Luxottica buys Brazil retailer Oticas Carol in 110 million euro deal

Italian eyewear group Luxottica has agreed to buy Brazilian optical chain Oticas Carol in a 110 million euro ($117 million) deal that expands its retail footprint in the South American country.

Luxottica, which earlier this month signed a $50 billion merger deal with top lens maker Essilor, is already present in Brazil with a network of Sunglass Hut shops, a manufacturing plant and its wholesale business.

Oticas Carol operates a franchise of around 950 outlets selling both prescription frames and sunglasses, with annual revenue of around 200 million euros. Its main shareholders are investment funds 3i Group, Neuberger Berman and Siguler Guff & Company.