Israeli pharmacy store chain Super-Pharm has signed an agreement to acquire Israeli sunglasses retail store chain Erroca. Market sources value Erroca at more than NIS 75 million.
Super-Pharm already operates optician departments within one third of its stores stores dealing mainly with eye testing by optometrists, prescription spectacles, and contact lenses, so that the acquisition represents an expansion of activities in eyewear. The acquisition is subject to approval by the Israel Competition Authority.
Erroca has 60 stores around Israel, which specialize in sales of international brand name sunglasses. The company, which is owned by Michael and Yaakov Wolf, has 200 employees who will join Super-Pharm.
Erroca will face stiff competition from international chain Luxottica's Sunglass Hut, which signed a franchise agreement in June with Israeli retail fashion chain Fox-Wizel Group (TASE: FOX) to open 50 stores around Israel.
Super-Pharm is Israel's largest pharmacy store chain with 280 outlets around Israel, many of them owned by franchisees.
Published by Globes, Israel business news - en.globes.co.il - on August 28, 2022.
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