Luxottica, parent company of Oakley, Arnette, Revo, and Ray Ban, is acquiring retailer Sun Planet’s doors in Spain and Portugal, and will eventually rebrand them as Sunglass Hut stores. Luxottica acquired Sun Planet’s Latin America shops in 2011 and now owns the entire chain.
According to Luxottica:
The transaction, which is expected to close during the third quarter of 2012, involves an enterprise value of approximately Euro 20 million. The Sun Planet retail chain operates approximately 90 sunglass retail locations in Spain and approximately 30 in Portugal, mainly in select malls and tourist destinations. In 2011, net sales of the chain totaled approximately Euro 22 million.