HAL and Luxottica divide the cake

augustus 17, 2010

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Last Friday HAL Investments, major shareholder of Safilo and owner of Pearle and GrandVision, announced the sale of 60 of its stores in Australia to Luxottica. These 60 stores are known as the Optifashion Group and generate about 20 million euro sales yearly. Luxottica is strong in Australia with more as 500 optical outlets including 280 OPSM stores, 131 Laubman&Pank stores and 89 Budget Eyewear stores. Besides these ones the Italian company has Sunglass Hut outlets in Australia including those located in department stores and about 140 Bright Eyes sunglasses stores. The 60 Optifashion Group stores will further strengthen Luxottica’s presence here. Apparently HAL Investments accepted Luxottica’s supremacy at the continent and did not want to compete anymore with the market leader. The transaction is of course due to approval by the authorities and expected to be finalized in the fourth quarter of this year.

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