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Luxottica, the owner of Oakley, Ray-Ban and many other brands, said this morning that it is buying a Brazilian eyewear company called Grupo Tecnol.
Tecnol, with annual revenue of 90 million Euros, owns a production plant, manages house and licensed brands, has a strong wholesale business, and owns a 90-store retail chain.
Luxottica said the move with strengthen its presence in Brazil, currently a top 10 wholesale country for the company. Luxottica believes Brazil will become a top five country after the acquisition.
Luxottica has targeted Brazil, along with China, India, Mexico and Turkey, for major growth and investment initiatives.