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ROTH CAPITAL PARTNERS: Hosting 27th Growth Stock Conference March 8-11 in Dana Point, Calif.
Details on Industry Insight.
The company signed a franchise agreement with a local operator for 15 stores. Currently, Sunglass Hut operates 220 stores in include Australia, New Zealand, Hong Kong, Singapore and other Asia Pacific markets.
"The entry into Thailand strengthens our presence in Southeast Asia, a high-potential growth region for the sun retail business," Chris Beer, chief executive officer of Luxottica Group's retail business in the region, said in a statement. "It is also an example of the significant additional opportunities for additional growth that the Group sees for Sunglass Hut both in the region and globally. Specifically, this transaction represents an important step in the development of the Sunglass Hut brand in Asia-Pacific, allowing us to leverage its global attributes while partnering with local expertise to maximize growth opportunities also in new markets."
Luxottica operates 6,200 stores around the world. The closed its acquisition of Oakley in November, 2007.
In April, Luxottica said its integration projects with Oakley are moving quickly and exceeding expectations. The most integration has happened in Europe and emerging markets. Before the acquisition, Oakley had a relatively undeveloped international operation.