Luxottica isn't just a high profile eyewear maker, it is the biggest eyewear manufacturer with about 12.4% of the market. Luxottica controls both LensCrafters and Sunglass Hut, which gives Google Glass potential for shelf space in over 5,000 retail stores. Google says about the company: "Luxottica understands how to build, distribute and sell great products that their clients and consumers love". Luxottica says that it intends to put out a collection that will "combine high-end technology with avant-garde design offering the best in style, quality, and performance."
Of course, the announcement of the deal doesn't mean that frames are on the way soon. Neither Google nor Luxottica has mentioned when we should be expecting frames designed for Glass, but the likeliest scenario is that the collection will be made available in time for the Google Glass consumer release, or at least relatively soon afterwards.