Luxottica purchases Glasses.com
Wednesday, January 8 2014 | 00 h 00 min | News
Luxottica will acquire Glasses.com and its virtual try-on technology, currently owned by WellPoint.
“[We] are announcing the agreement to acquire a technology which we believe will benefit the overall eyewear sector and the optical industry in North America, a crucial market for our group and one we remain strongly committed to,” said Andrea Guerra, CEO of Luxottica, in a press release. “[We] will invest in innovations to create an enhanced online experience that will be accessible to independent practitioners in North America.”
Luxottica recalls that the eyewear industry in North America is estimated to be a 35.5 billion market that should exceed $45 billion by 2020. The increase in the number of individuals needing vision correction products, the projected increase in eye exams, and the greater penetration of premium eyewear will all drive this growth.
Until now, Glasses.com was managed as a division of 1-800 CONTACTS by WellPoint, a leading player in the U.S. health insurance industry. However, WellPoint recently announced its intention to sell 1-800 CONTACTS. It already has an agreement in principle with the Thomas H. Lee Partners investment firm, which hopes to acquire it.