Luxottica reveals 50% stake in Clulow group

The Italian frame giant and the Optika Clulow group have managed to keep the deal quiet in the UK, despite details being published earlier this year in Italy and Australia. Luxottica recently acquired the OPSM group in Australia and has been linked with a bid for the US optical group Cole National.
Optika Clulow has 46 outlets, mainly in London and the South East, all but 10 trading under the David Clulow Opticians name.
Carlo Merati, managing director of Luxottica UK with responsibility for Sunglass Hut Europe, and Leon Nahon, another Luxottica UK director, both became directors of Optika Holdings Ltd on November 26, 2002.
A joint statement from Optika Clulow and Luxottica UK said it was the sunglass business that was the focus of the investment in the multiple:
'The main reason for this investment by Luxottica, is the strength of the Optika Clulow sunglass operations and it is in line with the Luxottica strategy of expanding its sunglass interests, utilising the know-how and the distribution structure set up following the acquisition of Sunglass Hut in 2001.
'Optika's optical store business and the sunglass business within those stores are not considered strategic for Luxottica and Luxottica will not be participating in the operations of those stores.'
The statement added that there were no plans to change the management of the Optika Clulow Group.
A document dated May 22, published on the Borsa Italiana web site, the stock exchange in Milan, reveals that Luxottica paid E7.62m for its 50 per cent share in Optika Holdings. Optika has seven sunglass outlets: four are in Selfridges stores, one in Harrods, one at Heathrow Airport and one at Jubilee Place in Canary Wharf (see this week's Dispensing Supplement).
In a recent Reuters report Luxottica chief financial officer Enrico Cavatorta said the US rather than Europe was a priority market for Luxottica to expand in retail.
rob.mossrbi.co.uk