BIZCHINA / Overseas Investment
Italian optician giant to acquire Shanghai Xiandai Optical
(Xinhua)
Updated: 2006-06-28 16:39
Italian optician giant Luxottica Group is set to offer 140 million yuan
(17.5 million U.S. dollars) to acquire Shanghai Xiandai Optical, Shanghai
Securities News reported on Tuesday.
This follows its 169-mln-yuan acquisition of Beijing Xueliang Optical,
proving that Luxottica is pressing on with its expansion into China's
optical market, the newspaper quoted insiders as saying.
If successful, Luxottica would compete in Shanghai's optical market with
the European optician giant HAL Investment (Asian) BV, who has acquired a
78 percent share in vintage Shanghai-name brand Hongxing Optical with 214
million yuan, the newspaper said.
Staff of Shanghai Xiandai Optical confirmed that the two sides are in
discussions over the acquisition, but refused to reveal details.
Chairman of Luxottica, Leonardo Del Vecchio said that the acquisition
would enable the company to access Shanghai's mid and top-grade optical
market since Shanghai Xiandai Optical owns 28 top-grade optical stores at
present, which are mainly located in the downtown area of Shanghai.
After the acquision, Luxottica will have 290 outlets in China, including
75 in Beijing, 54 in Hong Kong and 133 in southern Guangdong Province.
Statistics show that the output value of China's optical industry in 2005
reaches 18 billion yuan and the optical export rises by 52.66 percent
over that of 2004 to about 3.4 billion yuan.
(For more biz stories, please visit Industry Updates)
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