Luxottica Buys Brazilian Eyewear Firm Grupo Tecnol for €120M
Italian eyewear giant Luxottica has snapped up Brazilian optical materials company Grupo Tecnol in a deal worth around 120 million euros. Founded in 1972 in Campinas by Waldir Jorge, Grupo Tecnol designs and produces optical materials under license from fourteen brands, including Benetton, Pierre Cardin, and Playboy. The company operates in 90 retail points across Brazil.
Under the acquisition, Luxottica aims to expand its presence in the Brazilian stock market today. By the end of the year, the Italian group plans to open fifteen new retail points under the Sunglass Hut brand. Grupo Tecnol, which also owns three proprietary brands - Tecnol, Iron, and Jean Monnier - will continue to operate under its own name. Waldir Jorge, the founder, will remain involved in the company's management.
The acquisition of Grupo Tecnol by Luxottica is expected to strengthen the Italian group's position in the Brazilian stock market today. With the addition of fifteen new retail points under the Sunglass Hut brand, Luxottica will expand its reach, offering more options to Brazilian consumers. The deal, worth approximately 120 million euros, is a significant investment in the Brazilian stock market today.
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