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Luxottica to produce in Brazil with Tecnol buy

from Reuters

Italy's Luxottica, the world's No. 1 eyewear maker, confirmed on Thursday it agreed to buy Brazilian eyewear maker Tecnol for around 110 million euros to increase its foothold in one of the world's fastest-growing luxury markets. Following earlier media reports, the maker of Ray-Ban and Oakley sunglasses said that the deal would allow it to produce locally, thus cutting the heavy import duties that weigh on many foreign luxury makers coming to Brazil. more

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