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Luxottica to enter Mexican retail market through the acquisition of two sunglass specialty chains totaling more than 70 stores
Milan, Italy, February 17, 2011 – 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 acquire Stanza and High Tech, two sunglass specialty retail chains totaling more than 70 stores in Mexico.
This transaction marks Luxottica’s entry into the sun retail business in Mexico, a country with excellent growth potential and where the Group already has a solid presence through its wholesale division. Over time, the stores will be rebranded under the Sunglass Hut brand, the largest sunglass specialty retailer in the world.
“These acquisitions are strategically important in two ways,” said Fabio d’Angelantonio, Luxottica Group’s Executive Vice President, Sun & Luxury Retail. “First, they enable us to establish from day one a very meaningful position in sun retail in Mexico, a very dynamic and fast-growing market. Second, they provide us with an opportunity to strengthen the positioning of our brands and Luxottica’s business overall.”