EssilorLuxottica reviewing GrandVision acquisition

EssilorLuxottica could terminate its acquisition of GrandVision after a court confirmed there had been material breaches in GrandVision’s obligations to the frames and lenses company.

All competition authorities have approved the acquisition, but EssilorLuxottica said it welcomed the decision by the arbitral tribunal and would review its options.

Francesco Milleri, CEO of EssilorLuxottica, said: ‘Although we regret that GrandVision’s misconduct has led to this current situation, we are pleased that the tribunal accepted our position on the parties’ commitments and the importance of honouring those commitments.’

Legal proceedings were initiated in July, 2020 by EssilorLuxottica in order to maintain information about how GrandVision managed business during the pandemic. A Dutch District Court dismissed the legal action and EssilorLuxottica appealed the decision.