Luxottica increases South American retail presence

CEO of Óticas Carol, Mr Ronaldo Pereira, confirmed the buy-out in late January and said the transaction would elevate the business to a whole new level.“Our franchises will belong to a global eyewear company, which brings th a greater sense of security to continue to grow and invest in our brand,” he said.Luxottica has agreed with Óticas Carol shareholders to acquire 100% of its business, which, pending regulatory approval, should be completed in the next few months.{{quote-A:R-W:450-Q: Luxottica has agreed with Óticas Carol shareholders to acquire 100% of its business }}The Brazilian optical franchisor has annual sales figures of about US$214 million (AU$279 m) and doubled its network to 930 stores in just four years through franchise partnerships.Pereira said the agreent would allow the company to continue its planned expansion.Prior to the completion of this deal, Luxottica already had a wholesale presence in Brazil and a factory in Campinas, however, this transaction marks their entry into the optical retail business in Latin America’s most populous country.Luxottica Group founder and chairman Mr Leonardo Del Vecchio said the acquisition would be good for consumers.Before the announcent, Óticas Carol had been selling Luxottica’s luxury brands – Prada, Tiffany & Co and Burberry – while the Italian giant has also operated Sunglass Hut stores in Brazil since 2011.Óticas Carol was founded in 1997 and specialises in prescription eyewear and sunglasses.