Got some more time to reply so going back to the question in the title, I don't think Lux beat Oakley. In the end both Lux and JJ benefited greatly from the tranasction. JJ is known for his creations and his commitment, but the reason Oakley thrived was because he was a shrewd business man. And showing his business savvy, he was prepping for acquisition well before it actually happened (see link). We should've seen it coming when Oakley bought Oliver Peoples (which was odd when it happened but makes complete sense in hindsight) and we at least should've gotten a hint when Oakley softened it's product line with Dartboard, New Zero, Monster Doggle, Gascan, Riddle, etc., but we couldn't see the forest for the trees.
In the end JJ got $1.3B to put into Red (the first Red One shipped pretty close to the merger agreement announcement, which probably isn't a small coincidence) and Lux got a now $1.3B brand that's currently going on its 7th consecutive year of double-digit growth, shows exceptional organic growth quarter-over-quarter, and has the Lux execs patting themselves on the back for making a purchase that gives them a bigger foothold into North America and the sports market.
Most seem to love the deal with the exception of hardcore Oakley collectors. Will it last? Who knows, but it looks good for now.