Milan (Italy), May 16, 2014 – Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a leader in the design, manufacture, distribution and sale of fashion, luxury and sports eyewear, today announced that it has entered into an agreement pursuant to which it will acquire through Sunglass Hut Iberia S.L. a 100% share of the Spanish company Inveroptic, S.A.U. (“Inveroptic”).
Inveroptic, one of the best-known Spanish players in the “sun” eyewear segment, operates a network of 10 stores under the Cottet Sol retail brand. Inveroptic stores are mainly located in Barcelona and in the Travel Retail channel (Barcelona and Madrid airports).
The transaction anticipates the gradual rebranding of the Cottet Sol stores under the Sunglass Hut brand, which is the global retail specialty leader in the sun eyewear segment.
The acquisition of Inveroptic confirms Luxottica’s strategy of strengthening its presence with sun specialty stores in the so-called Sun Belt countries which are the markets characterized by a high percentage of sunny days, a highly developed tourism industry and a fashion and luxury driven population.
The transaction is expected to close during the second quarter of 2014.