MILAN — Italian eyewear maker Luxottica SpA today is expected to reveal that it is acquiring Brazil’s Grupo Tecnol for an enterprise value of about 120 million euros, or $160 million at current exchange, WWD has learned.
This story first appeared in the November 30, 2011 issue of WWD. Subscribe Today.
The Brazilian company, based in Campinas, São Paulo state, designs and manufactures eyewear under license for 14 brands including Benetton SpA, Pierre Cardin and Playboy, as well as own brands Tecnol, Iron and Jean Monnier, according to the firm.
Grupo Tecnol currently operates about 90 retail locations in Brazil, a person familiar with the situation told WWD.
Founded in 1972 by Sérgio Carnielli, Tecnol would make a good fit for Luxottica, whose chief executive officer, Andrea Guerra, has singled out Brazil as a key market for the Italian firm. The Italian eyewear giant is present in the Brazilian market through its Sunglass Hut unit, which is expected to open 15 retail locations in the country by yearend.