Luxottica to Acquire 120 Sun Planet Retail Locations in Spain and Portugal
| May 2012 12:27 AM |
MILAN—Luxottica Group S.p.A.
(MTA: LUX; NYSE: LUX), announced on May 17 that it has entered into an
agreement to acquire the approximately 120 Sun Planet stores in Spain
and Portugal.
Over time, the stores will be rebranded under the Sunglass Hut brand, the company said. The transaction, which is expected to close during the third quarter of 2012, involves an enterprise value of approximately €20 million.
In 2011, Luxottica acquired from the same seller, Multiopicas International, the Sun Planet retail chain in Latin America.
The Sun Planet retail chain operates approximately 90 sunglass retail locations in Spain and approximately 30 in Portugal, mainly in select malls and tourist destinations. In 2011, net sales of the chain totaled approximately €22 million, Luxottica said.
Over time, the stores will be rebranded under the Sunglass Hut brand, the company said. The transaction, which is expected to close during the third quarter of 2012, involves an enterprise value of approximately €20 million.
In 2011, Luxottica acquired from the same seller, Multiopicas International, the Sun Planet retail chain in Latin America.
The Sun Planet retail chain operates approximately 90 sunglass retail locations in Spain and approximately 30 in Portugal, mainly in select malls and tourist destinations. In 2011, net sales of the chain totaled approximately €22 million, Luxottica said.
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