Friday, sports eyewear maker Luxottica Group S.p.A. (LUX) and department store operator Macy's Inc. (M) announced the signing of an agreement to open additional Sunglass Hut points of sale in about 430 Macy's department stores in the U.S. Sunglass Hut will be the exclusive operator of Macy's in-store sunglass departments when the rollout is complete. Macy's will be the exclusive U.S. department store with Sunglass Hut locations. Sunglass Hut stores are located throughout the United States.
Together with 240 Sunglass Hut departments already operating in Macy's, this new agreement will bring the total number of in-store Sunglass Hut locations to about 670. New locations, which will operate as leased departments, will begin rolling out in Spring 2010.
The company noted that Macy's will be able to offer a comprehensive assortment of sun eyewear, including brands not previously available in all Macy's stores and with this arrangement Sunglass Hut affirms its positioning in the crucial department stores segment and significantly expands its global presence.
LUX is currently being traded at $25.90 up $0.31 or 1.21% on the NYSE. Macy's stock is currently being traded at $16.12 up $0.31 or 1.96% on the NYSE.
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