Luxottica acquires two prominent sun chains in South Africa
26 Mar '07
2 min read
Luxottica Group S.p.A. announced that it has acquired two prominent specialty sun chains in South Africa, for a total of 65 stores.
Andrea Guerra, Chief Executive Officer of Luxottica Group, commented: "The two acquisitions announced represent an important step in the expansion of our sun retail presence worldwide. In particular, we expect that they will contribute to accelerate growth in a market that we believe offers significant opportunities going forward thanks to its increasing importance as a tourist destination as well as the keen sensibility of its population to global brands and Made in Italy in particular."
South Africa is a market where Luxottica Group has held a strong wholesale presence since 1997. Earlier this month Luxottica acquired 42 stores operating under the Sunglass World retail brand.
The Group announced the acquisition of a second local specialty sun retailer with a total of 23 stores operating under the Occhiali for Sunglasses retail brand. Together, both chains have prominent locations in shopping centers in urban areas including Johannesburg and Cape Town as well as attractive airport locations.
Luxottica Group's total investment in the two transactions will be approximately euro 10 million. Both transactions are expected to close during the second quarter of 2007, subject to customary closing conditions.
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