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Luxottica to acquire Tecnol, a leading eyewear company in Brazil
An ideal platform for growth in Latin America is added to the Luxottica Group
Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), a leader in the design, manufacture and distribution of fashion, luxury and sports eyewear and Grupo Tecnol Ltda, a leading Brazilian eyewear player, have signed an agreement pursuant to which Luxottica will acquire 100% of Grupo Tecnol capital.
As a result of this acquisition, Luxottica will significantly strengthen its presence in Brazil, a country with significant growth potential. Utilizing Tecnol’s excellent, vertically integrated platform will allow Luxottica to increase service levels to customers and its presence in the Brazilian market.
Tecnol has a highly efficient production plant, a portfolio comprising both house and licensed brands, strong wholesale distribution activities, an optical retail chain of 90 stores and a central, leading-edge, laboratory.
“This operation perfectly fits into our long-term growth strategy,” commented Andrea Guerra, Chief Executive Officer of Luxottica. “Brazil is one of the countries where Luxottica aims at being as “domestic” as it is in Italy, where it was established 50 years ago, having deep local roots and investing in people, activities and culture.
Tecnol is the best possible partner for us to strengthen our presence in Brazil and in Latin America as a whole, as it has the same vision, the same approach to excellence in serving consumers and the same vertically integrated business model.”