(Removes reference to Gucci in paragraph 7)
* Acquisition to boost profitability long-term - CEO
* Mikli had sales of 60 mln euros in 2011
* Luxottica looking at other possible acquisitions
By Sabina Suzzi and Stephen Jewkes
MILAN, Nov 2 Italy's Luxottica Group SpA
, the world's biggest premium eyewear maker, has agreed
to buy French luxury eyewear designer Alain Mikli as it seeks
acquisitions to boost growth.
Luxottica said it had entered an exclusivity agreement with
the company and its co-owner, London-based investment firm NEO
Capital. "It's a brand that gives us image and profitability in
the long term," Chief Executive Andrea Guerra told Reuters in a
No financial details were given. "There's a process, a
formality that normally lasts a couple of weeks," Guerra said.
In 2011 Alain Mikli posted net sales of about 60 million
euros ($77.6 million).
According to analysts, deals of this kind, where a brand is
bought, value the companies at up to 1.5 times sales, implying a
price of around 90 million euros.
Guerra confirmed recent comments that the group was studying
several possible acquisitions, one of which was of domestic
eyewear retailer Salmoiraghi & Vigano.
Luxottica, which makes Ray-Bans as well as sunglasses for
luxury brands such as Prada, has said it expects
profits to grow twice as fast as sales this year. It expects
sales to rise by a high single-digit percentage.
In 2011 it posted net sales of more than 6.2 billion euros.
Analysts are forecasting revenue of more than 7 billion euros in
Luxottica shares were little changed at 29.87 euros at 1200
($1 = 0.7730 euros)
(Reporting by Stephen Jewkes; Editing by David Goodman)