Luxottica Acquires Remaining Sun Planet Retail Stores

Luxottica SpA, the parent company of Oakley and Sunglass Hut, reached an agreement to buy the remaining Sun Planet retail stores, about 120 locations in Spain and Portugal. In a filing to the Italian stock exchange, the company said the operation, which is expected to be completed in the third quarter of this year, has an enterprise value of about EUR20 million. Luxottica, which in 2011 acquired the Sun Planet retail chain in Latin America, said that over time the stores will be rebranded under the Sunglass Hut banner.