Luxottica Group will acquire 100 percent of the equity interest in Modern Sight Optics for a total consideration of RMB 140 million (approx. €14 million), or approximately two times expected sales for fiscal year 2006.
As customary, completion of the transaction remains subject to approval by the relevant Chinese governmental authorities.
Luxottica Group currently anticipates receiving such approvals later in the year. Regarding the Group's two other retail acquisitions in China, the Xueliang Optical transaction received the necessary approvals in April 2006. Ming Long is still awaiting receipt of such approvals, which Luxottica Group currently also expects to receive in July of this year.
For fiscal year 2005, Luxottica Group posted consolidated net sales of €4.4 billion.
Luxottica Group is a global leader in eyewear, with nearly 5,700 optical and sun retail stores in North America, Asia-Pacific, China and Europe and a strong brand portfolio that includes Ray-Ban, the best selling sun and prescription eyewear brand in the world, as well as, among others, license brands Bvlgari, Burberry, Chanel, Dolce & Gabbana, Donna Karan, Prada, Versace and Polo Ralph Lauren, from January 2007, and key house brands Vogue, Persol, Arnette and REVO.
The Group's products are designed and manufactured in six Italy-based high quality manufacturing plants and in the only two China-based plants wholly-owned by a premium eyewear manufacturer.
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