EVENTS 2006
KEY EVENTS OF 2006
February
Signing of a 10-year license agreement for the design, production and worldwide distribution of sunglasses and prescription frames under the Polo Ralph Lauren brand.
May
Acquisition of Shoppers Optical, one of the largest optical chains in Canada with 74 stores. Luxottica Group becomes the only operator in the optical retail segment in Canada to have full national coverage.
June
Signing of a five-year franchising agreement with Azal Group to open 50 Sunglass Hut stores in the Middle East. Sunglass Hut will operate in major shopping malls, mainly in the United Arab Emirates and Saudi Arabia.
Acquisition of Modern Sight Optics, a leader in China in the premium optical segment with 28 stores in Shanghai. Its stores are located primarily in luxury and upscale shopping malls in the city’s downtown area and affluent residential areas.
Shareholders vote to raise the number of Directors to 14, increasing the number of Independent Directors to six with the appointment of Claudio Costamagna, former chairman of the investment banking division of Goldman Sachs for Europe, Middle East and Asia, and Roger Abravanel, Director of the Italian practice of the consulting firm McKinsey & Co.
September
Completion of the sale of Things Remembered, a non-core business, to GB Merchant Partners, LLC, the private equity affiliate of Gordon Brothers Group, and Bruckmann, Rosser, Sherrill & Co. Things Remembered was acquired in October 2004 as part of the Cole National acquisition.
Opening in Beijing of LensCrafters’ new flagship store at the Oriental Plaza mall, a location symbolizing high-end fashion and luxury shopping in the Chinese capital. This is the first step towards establishing the LensCrafters brand as a synonym for prestige eyewear in China.
November
Acquisition of D.O.C Optics, an optical chain located in the Midwest United States. Luxottica Group strengthens its retail business in North America by adding 100 stores, particularly in the Detroit, Michigan area.
December
Signing of a 10-year license agreement for the design, production and exclusive worldwide distribution of sunglass and prescription frame collections for Tiffany & Co. The agreement marks the entry of Tiffany’s iconic luxury brand into the eyewear market.