Luxottica to enter retail in south america through 40 percent participation in multiopticas internacional
In addition, this agreement significantly strengthens the commercial relationship between the two companies.
This transaction, which is worth approximately euro 40 million, marks luxottica's entry into the retail business in south america, a region with excellent growth potential and where the group already has a solid presence through its wholesale network.
"The agreement with multiopticas is strategically important in two ways,"Said andrea guerra, chief executive officer of luxottica group. "On the one hand, it enables us to establish from day one a meaningful position in retail in this key ray ban sale uk region with an established network and a well defined growth plan, on the other it provides us with an opportunity to strengthen the positioning of our brands and luxottica's business overall across the region. "
"We are delighted and very satisfied to start our cooperation with luxottica in the south america eyewear market,"Added jose luis carceller, chief executive cheap ray bans uk officer of multiopticas international. "We recognized luxottica as the leading company in our business and we look forward to establish a long and productive relationship with luxottica in the future. "
Under the terms of the agreement, which is expected to close by the end of june, luxottica will have a call option for the remaining 60 percent of multiopticas internacional.The call option will be exercisable by the group between 2012 and 2014 at a price to be determined on the basis of multiopticas' sales and ebitda values at the time of the exercise.
Multiopticas is currently present in south america with 393 stores, as follows:193 stores in Chile, 100 in Peru, 39 in Ecuador and 61 in Colombia.In 2008, these stores posted total sales of approximately euro 60 million.In 2009, the company expects to open an additional 90 stores in the region.
Luxottica group is a global leader in premium fashion, luxury and sports eyewear, with over 6, 150 optical and sun retail stores in north america, asia pacific, china, south africa and europe and a strong and well balanced brand portfolio.Luxottica's key house brands include ray ban, the best known sun eyewear brand in the world, oakley, vogue, persol, oliver peoples, arnette and revo, while license brands include bvlgari, burberry, chanel, dolce gabbana, donna karan, polo ralph lauren, prada, salvatore ferragamo, tiffany and versace.In addition to a global wholesale network covering 130 countries, the group manages leading retail brands such as lenscrafters and pearle vision in north america, opsm and laubman pank in australasia, lenscrafters in greater china and sunglass hut globally.In 2008, luxottica group posted consolidated net sales of euro 5.2 billion.In 1999 it started its operations in south america, first in chile, followed by peru.In 1995 opened its business in ecuador and a year later in colombia.At the present time, opticas gmo is the market leader in all the markets where it operates, with a market share of 25% in chile, 30% in peru, 20% in ecuador and 15% in colombia.Finally gmo is the most developed and better known optical company in south america.
Certain statements in this press release may constitute"Forward looking statements"As defined in the private securities litigation reform act of 1995.Such statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those which are anticipated.Securities and exchange commission.These forward looking statements are made as of the date hereof, and we do not assume any obligation to update them.
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