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HomeminewsLuxottica First to Israel

Luxottica First to Israel

Global eyewear chain Luxottica will be the first foreign company to enter the Israeli accessories market, after the country’s Antitrust Authority approved the acquisition of Erroca, despite fierce opposition from the Israeli optical industry.[/vc_column_text][/vc_column]

The takeover by Luxottica, which sources say is worth 20 million Euros, will see the Erroca brand replaced by Luxottica’s own Sunglass Hut label.

Luxottica executive Fabio d’Angelantonia said the “acquisition is strategically important to Luxottica, as it allows us to establish a meaningful retail presence in Israel, a very dynamic and fast-growing market”.

Israeli optical chains – including Optics Halperin, Opticana and Super-Pharm Optics – opposed Luxottica’s entry into the Israeli market, but their objections were over-ridden by the Antitrust Authority, which approved the sale last month.

Erroca, founded in 1987, was Israel’s leading company specialising exclusively in sunglasses with 63 branches nationwide and 400 employees across the country.