EssilorLuxottica confirms GrandVision acquisition

Optical superpower EssilorLuxottica has acquired HAL Holdings’ 76.72% interest in global eye care retailer GrandVision and will launch a mandatory public offer for the remaining shares when the deal has been rubber stamped.

GrandVision, which owns the Vision Express brand in the UK, was valued at €7.1bn. With the deal, EssilorLuxottica will expand its optical retail platform, primarily in Europe, by adding more than 7,200 stores globally, an extra 37,000 employees and additional €3.7bn in annual revenue.

Stephan Borchert, CEO of GrandVision said: ‘The future integration of GrandVision with EssilorLuxottica brings new opportunities to GrandVision’s business, its well-established retail banners, stores, employees and all our stakeholders. Furthermore, it will create a truly global eyecare and eyewear company that is ideally positioned to capture changing consumer needs and behaviors, and provide its customers with a high quality optical omni-channel customer experience. This transaction is expected to provide value to GrandVision’s shareholders, while allowing for the acceleration of GrandVision’s growth strategy through the expansion of our store network and online platforms. EssilorLuxottica’s interest in joining forces with GrandVision is a clear recognition of GrandVision’s successful strategy, our state-of-the-art retail platform and our people. We look forward to joining forces in what will be an exciting new chapter ahead.’