HAL Holdings N.V. has released a statement announcing it has signed an agreement with Luxottica Retail Australia Pty. Ltd., a subsidiary of Luxottica Group S.p.A., to sell its Australian optical retail activities, the Optifashion Group.
The Optifashion Group consists of over 60 stores with annual sales of approximately AUD 30 million. In Australia, the Optifashion Group known as Optifashion Australia has 49 company stores and 14 franchise stores under the banners Just Spectacles, Eyedonist, Solstice, AV Simon and Oxford Eyes.
The transaction, announced 13 August 2010, is “still subject to customary conditions for transactions of this nature such as approval by the relevant antitrust authorities. The transaction is expected to be completed in the fourth quarter of 2010,” stated HAL Holdings.