It bought a 67% stake.
MILAN, ITALY – Luxottica Group S.p.A. has acquired a 67 percent stake in Fukui Megane Co. Ltd, a Japanese company specializing in the production of titanium and solid gold eyewear frames.
Financial terms of the deal were not disclosed.
With the deal, Luxottica establishes itseld in the "production heart of 'made in Japan' in the Fukui eyewear district," according to a press release.
"The acquisition of Fukui Megane represents a first step for the entry of our Group in the world of Japanese production," said Leonardo Del Vecchio, executive chairman of Luxottica Group. "We intend to continue investing to recreate a productive pole of excellence in Sabae, in line with the Luxottica model. For the first time in the history of eyewear, we will have under the same roof two great artisan schools such as the Italian and the Japanese ones."
The transaction is subject to customary closing conditions.