Econostrum | Economic News in the Mediterranean

EssilorLuxottica closes purchase of GrandVision

Written by Gérard Tur on Tuesday, December 7th 2021 à 15:30 | Read 1316 times

The last phase of the acquisition of the Dutch group by the Franco-Italian giant has just been completed on 6 December 2021.

EssilorLuxottica puts the finishing touches to the absorption of GrandVision
EssilorLuxottica puts the finishing touches to the absorption 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 Générale d'optique. The Franco-Italian group had launched a takeover bid for its Dutch counterpart on 7 October 2021. It acquired 13.06% of GrandVision's capital for €944m. 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.
The concentration in the eyewear sector is thus intensifying. EssilorLuxottica is already the result of a merger (2018) between Essilor and Luxottica. Essilor specialises in lenses, Luxottica in frames. With GrandVision, the group will have a chain of 7,000 shops in addition to the 11,000 it already has. To comply with competition rules, EssilorLuxottica must sell 35 shops in Belgium, 174 in Italy and 142 in the Netherlands.
GrandVision generated sales of €3.481 billion in 2020, down 12.2%, while EssilorLuxottica reported sales of €14.429 billion, down 14.6% (at constant exchange rates). EssilorLuxottica owns the Ray Ban brand and holds licences for Chanel, Prada and Versace.

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