Luxottica's Sunglass Hut Further Expands Its Global Footprint by Entering High-Potential Indian Retail Market in Partnership Wit
November 04 2008 - 4:32AM
PR Newswire (US)
- First store to open in November of this year - MILAN, Italy, Nov.
4 /PRNewswire-FirstCall/ -- Luxottica Group S.p.A. (NYSE: LUX; MTA:
LUX), a global leader in the design, manufacturing and distribution
of premium fashion and luxury eyewear, today announced that it is
set to enter the high-potential Indian retail market with the
opening of over 100 Sunglass Hut stores at select high-end malls
and other premium retail locations across India. Luxottica will
open the stores through a landmark franchising agreement with DLF
Group, the leading real estate developer based in New Delhi.
Sunglass Hut, one of Luxottica's leading retail brands, is the only
truly global premium eyewear chain fully dedicated to the sun
segment. The first India-based store will open in November of this
year. Andrea Guerra, chief executive officer of Luxottica Group,
commented: "This is an especially important development for our
Group and a turning point for our business in India. On the one
hand, it allows us to become from day one a key player in one of
the most promising retail markets for premium and luxury brands
working side-by-side with the leading real estate developer in the
market. At the same time, it is an opportunity to further
strengthen the positioning of our key brands, with an expected
benefit for our entire business in that market." Kelvin Coyle,
Chief Executive Officer of DLF Retail Brands Private Limited
commented: "For a few years now, DLF has been involved in
developing important projects for the establishment of big brands
in India, a market that appreciates high quality products. We are
delighted to partner with Luxottica in this important retail
initiative for India. Our strategic intent is to partner with
brands that are leaders in their categories and Sunglass Hut
certainly fits this criteria." Sunglass Hut is the only truly
global specialty sun retail chain in the world. With a total of
over 2,000 stores, it operates in key markets worldwide with stores
in: North and Central America, Australasia, China (including Hong
Kong), the Middle East and South Africa, Southeast Asia (Singapore
and Thailand) and the UK. Mr. Guerra concluded: "We strongly
believe that Sunglass Hut is one of the key opportunities for
growth for our Group in mature and emerging markets alike. Thanks
to its flexible business model and strong single global brand
identity, we have been able to open in key markets on all five
continents. We continue to see opportunities for further expansion
and strengthening of Sunglass Hut's footprint." "It is our
intention to open two Sunglass Huts immediately in New Delhi with a
view to develop the chain to 100 stores across the country," said
Mr. Coyle. Most recently, Sunglass Hut opened the first two of its
15 expected new locations in Thailand. This year, new stores also
opened in the highly strategic Hong Kong market as well as in the
Middle East. Luxottica also announced that it will convert to
Sunglass Hut all 71 sun stores it already owns in South Africa, the
home of the 2010 FIFA World Cup. About Luxottica Group S.p.A.
Luxottica Group is a global leader in eyewear, with over 6,200
optical and sun retail stores in North America, Asia-Pacific,
China, South Africa and Europe and a strong brand portfolio that
includes our key house brand, Ray-Ban, the best selling sun and
prescription eyewear brand in the world, as well as, among others,
license brands Bvlgari, Burberry, Chanel, Dolce & Gabbana,
Donna Karan, Polo Ralph Lauren, Prada, Salvatore Ferragamo, Tiffany
and Versace, and other key house brands Oakley, Oliver Peoples,
Vogue, Persol, Arnette and REVO. In addition to a global wholesale
network that touches over 130 countries, the Group manages leading
retail brands such as LensCrafters, Pearle Vision and Sunglass Icon
in North America, OPSM and Laubman & Pank in Asia-Pacific, and
Sunglass Hut globally. The Group's products are designed and
manufactured in six Italy-based high-quality manufacturing plants,
in the only two China-based plants wholly-owned by a premium
eyewear manufacturer, and in manufacturing facilities in the United
States acquired as part of the Oakley acquisition. For fiscal year
2007, Luxottica Group (NYSE: LUX; MTA: LUX) posted consolidated net
sales of �?�5 billion. Additional information on the Group is
available at http://www.luxottica.com/. About DLF Retail Brands
Private Limited DLF Retail Brands Private Limited is a newly formed
company of the DLF Group whose strategic intent is to develop
successful partnerships with international brands considered "Best
in their Category." The DLF Group is the largest real estate
company in India. The group has over 224 million sq. ft. of
existing development and 755 million sq. ft. of planned projects.
DLF is committed to quality, trust and customer sensitivity, and
deliver on promises with agility, financial prudence and in tune
with the highest global standards. The company has also entered
into several strategic alliances with global industry leaders.
About Sunglass Hut Sunglass Hut is the largest sunglass specialty
retailer in the world with a total of over 2000 locations
worldwide. Sunglass Hut is wholly owned by Luxottica Group.
Additional information is available at http://www.sunglasshut.com/
Safe Harbor Statement Certain statements in this press release may
constitute "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. Such statements involve
risks, uncertainties and other factors that could cause actual
results to differ materially from those which are anticipated. Such
risks and uncertainties include, but are not limited to, the
ability to successfully integrate Oakley's operations, the ability
to realize expected synergies from the merger with Oakley, the
ability to successfully introduce and market new products, the
ability to maintain an efficient distribution network, the ability
to predict future economic conditions and changes in consumer
preferences, the ability to achieve and manage growth, the ability
to negotiate and maintain favorable license arrangements, the
availability of correction alternatives to prescription eyeglasses,
fluctuations in exchange rates, the ability to effectively
integrate other recently acquired businesses, as well as other
political, economic and technological factors and other risks and
uncertainties described in our filings with the U.S. Securities and
Exchange Commission. These forward-looking statements are made as
of the date hereof, and we do not assume any obligation to update
them. DATASOURCE: Luxottica Group S.p.A. CONTACT: Media: Luca
Biondolillo, Group Director of International Communications of
Luxottica Group, Tel.: +39 (02) 8633 4668, or Mobile: +39 (335)
7870 903, or , or Sanjey Roy, Sr. General Manager, Corporate
Communications of DLF Limited, Tel.: +91 (11) 42102111, or Mobile:
+91 (93120) 69104, or ; Investors: Alessandra Senici, Group
Director of Investor Relations of Luxottica Group, +39 (02) 8633
4069, or Web Site: http://www.luxottica.com/
http://www.sunglasshut.com/
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