March 6, 2018 / 7:36 AM / in a year

Luxottica buys Japanese titanium and gold spectacles maker

FILE PHOTO: The Luxottica's headquaters is seen in downtown Milan, February 1, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italian eyewear group Luxottica (LUX.MI) said on Tuesday it had acquired a 67 percent stake in Fukui Megane, a family-owned Japanese manufacturer specializing in the production of titanium and solid gold spectacles.

The acquisition, for which Luxottica did not disclose a value, allows the world’s biggest eyewear group to gain a foothold in the Fukui eyewear district, near Kyoto, famous for its artisan skills with precious metals such as titanium.

Executive Chairman Leonardo Del Vecchio said Luxottica would invest further to create a production center in the area.

Reporting by Valentina Za, editing by Steve Scherer

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