Investment will be spread over five years.

On the heels of a healthy financial report for the third quarter — sales were up 22.8 percent in North America, by far its biggest market — Luxottica has announced that it will spend more than $1 billion over the next five years to upgrade its store network, with special attention to the LensCrafters and Sunglass Hut chains as well as a move to "significantly increase" outlets for Oakley, which Luxottica bought in 2007.

Read more at Wall Street Journal | Reuters