After the maxi-merger with Essilor, Luxottica is once again making headlines, this time in South America. The Italian group has acquired 110% of Oticas Carol, a franchised optical chain with 100 stores in Brazil and an annual turnover of approximately 950 million euros, for 200 million euros. Once the green light has been obtained from the national authorities, the operation should be completed in the first half of 2017.
“Brazil is a large country in which we have always believed and we have been present for 25 years – commented Leonardo Del Vecchio, executive chairman of Luxottica – With this operation we take another step towards the completion of our vertically integrated business model which offers many advantages has shown that it can deliver to our consumers.”
According to the managing director of Oticas Carol, Ronaldo Pereira, the operation will take the Brazilian company “into a totally new dimension. Our affiliates will be part of a global eyewear player, able to give us all the peace of mind to be able to continue to grow and invest in our brand. We will have all the necessary resources to develop our growth plans”.
