Abstract. We investigate the geometric theory of local MV-algebras and its quotients axiomatizing the local MV-algebras in a given proper variety of MV-algebras. We show that, whilst the theory of local MValgebras is not of presheaf type, each of these quotients is a theory of presheaf type which is Morita-equivalent to an expansion of the theory of lattice-ordered abelian groups. Di Nola-Lettieri's equivalence is recovered from the Morita-equivalence for the quotient axiomatizing the local MV-algebras in Chang's variety, that is, the perfect MV-algebras. We establish along the way a number of results of independent interest, including a constructive treatment of the radical for MV-algebras in a fixed proper variety of MV-algebras and a representation theorem for the finitely presentable algebras in such a variety as finite products of local MV-algebras.