Luxottica closes the acquisition of Sun Planet retail chain
Milan (Italy), August 1, 2012 – Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a leader in the design, manufacture and distribution of fashion, luxury and sports eyewear announced the closing of its acquisition of more than 120 sun specialty stores branded Sun Planet trademark in Spain and Portugal. The acquisition was previously announced on May 17, 2012.
In 2011, Luxottica acquired the Sun Planet retail chain in Latin America, which was part of Multiopticas Internacional, from the same seller. The transaction involves an enterprise value of approximately Euro 20 million.
Over time, the stores will be rebranded under the Sunglass Hut brand, Luxottica main sunglass specialty chain. Sun Planet operates approximately 90 sunglass retail locations in Spain and 30 in Portugal, mainly in select malls and tourist destinations.