Milan — Luxottica Group S.p.A., a global eyewear retailer, plans to acquire Erroca, the most important sunglass specialty retail chain in Israel, totaling more than 60 stores.
Milan — Luxottica Group S.p.A., a global leader in the design, manufacturing, distribution and sale of fashion, luxury and sports eyewear, has entered into an agreement to acquire Erroca, the most important sunglass specialty retail chain in Israel, totaling more than 60 stores.
This transaction marks Luxottica’s entry into the sun retail business in Israel, 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.
The entry in the Israeli market is part of Sunglass Hut global strategy of expanding in the so-called “sun belt,” which includes regions with high growth potential and a relevant number of sunny days per year. In 2011, in fact, Sunglass Hut already entered the Mexican, Brazilian and Chinese retail markets. Sunglass Hut is the largest sunglass specialty retailer in the world with more than 2,000 retail locations.
The transaction, valued at euro 20 million, is expected to close by the end of October 2011.
Luxottica Group has approximately 7,000 optical and sun retail stores in North America, Asia-Pacific, China, South Africa, Latin America and Europe. In addition to a global wholesale network involving 130 different countries, the group manages LensCrafters, Pearle Vision and ILORI in North America, OPSM and Laubman & Pank in Asia-Pacific, LensCrafters in China, GMO in Latin America and Sunglass Hut worldwide.
For more information, visit www.luxottica.com.