The Italian group LUXOTTICA (combined turnover of EUR 3.6 billion forecast for 2003), the world leader in average and high quality eyewear, has made a friendly bid of $401 million on COLE NATIONAL (turnover $1.5 billion during the last financial period; 2197 shops in North America and a network of 20,000 opticians), and a chain of eyewear shops mainly in the United States. The cash offer amounts to EUR 22.50 per share.