Luxottica Group S.p.A. (Milan), a designer, manufacturer and distributor of fashion, luxury and sports eyewear, has signed an agreement with Grupo Tecnol Ltda (Campinas, Brazil) to acquire all of Grupo Tecnol capital.
The purchase will include Tecnol’s production plant, a portfolio comprising both house and licensed brands, wholesale distribution activities, an optical retail chain of 90 stores and a laboratory. The company’s brand portfolio includes Platini, Jean Monnier and Tecnol.
The deal is expected to close by the beginning of 2012, with Luxottica initially acquiring 80 percent of Grupo Tecnol capital with the remaining 20 percent purchased over the next 4 years. "This operation perfectly fits into our long-term growth strategy," says Andrea Guerra, ceo, Luxottica. "Brazil is one of the countries where Luxottica aims at being as ‘domestic’ as it is in Italy. Tecnol is the best possible partner for us to strengthen our presence in Brazil and in Latin America as a whole, as it has the same vision, the same approach to excellence in serving consumers and the same vertically integrated business model."
Brazil represents one of the top 10 countries for Luxottica's Wholesale Division. Going forward, Luxottica plans to leverage the acquisition to establish a major presence in the Brazilian market.
Established in 1972, Grupo Tecnol posted net sales of approximately 90 million Euros in 2010.