Essilor International Expands Its Footprint in Europe and Latin America
Tuesday, February 12 2019 | 11 h 12 min | News, Press Release
Essilor International, an EssilorLuxottica subsidiary, is actively pursuing its acquisition and partnership strategy with the completion of four transactions worldwide, representing combined full-year revenue of around €48 million.
Essilor further strengthens its development strategy
in Germany, the fifth largest ophthalmic optics industry in the world. To speed
up the development of a drive-to-store model that gives consumers access to the
latest digital technologies combined with the expertise of independent
opticians, Essilor signed an agreement to acquire 100% of Brille24 GmbH. The
latter is one of the leading online retailers of optical products in Germany
with annual revenue of close to €25 million. The acquisition of Brille24 is
subject to approval of the German competition authority (Bundeskartellamt).
The Company reinforces its presence in Greece, where Essilor partner Shamir
acquired Union Optic, a prescription laboratory that also distributes optical
instruments. Union Optic generates annual sales of about €9 million and
operates four branches across Greece and Cyprus. Union Optics acquisition by
Shamir will strengthen the footprint of the Essilor Group in the territory,
where Bairamoglou and Unilens are long standing distributors of Essilor lens
and Nikon lens, respectively.
Essilor also expands its coverage of Latin America to
ensure broader access to its innovations in markets there.
Essilor acquired a majority stake in Indulentes, one of the leading
prescription laboratories in Ecuador with annual revenue of USD9 million.
Indulentes will leverage Essilor’s technological know-how to accelerate its
expansion in a local market that holds huge potential for progressive and
antireflective lenses. This acquisition represents Essilor’s first move into
Ecuador.
In Argentina, Essilor acquired a majority stake in Metalizado Optico Argentino
S.A. (MOA), one of the country’s leading prescription laboratories. Buenos
Aires-based MOA generates annual revenue of about USD7 million.
Click HERE for the full press release.
