On June 21, 2007, Luxottica announced a plan to purchase Oakley in a cash deal worth $2.1 billion, paying a 16% premium over the extant share price. The deal was completed on November 15, 2007, making Oakley part of a portfolio that includes brands such as Ray-Ban, Persol, and Vogue. After selling Oakley Inc. to Italian Eyeware company Luxottica Group in 2007, founder James Jannard went on to found Red Digital Cinema. Luxottica's acquisition of Oakley has been criticized as potential violation of Antitrust laws.