Luxottica Group S.p.A. (Milan) announced that it will acquire Xueliang Optical, the leading premium optical chain in Beijing, China, for about $25 million.
“Today’s acquisition is a key strategic step for our group,” said Luxottica chairman Leonardo Del Vecchio, “as it strengthens our position in what is fast becoming one of the most important markets in the world for fashion and premium eyewear. In fact, following the completion of this acquisition, Luxottica Group will become one of the leading operators of premium optical stores in the Chinese market, with a total of 149 stores.” Xueliang Optical operates 79 stores in Beijing. Luxottica Group already operates 70 stores in Hong Kong.
Del Vecchio noted that the Chinese are already one of the largest consumer groups in the luxury industry. In addition, urban middle and upper classes — which are estimated to represent two-thirds of total consumption in China — are expected to nearly triple in the next five years, driving growth in the luxury market as well as premium eyewear.