Things Remembered on the Block

Feb 02, 2006 3:31 AM  By

Italian eyewear group Luxottica hopes to sell the Highland Heights, OH-based gifts cataloger/retailer Things Remembered in the next four months for about $180 million. CEO Andrea Guerra made the announcement in a discussion with analysts on Feb. 1, according to published reports. Terry Mulhern, vice president of marketing for the $363 million Things Remembered, declined comment on a possible sale.

Guerra said the Milan-based Luxottica hopes to sell Things Remembered to focus on its optical business. The company, which inherited Things Remembered with its 2004 acquisition of eyeglass retailer Cole National, hired Goldman Sachs to study alternatives for Things Remembered.

“As for Things Remembered, we are down to the short list,” Guerra said, according to Reuters. “There is a 50% chance that in the next 3-4 months we’ll sell it.”

Things Remembered sells personalized gifts such as jewelry, leather goods, and glassware. In addition to roughly 730 U.S. stores and kiosks, it has three print catalogs—a general consumer book, a corporate gifts title, and a wedding collection catalog.

Luxottica makes eyewear for brands such as Dolce & Gabbana and Ray-Ban. It also owns the Pearle Vision, Sunglass Hut, and LensCrafter retail chains.