MILAN (AP) — Luxottica SPA, the Italian maker of Ray-Ban sunglasses, said it signed a ten-year licensing agreement to create eyewear for Tiffany & Co. under the US jeweller’s brand.The deal is expected to generate annual sales of $50 million, Luxottica said in a statement. Sales of the Tiffany glasses will begin in 2008.

Luxottica, the world’s largest maker of eyeglasses, is trying to tap into a growing luxury goods market by entering licensing agreements with other companies. “Tiffany’s entry into the eyewear market further demonstrates that eyewear has evolved into a high-style, luxury accessory,” Luxottica Chief Executive Andrea Guerra said.