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Luxottica Group Sells Things Remembered PDF
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Tuesday, 03 October 2006
Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) announced on 29 September that it has sold the Things Remembered subsidiary of Cole National to GB Merchant Partners, LLC, the private equity affiliate of Gordon Brothers Group, and Bruckmann, Rosser, Sherrill & Co. (“BRS? for consideration with an approximate value of US$200 million.

This business, which had been acquired in October 2004 through the acquisition of Cole National, was non-core for Luxottica Group and, since the acquisition, the Group managed it separately from its eyewear retail business through a separate corporate structure. Things Remembered is a U.S.- based personalised gift retail chain that serves customers through 653 locations nationwide, catalogs and the Internet.

The closing of the sale took place simultaneously with the signing of the purchase agreement with GB Merchant Partners and BRS.

The sale of the Things Remembered business is not expected to have an impact on the Group’s 2006 results. As a result, Luxottica Group confirms its previously announced earnings forecast for fiscalyear 2006 of between €0.93 and €0.94 per share (or between US$1.16 and US$1.17 per American Depositary Share), including results of Things Remembered’s discontinued operations through today.