Luxottica Acquires Spain’s Inveroptic Sun Retail Locations

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MILAN— Luxottica Group S.p.A. (MTA: LUX; NYSE: LUX) have announced that it has entered into an agreement to acquire through Sunglass Hut Iberia S.L. a 100 percent share of the Spanish company Inveroptic, S.A.U. (“Inveroptic”).

Inveroptic operates a network of 10 stores under the Cottet Sol retail brand. Inveroptic stores are mainly located in Barcelona and in the Travel Retail channel (Barcelona and Madrid airports).

The transaction anticipates the gradual rebranding of the Cottet Sol stores under the Sunglass Hut brand, the company said.

According to the company, the acquisition of Inveroptic confirms Luxottica’s strategy of strengthening its presence with sun specialty stores in the so-called Sun Belt countries which are the markets characterized by a high percentage of sunny days, a highly developed tourism industry and a fashion and luxury driven population.

The transaction is expected to close during the second quarter of 2014.