South American Luxottica, the Veneto group buys Multiopticas

One could say “from the Alps to the Andes”. After the Mexican shopping last February, the Venetian company pushes south and secures a significant market share in the countries of the Andean arc. From next July, Luxottica will acquire 57% of the stores of the Multiopticas Internacional chain, known in the southern continent for the GMO, Econopticas and Sun Planet brands. The 95 million euro agreement allows the Italian group to increase to 97% of the capital of Multiopticas, of which it already owns 40%. The deal was made possible by the excellent balance sheet figures for 2010, which closed with a turnover of 5,8 billion and a net profit of 400 million, up 35% on the previous year.
Luxottica aims to maintain solid control over every link in the supply chain, from design and manufacturing to distribution, which today has 6400 stores worldwide. The group thus expanded beyond the mature European and North American markets, looking towards the Far East and South Africa. With the expansion of its operations in South America, the company founded by Leonardo Del Vecchio is guaranteeing itself attractive margins in a booming market. Multiopticas boasts an average sales growth of 11% and is expected to close 2011 with a turnover of approximately 95 million euros. (fs)