New York City -- Italian eyewear maker and retailer Luxottica Group SpA said Thursday it will acquire two specialty sunglass retailers in a deal worth about $23 million in a move to gain entry to the Mexican market.
Luxottica’s deal to buy Stanza and High Tech includes more than 70 stores that will eventually be rebranded as Sunglass Hut locations.
"Growth in emerging countries and, more generally speaking, in the so-called sun belt, is one of the key pillars for Sunglass Hut's development," Fabio d'Angelantonio, Luxottica's executive VP sun and luxury retail, said in a statement.
Stanza has sunglass shops in about 40 select department stores and airports in most key Mexican cities, including Mexico City and Playa del Carmen. High Tech runs approximately 30 sunglass shops in certain department stores in Guadalajara, Monterrey and Merida under the High Tech, Euro Vision and Top Vision brands.