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  Smith Optics sunglasses. Smith's parent company

Italian eyewear company Safilo Group, owner of Smith Optics and many other brands, announced Thursday it plans to acquire Polaroid Eyewear from StyleMark for $87.5 million.

Polaroid specializes in polarized sunglasses and is expected to have revenue of $63 million in 2011, and EBITDA of $8.6 million.

Safilo sees a lot of growth potential for the brand, especially outside of Europe, where Polaroid is underrepresented, the company said in a press release.

Other brands Safilo owns include Carrera, Smith Optics, Oxydo and Blue Bay. It also has the license for several brands, including Alexander McQueen, Balenciaga, Banana Republic, Bottega Veneta, BOSS Black, BOSS Orange and Dior.

Luxottica, owner of Oakley, is a major competitor.