Eyewear specialist Luxottica Group SpA has announced that it will acquire Modern Sight Optics, a leading premium optical chain that operates a total of 28 stores in Shanghai, China.
Leonardo Del Vecchio, chairman of Luxottica Group, said, “Today's acquisition is extremely important for our Group as it further extends our coverage of all most important markets in China for fashion and luxury goods to the key Shanghai market.”
“Over the years Shanghai has established itself as the reference market for fashion and lifestyle within China and Modern Sight Optics, with its existing focus on the highest end of the market, provides an ideal platform to further develop our presence in the most dynamic retail market in the country,” Vecchio said.
Modern Sight Optics has an existing, clear positioning in the premium segment of the optical market and brings to Luxottica Group 28 highest-end stores in Shanghai.
Modern Sight Optics has over time established itself as the reference premium eyewear retail chain among the wealthiest of the city's population, with stores located in premium and upscale commercial centers and shopping malls mainly in the city downtown area and affluent residential areas.
Today the Group's optical retail network in Greater China consists of a total of 290 stores. In addition to the stores in Shanghai, the Group has 75 stores in Beijing, 54 in Hong Kong and 133 mainly in the Guangdong province including the city of Guangzhou.
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