Luxottica Enters Into an Exclusivity Agreement to Acquire Alain Mikli
MILAN—Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX), with Alain Miklitarian and NEO Capital, the London-based investment firm specializing in the building of luxury brands, today jointly announced that they have entered into an exclusivity agreement pursuant to which Luxottica will acquire 100 percent of Alain Mikli International, the French luxury and contemporary eyewear player.
As a result, Luxottica would significantly strengthen its luxury brand portfolio, a statement from the company said, thanks to Alain Mikli’s distinctive design.
Created in 1978 in Paris, Alain Mikli has been known for innovative design. Luxottica said, "With its sophisticated and subtly off-beat style, it is one of the most recognizable players in the eyewear market." In 2011, Alain Mikli posted net sales of approximately €60 million.
“This proposed operation perfectly reflects our long-term growth strategy,” commented Andrea Guerra, CEO of Luxottica. "Alain Mikli would enrich our luxury eyewear segment and further strengthens our prescription soul, where we have deeply invested in the past years, to further contribute to the Group’s resilient growth. Moreover, Luxottica’s vertically integrated business model and deep know-how of luxury eyewear distribution would allow Alain Mikli to increase its selected global presence.”
“I’m very excited about this new adventure,” commented Alain Mikli. “I have worked for 35 years pursuing the same idea and the same dream: to please our clients. Working with Luxottica will represent a great new opportunity to push the Alain Mikli brand to the next level in distribution, quality and service. Now I can share my passion with many customers around the world.”
David Belhassen, founder of NEO, commented, “Alain Mikli is a true, successful luxury brand and I am pleased that the brand is to be part of such a great group as Luxottica.”
The contemplated acquisition remains subject to discussion and to the completion of the consultation process with Works Council of Alain Mikli, the statement said. A timetable for that was not included in the initial statement.
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