/expense, depreciation and amortization (i.e., EBITDA) plus or minus the decrease/(increase) in working capital over the prior period, less capital expenditures, plus or minus interest income/(expense) and extraordinary items, minus taxes paid. We believe that free cash flow is useful to both management and investors in evaluating our operating performance compared with other companies in our industry. In particular, our calculation of free cash flow provides a clearer picture of our ability to generate net cash from operations, which is used for mandatory debt service requirements, to fund discretionary investments, pay dividends or pursue other strategic opportunities.

Free cash flow is not a measure of performance under IAS/IFRS. We include it in this Management Report in order to:

Free cash flow is not meant to be considered in isolation or as a substitute for items appearing on our financial statements prepared in accordance with IAS/IFRS. Rather, this non-IAS/IFRS measure should be used as a supplement to IAS/IFRS results to assist the reader in better understanding the operational performance of the Company.

The Company cautions that this measure is not a defined term under IAS/IFRS and its definition should be carefully reviewed and understood by investors.

Investors should be aware that our method of calculation of free cash flow may differ from methods used by other companies. We recognize that the usefulness of free cash flow as an evaluative tool may have certain limitations, including:

We compensate for the foregoing limitations by using free cash flow as one of several comparative tools, together with IAS/IFRS measurements, to assist in the evaluation of our operating performance.

The following table provides a reconciliation of free cash flow to EBITDA and the table above provides a reconciliation of EBITDA to net income, which is the most directly comparable IAS/IFRS financial measure:

Net debt means the sum of bank overdrafts, current portion of long-term debt and long-term debt, less cash. EBITDA represents net income before non-controlling interest, taxes, other income/expense, depreciation and amortization. The Company believes that EBITDA is useful to both management and investors in evaluating the Company's operating performance compared with that of other companies in its industry. Our calculation of EBITDA allows us to compare our operating results with those of other companies without giving effect to financing, income taxes and the accounting effects of capital spending, which items may vary for different companies for reasons unrelated to the overall operating performance of a company's business. The ratio of net debt to EBITDA is a measure used by management to assess the Company's level of leverage, which affects our ability to refinance our debt as it matures and incur additional indebtedness to invest in new business opportunities. The ratio also allows management to assess the cost of existing debt since it affects the interest rates charged by the Company's lenders.

EBITDA and ratio of net debt to EBITDA are not measures of performance under International Financial Reporting Standards as issued by the International Accounting Standards Board (IAS/IFRS).

EBITDA and ratio of net debt to EBITDA are not meant to be considered in isolation or as a substitute for items appearing on our financial statements prepared in accordance with IAS/IFRS. Rather, these non-IAS/IFRS measures should be used as a supplement to IAS/IFRS results to assist the reader in better understanding the operational performance of the Company.

The Company cautions that these measures are not defined terms under IAS/IFRS and their definitions should be carefully reviewed and understood by investors.

Investors should be aware that Luxottica Group's method of calculating EBITDA and the ratio of net debt to EBITDA may differ from methods used by other companies.

The Company recognizes that the usefulness of EBITDA and the ratio of net debt to EBITDA as evaluative tools may have certain limitations, including:

Because we may not be able to use our cash to reduce our debt on a dollar-for-dollar basis, this measure may have material limitations. We compensate for the foregoing limitations by using EBITDA and the ratio of net debt to EBITDA as two of several comparative tools, together with IAS/IFRS measurements, to assist in the evaluation of our operating performance and leverage.

See the table below for a reconciliation of net debt to long-term debt, which is the most directly comparable IAS/IFRS financial measure, as well as the calculation of the ratio of net debt to EBITDA. For a reconciliation of EBITDA to its most directly comparable IAS/IFRS measure, see the table on the earlier page.

Throughout this report, management has made certain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 which are considered prospective. These statements are made based on management's current expectations and beliefs and are identified by the use of forward-looking words and phrases such as "plans," "estimates," "believes" or "belief," "expects" or other similar words or phrases.

Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated. Such risks and uncertainties include, but are not limited to, our ability to manage the effect of the uncertain current global economic conditions on our business, our ability to successfully acquire new businesses and integrate their operations, our ability to predict future economic conditions and changes in consumer preferences, our ability to successfully introduce and market new products, our ability to maintain an efficient distribution network, our ability to achieve and manage growth, our ability to negotiate and maintain favorable license arrangements, the availability of correction alternatives to prescription eyeglasses, fluctuations in exchange rates, changes in local conditions, our ability to protect our proprietary rights, our ability to maintain our relationships with host stores, any failure of our information technology, inventory and other asset risk, credit risk on our accounts, insurance risks, changes in tax laws, as well as other political, economic, legal and technological factors and other risks and uncertainties described in our filings with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date hereof, and we do not assume any obligation to update them.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY—IAS/IFRS

FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010 (UNAUDITED)^(*)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2011 AND 2010—IAS/IFRS (UNAUDITED)^(*)

The following is a reconciliation between the balance of cash and cash equivalents according to the consolidated statement of cash flows and the balance of cash and cash equivalents according to the consolidated balance sheets:

Headquarters and registered office • Via C. Cantù 2—20123 Milan, Italy
Capital Stock: € 28,012,700.58
authorized and issued

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT
As of JUNE 30, 2011
(UNAUDITED)

Luxottica Group S.p.A. (hereinafter the "Company" or together with its consolidated subsidiaries, the "Group") is a company listed on Borsa Italiana and the New York Stock Exchange with its registered office located at Via C. Cantù 2, 20123 Milan (Italy).

The Company is controlled by Delfin S.à r.l., based in Luxembourg. The chairman of the Board of Directors of the Company, Leonardo Del Vecchio, controls Delfin S.à r.l.

The Company's Board of Directors, at its meeting on July 25, 2011, approved this Condensed Consolidated Half Year Financial Report (hereinafter referred to as the "Half Year Financial Report") for publication.

The financial statements included in this Half Year Financial Report are unaudited.

This Half Year Financial Report has been prepared in accordance with article 154-ter of the Legislative Decree No. 58 dated February 24, 1998.

The financial statements included in the Half Year Financial Report (the "Half Year Financials") have been prepared in compliance with the International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB") and endorsed by the European Union ("IAS/IFRS"), and in accordance with International Accounting Standard ("IAS") 34—Interim Financial Reporting.

The principles and standards used in the preparation of this unaudited Half Year Financial report are consistent with those used in preparing the audited consolidated financial statements as of December 31, 2010, except as described in Note 3—"New Accounting Standards".

In particular, this Half Year Financial report has been prepared on a going concern basis. Management believes that there are no material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern.

The consolidated financial statements in this report are composed of the consolidated statements of financial position, the consolidated statements of income, the consolidated statements of comprehensive income, the consolidated statements of stockholders' equity, the consolidated statements of cash flows and these Notes to the Half Year Financial Report.

The preparation of an interim report requires management to use estimates and assumptions that affect the reported amounts of revenue, costs, assets and liabilities, as well as disclosures relating to contingent assets and liabilities at the reporting date. Results published on the basis of such estimates and assumptions could vary from actual results that may be realized in the future.

These measurement processes and, in particular, those that are more complex, such as the calculation of impairment losses on non-current assets, are generally carried out only when the audited consolidated financial statements for the fiscal year are prepared, when all the necessary information is available, unless there are indicators requiring immediate impairment testing. Similarly, the actuarial

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

calculations necessary to calculate certain employee benefit liabilities, the changes to most deferred tax assets and liabilities and the impact of share-based payments are normally carried out when the audited consolidated financial statements for the fiscal year are prepared.

Lastly, with reference to Consob resolution no. 15519 of July 27, 2006, which addresses the format of the financial statements, the Company has not included any specific supplements to the statement of income, statement of financial position or statement of cash flows showing related party transactions, as these are immaterial. Please see Note 27—"Related Party Transactions" for additional details regarding transactions with related parties.

In the first six months of 2011 there were no significant changes to the consolidation area.

Beginning in 2011, the Group applied the following new accounting standards, amendments and interpretations, as revised by the IASB:

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

Amendments and interpretations of existing principles which are effective for reporting periods beginning after January 1, 2011, and not early adopted

In accordance with IFRS 8—Operating Segments the segment reporting schedules are provided below using a reporting format which includes two market segments: the first relates to Manufacturing and Wholesale Distribution ("Wholesale"), while the second relates to Retail Distribution ("Retail").

The following table provides information by business segment, which management considers necessary to assess the Group's performance and to make future determinations relating to the allocation of resources.

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

Please see Note 3—"Financial Results" in the Management Report on the Interim Financial Results as of June 30, 2011 for further details on cash and cash equivalents.

The above are exclusively trade receivables and are recognized net of allowances to adjust their carrying amount to estimated realizable value. They are all due within 12 months.

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

The main items within other financial assets relate to amounts recorded in the North American Retail Division of Euro 12.1 million as of June 30, 2011 (Euro 8.7 million as of December 31, 2010).

The decrease in income taxes receivable was primarily due to an offset of tax receivables by Euro 45.1 million of tax payables in the North American operations.

The increase in other assets is related to the timing of payments of royalty advances as contractually agreed.

The net book value of financial assets is approximately equal to their fair value and corresponds to the maximum exposure of the credit risk. The Group has no guarantees or other instruments to manage credit risk.

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

Changes in items of property, plant and equipment during the first six months of 2011 are illustrated below:

Depreciation of Euro 108.7 million (Euro 105.2 million in the same period in 2010) was included in the cost of sales for Euro 30.6 million (compared to Euro 29.9 million in the same period in 2010), selling expenses for Euro 51.2 million (compared to Euro 50.1 million in the same period in 2010), advertising expenses for Euro 2.2 million (compared to Euro 2.4 million in the same period in 2010) and general and administrative expenses for Euro 24.7 million (compared to Euro 22.8 million in the same period in 2010).

Other equipment included assets under construction of Euro 82.6 million at June 30, 2011 (Euro 91.3 million at December 31, 2010), mainly relating to the opening and renovation of North American retail stores.

Leasehold improvements totaled Euro 208.6 million and Euro 228.4 million at June 30, 2011 and December 31, 2010, respectively.

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

Changes in intangible assets in the first six months of 2011 are illustrated below:

These changes in intangible assets were primarily due to the fluctuations in the Euro/U.S. dollar exchange rate.

As of the preparation of this Half Year Financial Report there are no indicators that would require an immediate assessment of any impairment losses.

This item amounted to Euro 53.6 million (Euro 54.1 million at December 31, 2010) and primarily included the investment in Multiopticas Internacional S.L., accounted for under the equity method.

A detailed listing of the Group's relevant investments is reported in the Attachment 2 to this Report.

Other non-current assets amounted to Euro 144.0 million (Euro 148.1 million at December 31, 2010) and were primarily comprised of security deposits of Euro 25.1 million (Euro 24.8 million at December 31, 2010) and advances the Group has paid to certain licensees for future contractual minimum royalties, amounting to Euro 103.2 million (Euro 106.1 million at December 31, 2010).

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

Deferred tax assets showed a balance of Euro 369.1 million (Euro 364.3 million at December 31, 2010), and an increase of Euro 4.8 million. Deferred tax assets primarily related to temporary differences between the tax values and carrying amounts of inventories, intangible assets, pension funds and tax losses carried forward.

Bank overdrafts at June 30, 2011 reflect current account overdrafts with various banks. The interest rates on these credit lines are floating, and the credit lines may be used, if necessary, to obtain letters of credit.

This item consists of the current portion of loans granted to the Group, as further described below in Note 19—"Long-Term Debt."

Accounts payable consist of invoices received and not yet paid at the reporting date, in addition to invoices to be received, accounted for on an accrual basis.

Income taxes payable include liabilities for current taxes which are certain and determined.

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

Other liabilities consist of the current portion of funds set aside for the provision for risks that primarily include:

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

Long-term debt, including capital lease obligations, as of June 30, 2011 matures as follows:

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

This item amounts to Euro 44.7 million as of June 30, 2011 (Euro 45.4 million at December 31, 2010). The balance primarily includes liabilities related to the post-employment benefits of our Italian companies' employees.

Deferred tax liabilities amount to Euro 416.1 million and Euro 429.8 million as of June 30, 2011 and December 31, 2010, respectively. Deferred tax liabilities primarily relate to temporary differences between the tax values and carrying amounts of property, plant and equipment and intangible assets, and cannot be offset with the related deferred tax assets.

Other liabilities (Euro 105.4 million, compared to Euro 113.1 million at December 31, 2010) consist of liabilities for U.S. pension funds. Other financial liabilities mainly include the non-current portion of interest rate derivative liabilities (Euro 34.3 million at June 30, 2011, compared to Euro 53.0 million at December 31, 2010).

The Company's capital stock at June 30, 2011 amounted to Euro 28,012,700.58 and was comprised of 466,878,343 ordinary shares of stock with a par value of Euro 0.06 per share. At January 1, 2011, the capital stock amounted to Euro 27,964,632.6 and was comprised of 466,077,210 ordinary shares of stock with a par value of Euro 0.06 per share.

Following the exercise of 801,133 options to purchase ordinary shares of stock granted to employees under existing stock option plans, the capital stock increased by Euro 48,067.98 in the first six months of 2011. The options exercised included 101,900 from the 2002 grant, 152,810 from the 2003

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

grant, 257,023 from the 2004 grant (of which 40,000 from the Extraordinary 2004 Plan), 133,400 from the 2005 grant and 156,000 from the 2008 grant.

This reserve represents the portion of the Company's earnings that are not distributable as dividends, in accordance with article 2430 of the Italian Civil Code.

These include subsidiaries' earnings that have not been distributed as dividends and the amount of consolidated subsidiaries' equity in excess of the corresponding carrying amounts of investments in the same subsidiaries. This item also includes amounts arising as a result of consolidation adjustments.

Translation differences are generated by the translation into Euro of financial statements prepared in currencies other than Euro.

Treasury reserve was equal to Euro 123.0 million as of June 30, 2011 (Euro 112.5 million as of December 31, 2010). The increase was due to the stock buyback program approved at the stockholders' meeting on October 29, 2009 (the "2009 Program"), intended to provide the Company with treasury shares to efficiently manage its share capital and to implement its Performance Shares Plan.

Under the 2009 Program the Company, in the first three months of 2011, purchased on the Milan Stock Exchange's Mercato Telematico Azionario ("MTA") an aggregate amount of 466,204 ordinary shares of stock at an average price of Euro 22.45 per share for an aggregate amount of Euro 10,467,359. The 2009 Program expired on April 28, 2011.

Treasury shares purchased by Luxottica Group are recorded at cost as a deduction from equity. Please refer to the consolidated statement of stockholders' equity for further details on the amounts involved.

Equity attributable to non-controlling interests amounted to Euro 13.3 million and Euro 13.0 million at June 30, 2011 and December 31, 2010, respectively.

Please refer to Note 3—"Financial Results" in the Management Report on the Interim Financial Results as of June 30, 2011 (unaudited).

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

The Group has commitments under contractual agreements in place. Such commitments relate to the following:

As of June 30, 2011 and as of December 31, 2010, the Company had unused short-term lines of credit of approximately Euro 593.0 million and Euro 559.8 million, respectively.

The Company and its wholly-owned Italian subsidiary Luxottica S.r.l. maintain unsecured lines of credit with primary banks for an aggregate maximum credit of Euro 326.8 million. These lines of credit

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

are renewable annually, can be canceled on short notice and have no commitment fees. At June 30, 2011, these credit lines were utilized for Euro 0.1 million.

US Holdings maintains unsecured lines of credit with three separate banks for an aggregate maximum credit of Euro 92.8 million (U.S. $134.1 million). These lines of credit are renewable annually, can be canceled on short notice and have no commitment fees. At June 30, 2011, they were not used and there were Euro 35.7 million in aggregate face amount of standby letters of credit outstanding under these lines of credit (see below).

The blended average interest rate on these lines of credit is approximately LIBOR plus 0.40 percent.

A wholly-owned U.S. subsidiary has obtained various standby and trade letters of credit from banks that aggregated Euro 35.7 million and Euro 34.0 million as of June 30, 2011 and December 31, 2010, respectively. Most of these letters of credit are used for security in risk management contracts, purchases from foreign vendors or as security on store leases. Most standby letters of credit contain evergreen clauses under which the letter is automatically renewed unless the bank is notified not to renew. Trade letters of credit are for purchases from foreign vendors and are generally outstanding for a period that is less than six months. Substantially all the fees associated with maintaining the letters of credit fall within the range of 40 to 60 basis points annually.

The Group and its subsidiaries are involved in the following legal and regulatory proceedings of which, unless already settled or otherwise concluded, the timing and outcomes are inherently uncertain, and such outcomes could have a material adverse effect on the Group's business, financial position or operating results.

Our French subsidiary Luxottica France S.A.S., together with other major companies which operate in the French eyewear industry, has been the subject of an investigation conducted by the French Competition Authority relating to pricing practices in such industry. The investigation is still ongoing and, to date, no formal action has yet been taken by the French Competition Authority. As a consequence, it is not possible to estimate or provide a range of potential liability that may be involved in this matter. The outcome of any such action, which the Group intends to vigorously defend, is inherently uncertain, and there can be no assurance that such action, if adversely determined, will not have a material adverse effect on our business, results of operations and financial condition.

The Group is a defendant in various other lawsuits arising in the ordinary course of business. It is the opinion of the management of the Group that it has meritorious defenses against all such outstanding claims, which the Company will vigorously pursue, and that the outcome of such claims, individually or in the aggregate, will not have a material adverse effect on the Group's consolidated financial position or results of operations.

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

The Group executed an exclusive worldwide license for the production and distribution of Brooks Brothers brand eyewear. The brand is held by Retail Brand Alliance, Inc. ("RBA"), which is owned and controlled by a director of the Company, Claudio Del Vecchio. The Group paid royalties to RBA under the license of Euro 0.3 million in the first six months of 2011 and Euro 0.5 million in the first six months of 2010.

On September 14, 2004, the Company's Chairman and largest stockholder, Leonardo Del Vecchio, allocated 9.6 million shares (representing 2.11 percent of the Company's issued share capital as of such date) that he held through the company La Leonardo Finanziaria S.r.l.—subsequently merged into Delfin S.á.r.l., a holding company of the Del Vecchio family—to a stock option plan for the Group's top management. The options vested on June 30, 2006, upon the achievement of certain financial targets. Accordingly, since the vesting date, the holders of these options have been and will remain entitled to exercise these options from such date until their expiration in 2014. In the first six months of 2011, 720,000 rights were exercised as part of this plan. In the same period of 2010, 500,000 rights were exercised.

A summary of related party transactions as of June 30, 2011 and June 30, 2010 is provided below:

Total remuneration due to key managers in the first six months of 2011 amounted to approximately Euro 13.6 million (Euro 12.1 million at June 30, 2010).

These costs relate to key managers who were already with the Group in the first six months of 2010 and remain in service, as well as those who became key managers after June 30, 2010.

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

Basic and diluted earnings per share have been calculated as the ratio of net profit attributable to the stockholders of the Company for the periods ended June 30, 2011 and 2010, amounting to Euro 276.8 million and Euro 245.1 million, respectively, to the number of outstanding shares on such dates—basic and dilutive of the Company.

Earnings per share in the first six months of 2011 amounted to Euro 0.60, compared to Euro 0.53 in the same period in 2010. Diluted earnings per share in the first six months of 2011 amounted to Euro 0.60, compared to Euro 0.53 in the same period in 2010.

The table below provides a reconciliation of the weighted average number of shares used to calculate basic and diluted earnings per share:

In May 2011, the Company distributed an aggregate of Euro 204.6 million in dividends to its stockholders equal to Euro 0.44 per ordinary share, of which Euro 2.0 million was attributable to non-controlling interests. In May 2010, the Company distributed an aggregate of Euro 169.3 million in dividends to its stockholders equal to Euro 0.35 per ordinary share, of which Euro 8.7 million was attributable to non-controlling interests.

At the Stockholders' Meeting of Luxottica Group on May 13, 2008 the Group's stockholders approved a performance shares plan ("Performance Shares Plan 2008" or "2008 PSP"). The 2008 PSP is intended to strengthen the loyalty of the Group's key employees and to recognize their contributions to the Group's success on a medium- to long-term basis.

The beneficiaries of the 2008 PSP will be granted the right to receive ordinary shares ("Units"), without consideration, at the end of the three-year vesting period subject to achievement of certain EPS targets determined by the Board of Directors. On April 28, 2011, the Board of Directors approved grants totalling 764,750 Units. This was the fourth grant awarded under the 2008 PSP.

Notes to the
CONDENSED CONSOLIDATED HALF YEAR FINANCIAL REPORT (Continued)
As of JUNE 30, 2011
(UNAUDITED)

The Units' fair value was estimated at the date of grant using a binomial lattice model with the following weighted-average assumptions:

On April 28, 2011, the Board of Directors awarded a total of 2,039,000 stock options to employees of the Company and its subsidiaries, of which 715,500 were awarded to U.S. employees. The stock options were awarded under the Stock Option Plan approved by the Company's stockholders at a meeting on June 14, 2006.

The stock options' fair value was estimated at the date of grant using a binomial lattice model with the following weighted-average assumptions:

We have historically experienced sales volume fluctuations by quarter due to seasonality associated with the sale of sunglasses, which represented 46.2 percent and 43.3 percent of our net sales in the first six months of 2011 and 2010, respectively.

Please see Note 6—"Subsequent Events" in the Management Report on the Interim Financial Results as of June 30, 2011 (unaudited) for a description of events that have occurred after June 30, 2011.

EXCHANGE RATES USED TO TRANSLATE FINANCIAL STATEMENTS PREPARED IN CURRENCIES OTHER THAN THE EURO

Investments of Luxottica Group S.p.A. representing ownership interests in excess of 10 percent (pursuant to Section 125 Consob Regulation 11971/99)

The following table reports the direct and indirect investments of Luxottica Group S.p.A. in more than 10 percent of the capital of unlisted public and private limited companies in Italy and abroad; this table has been prepared in compliance with Appendix 4B, letter B, point 4.1 of the Consob Regulation adopted in resolution 11971 dated May 14, 1999 as amended, and with Section 39 of Italian Legislative Decree 1997/127:

Certification of the condensed consolidated half year financial report pursuant to Article 154 bis of Legislative Decree 58/98

1. The undersigned Andrea Guerra and Enrico Cavatorta, as chief executive officer and officer responsible for preparing the company's financial reports of Luxottica Group S.p.A., having also taken into account the provisions of Article 154-bis, paragraphs 3 and 4, of the Italian Legislative Decree 58 of 24 February 1998, hereby certify:

2. The assessment of the adequacy of the administrative and accounting procedures for the preparation of the condensed consolidated half year financial report as of June 30, 2011 was based on a process developed by Luxottica Group in accordance with the model Internal Control—Integrated Framework as issued by the Committee of Sponsoring Organizations of the Treadway Commission which is a framework generally accepted internationally.

Enrico Cavatorta
(Officer responsible for preparing the company's financial reports)

Luxottica Headquarters and Registered Office•Via C. Cantù, 2, 20123 Milan, Italy • Tel. + 39.02.863341 - Fax + 39.02.86996550

Deutsche Bank Trust Company Americas (ADR Depositary Bank)•60 Wall Street, New York, NY 10005 USA
Tel. + 1.212.250.9100 • Fax + 1.212.797.0327

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	2Q 2010


	Millions of Euro

Net income/(loss)		150.1		162.1		245.1		276.8		402.7		434.4
(+)
Net income attributable to non-controlling interest		0.8		1.7		3.4		4.1		5.1		5.8
(+)
Provision for income taxes		77.8		85.8		128.0		147.2		218.2		237.4
(+)
Other (income)/expense		29.6		27.2		53.0		56.1		106.6		109.7
(+)
Depreciation & amortization		77.0		75.3		148.4		150.9		301.6		304.1
(+)

EBITDA		335.4		352.2		578.0		635.1		1,034.2		1,091.4
(=)
Net sales		1,595.1		1,633.5		2,986.8		3,189.6		5,798.0		6,000.8
(/)
EBITDA margin		21.0	%	21.6	%	19.4	%	19.9	%	17.8	%	18.2	%
(=)

	2Q 2011


	Millions of Euro

EBITDA⁽¹⁾		352
D working capital		(8	)
Capex		(74	)

Operating cash flow		270
Financial charges⁽²⁾		(26	)
Taxes		(89	)
Extraordinary charges⁽³⁾		(1	)

Free cash flow		154

	June 30, 2011


	Millions of Euro

Long-term debt		2,209.3		2,435.1
(+)
Current portion of long-term debt		230.4		197.6
(+)
Bank overdrafts		187.1		158.6
(+)
Cash		(508.4	)	(679.9	)
(-)
Net debt		2,118.3		2,111.4
(=)
LTM EBITDA		1,091.4		1,034.2
Net debt/LTM EBITDA		1.9	x	2.0	x
Net debt @ avg. exchange rates⁽²⁾		2,187.9		2,116.2
Net debt @ avg. exchange rates⁽²⁾/LTM EBITDA		2.0	x	2.0	x

		June 30, 2011 (unaudited)


		(Thousands of Euro)

Net income			280,919		248,562
Other comprehensive income:
Cash flow hedge—net of tax			11,886		(12,194	)
Currency translation differences			(183,405	)	369,073
Actuarial gain/(loss) on postemployment benefit obligations			339		(1,873	)
Total other comprehensive income—net of tax			(171,180	)	355,006

Total comprehensive income for the period			109,739		603,567

Attributable to:
	—Luxottica Group stockholders' equity		107,416		599,223
	—Non-controlling interests		2,323		4,344

Total comprehensive income for the period			109,739		603,567

		2011


		(Thousands of Euro)

Net income			280,919		248,562
Stock-based compensation			19,191		13,675
Depreciation and amortization			150,906		148,421
Net loss on disposals of fixed assets and other			6,692		4,627
Other non-cash items^(**)			(13,106	)	(17,609	)
Changes in accounts receivable			(179,746	)	(162,755	)
Changes in inventories			(9,504	)	402
Changes in accounts payable			(40,045	)	20,628
Changes in other assets/liabilities			49,472		(21,837	)
Changes in income taxes payable			7,521		23,564
Total adjustments			(8,619	)	9,116
Cash provided by operating activities			272,300		257,678
Property, plant and equipment
	—Additions		(131,582	)	(82,889	)
Purchases of businesses—net of cash acquired^(***)			(30,926	)	(74,320	)
Sales of businesses—net of cash disposed			—		7,120
Investments in equity investees			—		(20,684	)

Cash used in investing activities			(162,508	)	(170,773	)

	Note reference		June 30, 2011 (unaudited)


	Note reference		(Thousands of Euro)

ASSETS
CURRENT ASSETS:
Cash and cash equivalents		5		508,397	679,852
Accounts receivable—net		6		812,972	655,892
Inventories—net		7		586,035	590,036
Other assets		8		204,460	226,759

Total current assets				2,111,864	2,152,539
NON-CURRENT ASSETS:
Property, plant and equipment—net		9		1,192,194	1,229,130
Goodwill		10		2,725,907	2,890,397
Intangible assets—net		10		1,058,086	1,155,007
Investments		11		53,568	54,083
Other assets		12		144,042	148,125
Deferred tax assets		13		369,060	364,299

Total non-current assets				5,542,856	5,841,040

TOTAL ASSETS				7,654,720	7,993,579

	Capital stock


	Capital stock				Legal reserve		Additional paid-in capital		Retained earnings			Stock-Options reserve		Translation of foreign operations and other			Treasury shares			Stockholders' equity			Non- controlling interests
	Number of shares		Amount		Legal reserve		Additional paid-in capital		Retained earnings			Stock-Options reserve		Translation of foreign operations and other			Treasury shares			Stockholders' equity			Non- controlling interests
	(Thousands of Euro)

Balance as of January 1, 2010		464,386,383		27,863		5,561		166,912		2,900,213			124,563		(405,160	)		(82,713	)		2,737,239			16,376

Net income		—		—		—		—		245,142			—		—			—			245,142			3,419
Other comprehensive income:
Currency translation differences and other		—		—		—		—		—			—		368,148			—			368,148			925
Cash flow hedge—net of tax effect of Euro 3.5 million		—		—		—		—		(12,194	)		—		—			—			(12,194	)		—
Actuarial gains/(losses) on postemployment benefit obligation net of tax effect of Euro 0.7 million		—		—		—		—		(1,873	)		—		—			—			(1,873	)		—

Total comprehensive income as of June 30, 2010		—		—		—		—		231,077			—		368,148			—			599,223			4,344

Exercise of stock options		689,900		41		—		8,956		—			—		—			—			8,997			—
Non-cash stock-based compensation net of tax effect of Euro 0.8 million		—		—		—		—		—			12,859		—			—			12,859			—
Investment in treasury shares including tax effect of Euro 6.1 million		—		—		—		10,004		—			—		—			(14,749	)		(4,745	)		—
Dividends (Euro 0.35 per share)		—		—		—		—		(160,630	)		—		—			—			(160,630	)		(8,686	)
Allocation to legal reserve		—		—		17		—		(17	)		—		—			—			—			—

Balance as of June 30, 2010		465,076,283		27,904		5,578		185,872		2,970,643			137,422		(37,012	)		(97,462	)		3,192,943			12,034


Balance as of January 1, 2011		466,077,210		27,964		5,578		218,823		3,129,786			159,184		(172,431	)		(112,529	)		3,256,375			13,029

Net income		—		—		—		—		276,781			—		—			—			276,781			4,138
Other comprehensive income:
Currency translation differences and other		—		—		—		—		—			—		(181,590	)		—			(181,590	)		(1,815	)
Cash flow hedge—net of tax of Euro 5.3 million		—		—		—		—		11,886			—		—			—			11,886			—
Actuarial gain/(loss) net of tax effect of Euro 0.2 million		—		—		—		—		339			—		—			—			339			—

Total comprehensive income as of June 30, 2011		—		—		—		—		289,006			—		(181,590	)		—			107,416			2,323

Exercise of stock options		801,133		48		—		11,488		—			—		—			—			11,536			—
Non-cash stock-based compensation net of tax effect of Euro 1.3 million		—		—		—		—		—			20,514		—			—			20,514			—
Investment in treasury shares		—		—		—		—		—			—		—			(10,473	)		(10,473	)		—
Dividends (Euro 0.44 per share)		—		—		—		—		(202,524	)		—		—			—			(202,524	)		(2,044	)
Allocation to legal reserve		—		—		22		—		(22	)		—		—			—			—			—

Balance as of June 30, 2011		466,878,343		28,012		5,600		230,311		3,216,246			179,698		(354,021	)		(123,002	)		3,182,845			13,308

		2011


		(Thousands of Euro)

Long-term debt:
	—Proceeds		—		281,893
	—Repayments		(95,196	)	(301,439	)

Increase/(decrease) in overdraft balances			18,896		(7,043	)
Exercise of stock options			11,537		8,996
(Purchase)/sale of treasury shares			(10,473	)	1,360
Dividends			(204,568	)	(169,316	)

Cash used in financing activities			(279,804	)	(185,549	)

Decrease in cash and cash equivalents			(170,012	)	(98,644	)

Cash and cash equivalents, beginning of the period			664,957		346,624

Effect of exchange rate changes on cash and cash equivalents			(19,335	)	40,612

Cash and cash equivalents, end of the period			475,610		288,592





Cash paid during the period for interest	69,898	59,815
Cash paid during the period for income taxes	95,571	93,072





Cash and cash equivalents according to the consolidated statement of cash flows (net of bank overdrafts)	475,610	288,592
Bank overdrafts	32,787	49,057
Cash and cash equivalents according to the consolidated balance sheets	508,397	337,649

(thousands of Euro)



Six months ended June 30, 2011 (unaudited)
Net sales	1,345,101	1,844,545	—		3,189,646
Income from operations	336,328	226,562	(78,655	)	484,234
Capital expenditures	46,169	85,413	—		131,582
Depreciation and amortization	41,523	69,313	40,069		150,906
Six months ended June 30, 2010 (unaudited)
Net sales	1,204,678	1,782,133	—		2,986,811
Income from operations	277,325	224,584	(72,333	)	429,576
Capital expenditures	37,496	45,393	—		82,889
Depreciation and amortization	38,223	68,666	41,533		148,421

(thousands of Euro)



Cash at bank and post office	497,475	667,790
Checks	6,633	6,916
Cash and cash equivalents on hand	4,289	5,146

Total	508,397	679,852

(thousands of Euro)



Accounts receivable	846,151		689,260
Allowance for doubtful accounts	(33,179	)	(33,368	)

Total	812,972		655,892

(thousands of Euro)



Raw materials	109,435		115,277
Work in process	55,199		52,507
Finished goods	512,863		518,804
Less: inventory obsolescence reserves	(91,462	)	(96,552	)

Total	586,035		590,036

(thousands of Euro)



Sales taxes receivable	34,720	32,524
Short-term borrowing	966	860
Accrued income	1,410	1,501
Receivables for royalties	1,928	2,078
Other financial assets	33,955	26,364
Total financial assets	72,978	63,327
Income taxes receivable	15,704	70,720
Advances to suppliers	14,939	9,487
Prepaid expenses	71,549	66,399
Other assets	29,290	16,825
Total other assets	131,482	163,431

Total other current assets	204,460	226,759

(thousands of Euro)



Balance as of January 1, 2011
Historical cost	820,833		1,017,958		37,853		673,051		2,549,696
Accumulated depreciation	(353,508	)	(650,735	)	(7,226	)	(309,097	)	(1,320,566	)

Balance as of January 1, 2011	467,325		367,223		30,627		363,954		1,229,130

Increases	16,853		25,609		—		89,264		131,726
Decreases	(1,367	)	141		—		(5,700	)	(6,927	)
Translation differences and other	(20,984	)	(86,367	)	—		54,354		(52,998	)
Depreciation expense	(26,565	)	(29,604	)	(768	)	(51,801	)	(108,739	)

Balance as of June 30, 2011	435,262		277,002		29,859		450,071		1,192,194

Historical cost	785,550		730,406		37,853		982,001		2,535,810
Accumulated depreciation	(350,288	)	(453,404	)	(7,994	)	(531,930	)	(1,343,616	)

Balance as of June 30, 2011	435,262		277,002		29,859		450,071		1,192,194



(thousands of Euro)	Goodwill			Trade names and trademarks			Distributor network			Customer relations, contracts and lists			Franchise agreements			Other			Total

Balance as of January 1, 2011
Historical cost		2,953,513			1,509,556			4,414			225,364			21,479			40,475			4,754,801
Accumulated amortization		(62,986	)		(569,401	)		(1,331	)		(51,967	)		(6,180	)		(17,532	)		(709,397	)

Balance as of January 1, 2011		2,890,527			940,155			3,082			173,397			15,299			22,944			4,045,404

Increases		—			3,520			—			—			—			10,647			14,166
Decreases		—			—			—			—			—			(59	)		(59	)
Intangible assets from business acquisitions		4,642			—			—			—			—			—			4,642
Translation differences and other		(169,263	)		(49,835	)		(3,019	)		(13,315	)		(1,140	)		(1,424	)		(237,996	)
Amortization expense		—			(32,454	)		(21	)		(7,252	)		(511	)		(1,927	)		(42,166	)

Balance as of June 30, 2011		2,725,907			861,387			42			152,829			13,648			30,180			3,783,993

Historical cost		2,777,674			1,440,820			304			207,888			19,857			48,103			4,494,647
Impairment and accumulated amortization		(51,768	)		(579,433	)		(262	)		(55,059	)		(6,209	)		(17,923	)		(710,654	)

Balance as of June 30, 2011		2,725,907			861,387			42			152,829			13,648			30,180			3,783,993



(thousands of Euro)	As of June 30, 2011 (unaudited)		As of December 31, 2010 (audited)

Premiums and discounts to suppliers		28,803		27,507
Sales commissions		1,158		1,135
Leasing rental		21,752		22,370
Insurance		8,097		9,255
Sales taxes payable		55,612		35,994
Salaries payable		175,019		183,559
Due to social security authorities		21,238		26,156
Sales commissions payable		5,371		7,154
Royalties payable		2,074		1,602
Other financial liabilities		127,187		125,858

Total financial liabilities		446,309		440,590

Deferred income		3,223		1,356
Customers' right of return		34,123		27,744
Advances from customers		45,985		53,835
Other liabilities		28,380		25,755

Total liabilities		111,711		108,690

Total other current liabilities		558,020		549,280

(thousands of Euro)


2011			95,583
2012			490,835
2013			643,898
2014			300,257
2015 and subsequent years			897,516
Effect deriving from the adoption of the amortized cost method			11,570

Total			2,439,659

As of June 30, 2011 Related parties (thousands of Euro)	Income statement				Balance sheet


As of June 30, 2011 Related parties (thousands of Euro)	Revenues		Costs		Assets		Liabilities

Retail Brand Alliance, Inc.		52.3		284.2		177.8		120.3
Multiopticas Internacional S.L.		4,697.1		25.0		2,440.4		2,478.9
Eyebiz Laboratories Pty Limited		494.5		21,731.5		2,233.0		13,462.4
Others		293.4		158.5		189.1		13.3

Total		5,537.2		22,199.2		5,040.3		16,074.9

As of June 30, 2010 Related parties (thousands of Euro)	Income statement				Balance sheet


As of June 30, 2010 Related parties (thousands of Euro)	Revenues		Costs		Assets		Liabilities

Retail Brand Alliance, Inc.		56.6		378.1		—		166.8
Multiopticas Internacional S.L.		5,436.0		69.3		4,163.4		2,535.7
Others		1.1		74.0		—		0.2

Total		5,493.8		521.4		4,163.4		2,702.7



	As of June 30,
	2011		2010

Weighted average shares outstanding—basic		460,118,653		458,551,310
Effect of dilutive stock options		2,035,207		1,749,979
Weighted average shares outstanding—dilutive		462,153,860		460,301,289
Options not included in calculation of dilutive shares as the exercise price was greater than the average price during the respective period or performance measures related to the awards have not yet been met		12,970,473		10,593,534



Share price at the grant date		Euro 22.91
Expected option life		3 years
Dividend yield		1.85 percent





(per €1)
U.S. Dollar	1.4032	1.4453	1.3268	1.3362
Swiss Franc	1.2694	1.2071	1.4359	1.2504
Great Britain Pound	0.8682	0.9026	0.8700	0.8608
Brazilian Real	2.2879	2.2601	2.3839	2.2177
Japanese Yen	114.9699	116.2500	121.3197	108.6500
Canadian Dollar	1.3706	1.3951	1.3719	1.3322
Mexican Peso	16.6865	16.9765	16.8069	16.5475
Swedish Krona	8.9391	9.1739	9.7888	8.9655
Australian Dollar	1.3582	1.3485	1.4848	1.3136
Argentine Peso	5.6797	5.9315	5.1634	5.3099
South African Rand	9.6856	9.8569	9.9913	8.8625
Israeli Shekel	4.9368	4.9439	4.9867	4.7378
Hong Kong Dollar	10.9212	11.2475	10.3111	10.3856
Turkish Lira	2.2081	2.3500	2.0213	2.0694
Norwegian Krona	7.8247	7.7875	8.0056	7.8000
Malaysian Ringgit	4.2552	4.3626	4.3881	4.0950
Thai Baht	42.6746	44.3800	43.3118	40.1700
Taiwan Dollar	40.7886	41.5482	42.2886	39.0438
South Korean Won	1,544.8991	1,543.1899	1,531.2083	1,499.0600
Chinese Renminbi	9.1755	9.3416	9.0567	8.8220
Singapore Dollar	1.7653	1.7761	1.8534	1.7136
New Zealand Dollar	1.8050	1.7468	1.8828	1.7200
United Arab Emirates Dirham	5.1540	5.3085	4.8735	4.9078
Indian Rupee	63.1436	64.5620	60.7337	59.7580
Polish Zloty	3.9527	3.9903	4.0020	3.9750
Hungarian Forint	269.4495	266.1100	271.6874	277.9500
Croatian Kuna	7.3975	7.4018	7.2663	7.3830
Namibian Dollar	9.6856	9.8569	9.9913	8.8625



Company	Registered Address	Shareholders	Direct % of Ownership		Group % of Ownership		Share Capital in Local Currency		Share Capital Currency		Number of Shares Owned

1242 PRODUCTIONS INC	TUMWATER-WASHINGTON	OAKLEY INC		100.00		100.00		100,000.00		USD		100,000.00
AIR SUN	MASON-OHIO	SUNGLASS HUT TRADING LLC		70.00		70.00		1.00		USD		70.00
ARNETTE OPTIC ILLUSIONS INC	IRVINE-CALIFORNIA	LUXOTTICA US HOLDINGS CORP		100.00		100.00		1.00		USD		100.00
BAZOOKA INC	TUMWATER-WASHINGTON	OAKLEY INC		100.00		100.00		1.00		USD		1,000.00
BEIJING SI MING DE TRADING CO LTD*	BEIJING	SPV ZETA Optical Trading (Beijing) Co Ltd		100.00		100.00		30,000.00		CNR		30,000.00
BRIGHT EYES FRANCHISING PTY LTD	VICTORIA-MELBOURNE	SUNGLASS ICON PTY LTD		100.00		100.00		600,070.00		AUD		110.00
BRIGHT EYES LEASING PTY LTD	VICTORIA-MELBOURNE	SUNGLASS ICON PTY LTD		100.00		100.00		20.00		AUD		110.00
BRIGHT EYES RETAIL PTY LTD	VICTORIA-MELBOURNE	SUNGLASS ICON PTY LTD		100.00		100.00		110.00		AUD		110.00
BRIGHT EYES TRADE MARKS PTY LTD	VICTORIA-MELBOURNE	SUNGLASS ICON PTY LTD		100.00		100.00		200,100.00		AUD		110.00
BUDGET EYEWEAR AUSTRALIA PTY LTD	MACQUARIE PARK-NSW	LUXOTTICA RETAIL AUSTRALIA PTY LTD		100.00		100.00		341,762.00		AUD		341,762.00
BUDGET SPECS (FRANCHISING) PTY LTD	MACQUARIE PARK-NSW	BUDGET EYEWEAR AUSTRALIA PTY LTD		100.00		100.00		2.00		AUD		2.00
CENTRE PROFESSIONNEL DE VISION USSC INC	ETOBICOKE-ONTARIO	THE UNITED STATES SHOE CORPORATION		100.00		100.00		1.00		CAD		99.00
COLE VISION SERVICES INC	DOVER-DELAWARE	EYEMED VISION CARE LLC		100.00		100.00		10.00		USD		1,000.00
COLLEZIONE RATHSCHULER SRL	AGORDO	LUXOTTICA GROUP SPA		100.00		100.00		10,000.00		EUR		10,000.00
DAVID CLULOW (OPTICS) LIMITED	LONDON	OPTIKA HOLDINGS LIMITED		100.00		100.00		2.00		GBP		2.00
DAVID CLULOW BRIGHTON LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DAVID CLULOW COBHAM LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DAVID CLULOW CROUCH END LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DAVID CLULOW IRELAND LIMITED	DUBLIN 6	SUNGLASS HUT IRELAND LIMITED		100.00		100.00		100.00		EUR		100.00
DAVID CLULOW LOUGHTON LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DAVID CLULOW MARLOW LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DAVID CLULOW NEWBURY LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DAVID CLULOW OXFORD LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DAVID CLULOW RICHMOND LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DAVID CLULOW WIMBLEDON LIMITED	LONDON	OPTIKA LIMITED		50.00		50.00		2.00		GBP		1.00
DEVLYN OPTICAL LLC	HOUSTON	LUXOTTICA RETAIL NORTH AMERICA INC		30.00		30.00		100.00		USD		3.00
ECOTOP PTY LTD	VICTORIA-MELBOURNE	SUNGLASS ICON PTY LTD		100.00		100.00		10,100.00		AUD		110.00


LUXOTTICA SRL AGORDO, BELLUNO - ITALY LUXOTTICA BELGIUM NV BERCHEM - BELGIUM LUXOTTICA FASHION BRILLEN VERTRIEBS GMBH HAAR - GERMANY LUXOTTICA FRANCE SAS VALBONNE - FRANCE LUXOTTICA GOZLUK ENDUSTRI VE TICARET AS CIGLI - IZMIR - TURKEY LUXOTTICA HELLAS AE PALLINI - GREECE LUXOTTICA IBERICA SA BARCELONA - SPAIN LUXOTTICA NEDERLAND BV HEEMSTEDE - HOLLAND LUXOTTICA OPTICS LTD TEL AVIV - ISRAEL LUXOTTICA POLAND SP ZOO KRAKÓW - POLAND LUXOTTICA PORTUGAL-COMERCIO DE OPTICA SA LISBOA - PORTUGAL LUXOTTICA (SWITZERLAND) AG ZURIGO - SWITZERLAND LUXOTTICA CENTRAL EUROPE KFT BUDAPEST - HUNGARY LUXOTTICA SOUTH EASTERN EUROPE LTD NOVIGRAD - CROATIA LUXOTTICA RETAIL UK LTD ST. ALBANS - HERTFORDSHIRE - UK OAKLEY ICON LIMITED DUBLIN - IRELAND		LUXOTTICA ExTrA LIMITED DUBLIN - IRELAND LUXOTTICA TRADING AND FINANCE LIMITED DUBLIN - IRELAND LUXOTTICA NORDIC AB STOCKHOLM - SWEDEN LUXOTTICA U.K. LTD ST. ALBANS - HERTFORDSHIRE - UK LUXOTTICA VERTRIEBSGESELLSCHAFT MBH KLOSTERNEUBURG - AUSTRIA LUXOTTICA U.S. HOLDINGS CORP. PORT WASHINGTON - NEW YORK (USA) LUXOTTICA USA LLC PORT WASHINGTON - NEW YORK (USA) LUXOTTICA CANADA INC TORONTO - ONTARIO (CANADA) LUXOTTICA NORTH AMERICA DISTRIBUTION LLC MASON - OHIO (USA) LUXOTTICA RETAIL NORTH AMERICA INC. MASON - OHIO (USA) SUNGLASS HUT TRADING, LLC MASON - OHIO (USA) EYEMED VISION CARE LLC MASON - OHIO (USA) LUXOTTICA RETAIL CANADA INC. ETOBICOKE - ONTARIO (CANADA) OAKLEY, INC. FOOTHILL RANCH - CALIFORNIA (USA) LUXOTTICA MEXICO SA DE CV MEXICO CITY - MEXICO		LUXOTTICA ARGENTINA SRL BUENOS AIRES - ARGENTINA LUXOTTICA BRASIL PRODUTOS OTICOS E ESPORTIVOS LTDA SÃO PAULO - BRASIL LUXOTTICA AUSTRALIA PTY LTD MACQUARIE PARK - NEW SOUTH WALES (AUSTRALIA) OPSM GROUP PTY LIMITED MACQUARIE PARK - NEW SOUTH WALES (AUSTRALIA) LUXOTTICA MIDDLE EAST FZE DUBAI - DUBAI MIRARI JAPAN CO LTD TOKYO - JAPAN LUXOTTICA SOUTH AFRICA PTY LTD CAPE TOWN-OBSERVATORY - SOUTH AFRICA RAYBAN SUN OPTICS INDIA LTD GURGAON - HARYANA - INDIA SPV ZETA OPTICAL COMMERCIAL AND TRADING (SHANGHAI) CO., LTD SHANGHAI - CHINA LUXOTTICA TRISTAR (DONGGUAN) OPTICAL CO DONG GUAN CITY, GUANGDONG - CHINA GUANGZHOU MING LONG OPTICAL TECHNOLOGY CO. LTD GUANGZHOU CITY - CHINA SPV ZETA OPTICAL TRADING (BEIJING) CO. LTD BEIJING - CHINA LUXOTTICA KOREA LTD SEOUL - KOREA LUXOTTICA SOUTH PACIFIC HOLDINGS PTY LTD MACQUARIE PARK - NEW SOUTH WALES (AUSTRALIA) LUXOTTICA (CHINA) INVESTMENT CO. LTD. SHANGHAI - CHINA


	LUXOTTICA GROUP S.p.A.

Date: August 4, 2011	By:	/s/ Enrico Cavatorta ENRICO CAVATORTA CHIEF FINANCIAL OFFICER