The move comes at a time when the $200 billion luxury-products industry, once thought recession-proof, is spiraling downward. Luxury-product sales globally are expected to fall a hefty 8% in 2009, projects a Bain & Co. study.

Pooh-poohing all that is Oakley CEO Colin Baden. "Why not go after the Holy Grail of elite sunglasses? It's less a business objective and more Oakley flexing its R&D muscle and thumbing its nose at the other expensive eyewear makers."

The ultrapremium Oakley Elite C Six will sell at almost seven times the price of the $600 Pit Boss, which had been Oakley's costliest line. Sporting goods gurus and sports marketing experts are hard-pressed to name a pricier line of sunglasses, or to explain why Oakley is launching it now.

"Our main web site and numerous retail locations will continue to serve core fans and followers who want the newest designs," says Oakley president Colin Baden. "The Oakley Vault web site will complement these venues by offering discontinued items. Discount pricing will provide attractive entry points for customers who are new to the brand."

Paul Smith Jeans has collaborated with Oakley to release 4 new exclusive colour ways of the iconic mid-1980's classic, Oakley Frogskins Sunglasses. Each design is limited to 500 pieces and is 'surf n skate' inspired. They feature plutonite lenses that block 100% of all UVA, UVB, UVC and harmful blue light up to 400nm. Oakley performance eyewear also uses XYZ optics, a breakthrough that maintains precise clarity at all angles of vision and extends the range of optical correction. The lenses also have iridium coating to reduce glare and improve contrast.

Pink rubber frames finished with pink iridium mirrored lenses. Each ear stem features a raised Oakley logo and are internally printed with 'Paul Smith Jeans Limited Edition Frogskins. The glasses are supplied with a PSJ/Oakley fabric drawstring bag that doubles up as a cleaning cloth.