Sunday, November 28, 2010

Luxottica Continues Expansion

The Australian, which has a working agreement with the Wall Street Journal,  is reporting that Luxottica “has acquired the Optifashion chain of 61 optical stores [in Australia], bringing its store portfolio to almost 1000 sites.” 

The report comes after other news sources have published stories about the company's investment rating being dropped by Morgan Stanley and its acquisition of Just Spectacles, also in Australia. 

The Australian's report continues: “Luxottica regional chief executive Chris Beer said that while the discretionary retail market was under pressure, the deal would provide a needed boost to the company's position in the West Australian and South Australian markets.”

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