EssilorLuxottica completes the acquisition of GrandVision
FRANCE / ITALY. In a press release published on December 6, 2021, EssilorLuxottica announced that it controls 99.73% of the shares of GrandVision, the French owner of GrandOptical and GÃ©nÃ©rale d’Optique. The Franco-Italian group launched a takeover bid for its Dutch counterpart on October 7, 2021. It acquired 13.06% of GrandVision’s capital for â¬ 944 million. GrandVision will be “delisted from Euronext Amsterdam as soon as possible,” the statement said. In June 2021, EssilorLuxottica had already acquired 76.72% of GrandVision.
Concentration in the eyewear sector is thus intensifying. EssilorLuxottica is already the result of a merger (2018) between Essilor and Luxottica. Essilor specializes in lenses, Luxottica in frames. With GrandVision, the group will have a chain of 7,000 stores in addition to the 11,000 it already has. To comply with competition rules, EssilorLuxottica must sell 35 stores in Belgium, 174 in Italy and 142 in the Netherlands.
GrandVision achieved sales of 3.481 billion euros in 2020, down 12.2%, while EssilorLuxottica achieved sales of 14.429 billion euros, down 14.6% (at constant exchange rates). EssilorLuxottica owns the Ray Ban brand and holds the Chanel, Prada and Versace licenses.