Luxottica goes shopping in Brazil

Luxottica has signed an agreement with Óticas Carol partners for the 100% acquisition of one of Brazil’s major optical franchises with about 950 stores. Set up in 1997 and with total annual billings of around 200 million euro, Óticas Carol offers a wide range of eyeglasses and sunglasses. In recent years, the chain grew significantly by reinforcing management and increasing the number of stores from 500 in 2013 to approximately 950 in 2016, the majority of which are franchises. With a value of 110 million euros, the transaction will be subject to the approval of the regulatory authorities and is expected to be finalized during the first half of 2017.