Luxottica buys the two most important sunglasses chains in South Africa

Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), the world leader of the eyewear sector, yesterday announced the acquisition of South Africa's most important sunglasses chains with a total of 65 stores.

Luxottica Group Chief Executive Andrea Guerra commented: 'The acquisitions announced today are an important step in the global expansion of our retail sunglasses business. Specifically, they will allow us to accelerate growth in a market which we believe offers significant opportunities for the future, thanks to its growing importance as a tourist destination and a population that is very aware of global brands, and Made in Italy in particular'.

Luxottica has had a consolidated presence in the wholesale business in South Africa since 1997. At the beginning of March, the Group had acquired 42 Sunglass World stores, these will now be joined by the 23 Occhiali for Sunglasses stores. The 65 new outlets are located in the best shopping malls in urban areas, including Johannesburg and Cape Town, and the most exclusive commercial areas at airports.

Luxottica's total investment in the two transactions is around 10 million euros.

Subject to the usual legal conditions, both transactions are expected to be completed during the second quarter 2007.

(Source: Press Release)