Oakley, Inc., based in Foothill Ranch, California, makes sport equipment including sunglasses, sports visors, and ski goggles, as well as watches, clothing, bags, backpacks, shoes, prescription glasses, football (American) and hockey eyewear, Golf gear and other accessories. Oakley currently holds more than 575 patents for eyewear, materials and performance gear. The main competitors of Oakley are Marchon Eyewear, Safilo, Signature Eyewear, Nike, Reebok, and Adidas. Oakley was started by Jim Jannard in 1975 in his garage with an initial investment of $300. The name Oakley came from Jannard's dog, an English Setter. Jannard began by selling what he called 'The Oakley Grip' out of the back of his car at motocross events. His motorcycle grips were unlike other grips available at the time, using a patented material known as 'Unobtanium', a unique creation by Jannard. The material is still used to make the earsocks on Oakley glasses, and many of the nose pieces. Oakley went on to produce number plates, gloves, grips, elbow guards, chin guards, and goggles for the BMX and Motocross communities. In 1980, Jannard released a pair of goggles called the O-Frame. With the 'Oakley' logo present on the strap, the brand garnered increasing recognition and prominence throughout the sports industry.[4] In 1983 Oakley began selling ski goggles. The first Oakley sunglasses, Factory Pilot Eyeshades, were sport-oriented, resembling goggles. These were followed by the Oakley Frogskin, a casual sunglass style. The company went public in 1995, after Jannard gave himself a bonus of $21 million. He kept 64.8 % of Oakley Inc. which was valued at about $820 million. As a result, Jannard became the second richest Orange County resident with holdings valued at $627 million. Oakley signed a four-year agreement to manufacture eyewear designed by themselves and Fox Racing in September 2004. In 2006, Oakley acquired the Oliver Peoples group, a manufacturer of high-end fashion branded eyewear. On June 21, 2007, Italian group Luxottica announced a plan to merge with Oakley in a cash deal worth $2.1 billion, and the deal was completed on November 15, 2007. Oakley is now in the portfolio of Milan-based Luxottica group, along with other brands such as Ray-Ban, Persol, and Vogue.