Luxottica Group S.p.A. (Milan, Italy), a designer, manufacturer, distributor and retailer of fashion, luxury and sports eyewear, has entered into an agreement to acquire sunglass specialty retail chains Stanza and High Tech in Mexico.
The two chains have more than 70 stores, which will eventually be rebranded under the Sunglass Hut brand.
“These acquisitions are strategically important in two ways,” says Fabio d’Angelantonio, Luxottica Group’s executive vp, sun and luxury retail. “First, they enable us to establish from day one a very meaningful position in sun retail in Mexico, a very dynamic and fast-growing market. Second, they provide us with an opportunity to strengthen the positioning of our brands and Luxottica’s business overall.”
The transaction is expected to be completed by this summer. Luxottica has a presence in Mexico through its wholesale division, but the new branded stores will be its first foray into retail in the country.