Italy’s Luxottica Group, which owns Ray Bans and Ralph Lauren sunglasses, has bought the Californian company that makes Oakley sports sunglasses and ski goggles for just over $2bn (£1bn). The Times. Financial Times

Luxottica has 5,500 optical shops worldwide and owns the LensCrafters and Pearle Vision retail chains. Oakley owns the Bright Eyes and Sunglass Icon stores in the US.