30 Jan '17, 6pm

Luxottica enters Brazilian optical market through acquisition

Luxottica enters Brazilian optical market through acquisition

Eyewear group Luxottica is furthering its presence in prescription eyewear with the acquisition of Brazilian optical franchisor Óticas Carol. Óticas Carol has been a point of sale for optical frames from some of Luxottica’s luxury licensed brands, such as Burberry, Prada and Tiffany & Co. While Luxottica operates a network of Sunglass Hut stores in Brazil, this acquisition is the company’s entry into optical retail in the South American nation. Prescription presence Luxottica has entered into an agreement with Óticas Carol’s shareholders to acquire 100 percent of its business for 110 million, or almost $118 million. Following regulatory approvals, the transaction is expected to close in the first half of 2017. Óticas Carol, founded in 1997, specializes in selling optical glasses and sunglasses. Through franchise partnerships, the retailer has been able to almost double its...

Full article: https://www.luxurydaily.com/luxottica-enters-brazilian-op...

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