Luxottica to acquire the remaining Sun Planet retail locations
Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a global leader in the design, manufacturing, distribution and sale of fashion, luxury and sports eyewear, today announced that it has entered into an agreement pursuant to which it will also acquire the approximately 120 Sun Planet stores in Spain and Portugal.
Over time, the stores will be rebranded under the Sunglass Hut brand. In 2011, Luxottica acquired from the same seller the Sun Planet retail chain in Latin America, which was part of Multiopticas Internacional.
The transaction, which is expected to close during the third quarter of 2012, involves an enterprise value of approximately Euro 20 million. The Sun Planet retail chain operates approximately 90 sunglass retail locations in Spain and approximately 30 in Portugal, mainly in select malls and tourist destinations. In 2011, net sales of the chain totaled approximately Euro 22 million.