Italian Sunglass Maker Looks to LatAm

Luxottica Group, the Italian sunglass producer, has bought for EUR40m a 40% stake in retailer Multiopticas Internacional, which runs the GMO, Econoptics and SunPlanet retail brands in Chile, Peru, Ecuador and Colombia. Luxottica calls South America “a region with excellent growth potential.” Under the terms of the agreement, which is expected to close by the end of June, Luxottica will have a call option for the remaining 60% of Multiopticas. The call will be exercisable between 2012 and 2014 at a price to be determined on the basis of Multiopticas’ sales and Ebitda values at the time of the exercise. Last year, Multiopticas’ 393 stores in Chile, Peru, Ecuador and Colombia posted total sales of approximately EUR60m. In 2009, the company expects to open an additional 90 stores in the region, says Luxottica.