All of the stores, operated under the Xueliang Optical name, are in the Beijing area. The 40 units that the Luxottica currently operates are in the Hong Kong market. In its most recent fiscal year, Xueliang Optical stores had sales of euro 10 million ($11.9 million).
Luxottica executives expect the deal to close by the end of the year. They also say that the company is looking at other opportunities to acquire eyeglass chains in China.
Luxottica operates 5,500 optical stores worldwide, including about 850 Lenscrafter stores in North America. Last year it closed on the acquisition of Cleveland-based Cole National, the operator of nearly 2,200 franchised Pearle eyewear stores.
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