Luxottica Announces $250M Investment in North American Expansion
Luxottica executives announced that over the next three years, the Italian eyewear company will be investing $250 million in its North American business units. The company plans to open hundreds of new Lenscrafters stores, triple the size of Target Optical retail businesses, and upgrade Sunglass Hut stores located in Macy's and shopping malls. This investment is part of Milan-based Luxottica's goal of growing U.S. retail business by 20 percent to $3 billion by 2016. Currently, sales in North America account for 60 percent of the Italian company's total sales, making North America a vital market for the company.