Luxottica Group (LUX) sold its Things Remembered unit to private equity group GM Merchant Partners for about $200 million.
Luxottica said late Friday that the business, which had been acquired as part of its purchase of Cole National in October 2004, was "noncore." Things Remembered is a U.S.-based personalized gift retail chain comprising 653 locations nationwide, catalogs and the Internet.
Luxottica doesn't expect the sale to affect 2006 results. The company is confirming its previously announced earnings forecast for fiscal year 2006 of $1.16 to $1.17 an American Depositary Share, including results of Things Remembered's discontinued operations through Friday.