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China, the next big fashion & eyewear market says Luxottica
04 Oct '05
2 min read
Frames and sunglasses maker Italian company Luxottica Group S.p.A. announced that it will acquire Ming Long Optical, the largest premium optical chain in the province of Guangdong, China.
As a result, the Group becomes the leading operator of premium optical stores in China, with a total of 278 locations in two of the top three premium optical markets in Mainland China -- Beijing and the Guangdong province -- as well as in Hong Kong, the most important market in Asia for luxury goods.
Group significantly strengthens position as leading Premium Retailer in China with nearly 280 stores.
Leonardo Del Vecchio, Chairman of Luxottica Group, commented that in their view, China is the next big market for fashion and premium eyewear, hence their desire to quickly build critical mass to be the leaders from the onset.
The acquisition firmly establishes their Group's leadership position in the premium segment in that market, nicely complementing the strength of their portfolio -- especially in premium and fashion brands -- and their Group's long-term experience in premium optical and sun retail in some of the world's most important eyewear markets. Next, their team on the ground will focus on consolidating their presence while creating the best premium optical retail model for the Chinese market.
Luxottica Group will acquire 100 percent of the equity interest in Ming Long Group for a purchase price of RMB 290 million (approx. Euro 29 million). Ming Long Optical is expected to post sales for fiscal year 2005 of approx. RMB 115 million (approx. Euro 12 million). Ming Long Optical brings to the Group 133 stores mainly in the Guangdong province.
As a result, the Group becomes the leading operator of premium optical stores in China, with a total of 278 locations in two of the top three premium optical markets in Mainland China -- Beijing and the Guangdong province -- as well as in Hong Kong, the most important market in Asia for luxury goods.
Group significantly strengthens position as leading Premium Retailer in China with nearly 280 stores.
Leonardo Del Vecchio, Chairman of Luxottica Group, commented that in their view, China is the next big market for fashion and premium eyewear, hence their desire to quickly build critical mass to be the leaders from the onset.
The acquisition firmly establishes their Group's leadership position in the premium segment in that market, nicely complementing the strength of their portfolio -- especially in premium and fashion brands -- and their Group's long-term experience in premium optical and sun retail in some of the world's most important eyewear markets. Next, their team on the ground will focus on consolidating their presence while creating the best premium optical retail model for the Chinese market.
Luxottica Group will acquire 100 percent of the equity interest in Ming Long Group for a purchase price of RMB 290 million (approx. Euro 29 million). Ming Long Optical is expected to post sales for fiscal year 2005 of approx. RMB 115 million (approx. Euro 12 million). Ming Long Optical brings to the Group 133 stores mainly in the Guangdong province.
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