Luxottica, the Italian fashion eyewear group, is to acquire Oakley, its US-based sports performance rival, in a $2.1bn deal that will give it global dominance of the market for sunglasses, spectacle frames and goggles.

The deal combines an Italian company whose brand licences includes Prada, Versace and Dolce & Gabbana with a southern Californian maker of the sports sunglasses popularised by Greg LeMond and Lance Armstrong.