Italian-based eyewear giant Luxottica Group SpA no longer views the developing world simply as a place to keep production costs low, but instead as a new market to sell its wares. In order to see its vision through, Luxottica announced Friday March 23, it had acquired two South African eye wear chains for a reported total of €10
million ($13.4 million). Between the two chains, Occhiali for Sunglasses and Sunglasses World, Luxottica will add 65 stores primarily in urban areas like Cape Town and Johannesburg. Blogging Stocks suggests Luxottica is looking to capitalize on the growing interest amongst people in emerging markets to express themselves through fashion. For those unfamiliar, Luxottica operates the LensCrafter and Pearle Vision chains of eyewear retailers in the U.S. and makes glasses under various house labels and licensed designers including Burbery, Chanel, and Versace. —Matthew Wurtzel
See Luxottica press release
See post from Blogging Stocks
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