Luxottica enters the Israeli market with the acquisition of Erroca for 20 million

Luxottica today signed an agreement to acquire Erroca, the leading chain of sunwear specialty stores in Israel with over 60 stores. Through this operation Luxottica enters with retail activities in Israel, a country in which it is already strongly present with the wholesale division. The total value of the transaction, which is expected to be completed by the end of October 2011, is approximately 20 million euro. The network of Erroca points of sale is made up of about 60 sunglasses shops, located in the shopping centers of the most important Israeli locations, from Jerusalem to Tel Aviv to Eilat. According to forecasts, Erroca's turnover will reach 25 million euros by the end of 2011. “This operation is particularly significant for Luxottica, as it marks the entry of our Retail division into one of the most dynamic countries with the best prospects for our sector”, commented Fabio d'Angelantonio, Executive Vice President, Sun & Luxury Retail of Luxottica. “Erroca's positioning is perfectly in line with the values ​​of Sunglass Hut and we are convinced that thanks to this operation we will have the opportunity to strengthen the presence of our brands in the country and in general to stimulate the growth of the entire sunglasses category. quality sun. Entry into the Israeli retail market is part of the expansion strategy within sun belt countries, ie countries with a high number of sunny days a year. Previously, in fact, access had been registered in Brazil, Mexico and China.