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| Recent ad for the Luxottica brand OPSM |
"The retail industry has been dealt another blow this morning after
Luxottica Group announced it would shut more than 100 stores in
Australia and New Zealand over the next two years as it attempts to
restructure and consolidate its brands to focus on its OPSM label," according to a
post on Smart Company (Australia). "The move comes not only as the overall retail market is continuing to
struggle, but also as designer eyewear and optical products are coming
under pressure from new discount entrants. Luxottica, the largest eyewear retailer in the world, has announced
it will close 10% of its Australian and New Zealand stores in order to
focus on OPSM. However, more than 50 stores will be added to that network, with an
extra $40 million in capital expenditure assigned to the chain. Luxotica
expects to build a footprint of about 470 stores."
Read more.
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