Luxottica Buys Optical Chain in China
Luxottica Buys Optical Chain in Southern China for $35.8 Million to Expand Market Presence
NEW YORK (AP) -- Luxottica Group, a leading designer of eyeglass frames and sunglasses based in Italy, said Tuesday it would pay $35.8 million to acquire Ming Long Optical, the biggest high-end optical chain in the southern province of Guangdong, China, expanding its presence in the fast-growing Chinese market.
The acquisition of Ming Long, which operates 133 stores mainly in Guangdong, will give Luxottica a total of 278 premium optical stores in Beijing and Guangdong province, two of the country's premium optical markets, the company said.
In July, Luxottica paid $25.8 million for Xueliang Optical, an optical chain in Beijing. The company also operates 68 stores in Hong Kong.
Completion of the deal is pending governmental approval, which Luxottica said it expects to receive in spring of 2006.