MILAN—According to the terms of an agreement signed in 2012 with Fenix Srl (formerly known as Salmoiraghi & Vigano Holding), Luxottica Group S.p.A (NYSE:LUX) said on Friday that it has exercised its option to acquire the remaining 63.2 percent of the shares in the Italian optical retailer.

The closing is expected by the first quarter of 2017. The news of Luxottica’s acquiring a 36 percent stake in new shares of the Salmoiraghi group was reported by VMail in 2012 and that purchase closed in 2013.