Luxottica (Milan) has bought Brazilian optical chain Óticas Carol for $117 million.
Óticas Carol has 950 franchised stores throughout Brazil, reports Women’s Wear Daily, where Luxottica currently has a factory. Luxottica will also merge with French optical retailer Essilor to become EssilorLuxottica and is planning to expand in Brazil.
“The transaction brings Carol to a whole new level,” said Óticas Carol Chief Executive Officer Ronaldo Pereira. “Our franchisees will belong to a global eyewear company, which brings them a greater sense of security to continue to grow and invest in our brand. Now we have all the necessary tools to move forward with our expansion plans.”