The company is also re-branding its Laubman & Pank stores as OPSM in New South Wales and Victoria and will relocate or close some lower-performing stores. Laubman & Pank stores in Queensland, South Australia and Western Australia are not affected.
It is understood 112 Budget Eyewear, Just Spectacles and Laubman & Pank stores will close over the next two years – about 20 per cent of Luxottica’s optical stores in Australia.
According to Luxottica, over the next two years more than 50 stores will be added to the OPSM network, moving from 368 to 419 and, by the end of 2015, there will be more than 470 OPSM stores in Australia and New Zealand.
OPSM’s marketing spend will increase by an additional $5 million this year and its store upgrade and refurbishment capital expenditure program will double to almost $40 million in the period.
OPSM will invest $20 million in optical equipment over the next two years.
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