Safilo announces purchase of two retail chains in Mexico and Australia
With the acquisition of the retail chains Sunglass Island in Mexico and Just Spectacles in Australia, Safilo accelerates the development of its retail project and presses forward with its international strategy
Padova, 5th February 2008, h.9.45am - Safilo Group announces the acquisition of the retail chains Sunglass Island in Mexico and Just Spectacles in Australia.
Safilo, thanks to these transactions, has created the foundations for the further growth of its high-end eyewear retail business, launched with the development of the Solstice chain in the United States and Loop Vision in Spain, and which foresees further international expansion, especially in those countries in which Safilo believes a direct distribution presence is appropriate.
With these acquisitions Safilo Group now counts four operative organisations in the world's principal continents, allowing it to pursue further its long-term strategic project to strengthen its current position in the worldwide eyewear market.
The Mexican retail chain Sunglass Island manages 38 Sunglass Island stores and 7 Island Optica stores, two of the main luxury brands in the prescription frames and sunglass market. The 45 stores, all situated in highly prestigious locations and with a high level of products and customer service, are today present in the country's principal tourist cities from Cancun to Playa del Carmen, Acapulco to Los Cabos.
Sunglass Island and Island Optica have been operating in the market for 15 years under the direction of the Krantzberg family which will continue to work with Safilo Group in the management of the already highly successful business.
The chain's sales at the end of 2007 amounted to approximately 26 million dollars (equal to around 19 million Euro).
Safilo has acquired 60% of the company which manages the retail business for a corresponding amount of around 22 million dollars (equal to approximately 15 million Euro).
Safilo Group has furthermore acquired 100% of the Australian retail chain Just Spectacles which holds an important position in the optical market in Australia. Just Spectacles, with headquarters in Perth, counts 44 stores (12 of which in franchising) located mainly in the Western and Southern territories of Australia.
Just Spectacles, present in the Australian market for over than 20 years, has sales of approximately 24 million Australian dollars (equal approximately 15 million Euro).
The cost of the transaction is around 21 million Australian dollars (approximately 13 million Euro).
Vittorio Tabacchi, Chairman of Safilo Group, stated: "We are very satisfied to announce the purchase of Just Spectacles and Sunglass Island which, together with Solstice and Loop Vision, represent a fundamental stage of our strategy which aims at creating a direct distribution network which enhances the quality and the image of our products and service. It is important to highlight how these new transactions, in two separate continents, confirm Safilo's commitment to the development of an international retail project in the world's more interesting markets."