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Luxottica acquires 67% stake in Japanese eyewear maker

Italian eyewear maker Luxottica Group SpA on March 6 said it acquired a 67% stake in Japanese eyewear manufacturer Fukui Megane Co. Ltd. for an undisclosed sum.

The deal gives Luxottica control of a producer of eyewear frames made of precious metals such as titanium and gold in the Fukui eyewear district in the town of Sabae, which the company described as "the production heart of 'made in Japan.'"

"For the first time in the history of eyewear, we will have under the same roof two great artisan schools such as the Italian and the Japanese ones," said Leonardo Del Vecchio, executive chairman of Luxottica.

According to the release, the transaction is subject to customary closing conditions.

Luxottica in January 2017 agreed to merge with lenses maker Essilor International SA, based in Charenton-le-Pont, France, in order to better seize growth opportunities resulting from strong demand in the eyewear market. It said Feb. 26 it expected the Essilor deal to close in the first half of 2018.