(31 January 2017) Luxottica Group, a leader in the design, manufacture, and distribution of fashion, luxury, and sports eyewear, signed an agreement with the current shareholders of Óticas Carol under which Luxottica will acquire 100% of Óticas Carol- one of the largest optical franchises in Brazil with approximately 950 stores. Founded in 1997, Óticas Carol has an annual sale of approximately €200 million offering a wide range of prescription frames and sunglasses. Óticas Carol has achieved significant growth in recent years strengthening its management team and increasing its retail footprint from approximately 500 stores in 2013 to 950 in 2016 through established partnerships with franchises. “Brazil is a great country, one we have believed in and operated in for 25 years” according to Leonardo Del Vecchio, the Executive Chairman of Luxottica Group. “With this transaction, we are taking a step further in completing our vertically integrated business model which has shown many benefits for our consumers”. (Red)
