Luxottica Has Eyes for China

Luxottica Group S.p.A. (Milan, Italy) has announced that it will acquire Ming Long Optical, the largest premium optical chain in the province of Guangdong, China, for about $34.5 million.

Ming Long operates 133 stores. It is expected to post sales for fiscal year 2005 of approximately $14.3 million.

The international eyewear retailer will now have 278 locations in Beijing and the Guangdong, two of the top three premium optical markets in Mainland China, as well as in Hong Kong. It recently announced the acquisition of the 77-store Xueliang Optical in Beijing.

“In our view, China is the next big market for fashion and premium eyewear,” said Luxottica chairman Leonardo Del Vecchio, “hence our desire to quickly build critical mass to be the leaders from the onset.”