No, its not.  They put that O on a goggle that has been designed and re-designed over the past 15+ years, creating the quality, style, and function that Oakley has come to have been known for.   You should stop using Oakley's start-up and rise to success as an example because they are a 1 in a million company.  For every Oakley there are millions of ideas hatched that never get past their 2nd full year.
Empire could make it and be a successful brand and I hope they do.  They have a well known athlete behind it, a growing marketplace, and probably strong funding.  They also may not because they might never have their own identity (because they used a really played name), no defined direction or product line, and over-hyped a company that still hasn't created anything.
Regardless, I think you have to commend someone who tries to start a company because so much more goes into it than most people know.  And it takes a serious drive to stay focused with all of the adversity you face.