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Luxottica Q4 profit up 88%
New York City -- Luxottica Group SpA said Monday its fourth-quarter net profit rose 88%. The Milan, Italy-based parent of the Sunglass Hut and Lens Crafters chains predicted a strong 2011 as consumers return to high-end brands.
The company said its net profit increased to €55.1 million ($75.8 million) in the final three months of 2010.
Luxottica will continue to expand its Sunglass Hut division in 2011, and expects to add 270 Sunglass Hut locations globally. -
Kenneth Cole CEO out
New York City -- Jill Granoff, chief executive of Kenneth Cole Productions, announced her resignation on Monday, effective immediately. She had company for three years.
In a statement, the company described the decision to find a new CEO as "mutual."
Kenneth Cole, who founded the firm in 1982, will take on Granoff’s duties temporarily as the search for a new CEO begins.