Buying Grandvision will give eyewear and lenses company EssilorLuxottica access to about 5,300 stores across Europe
By Ben Dummett July 31, 2019 5:13 am ET EssilorLuxottica SA ESLOY -0.44% agreed Wednesday to buy control of European rival GrandVision GVNV 5.28% NV for about €5.49 billion , in a move that would further cement the Ray-Ban maker’s global position as the leading manufacturer and retailer of eyewear and lenses.
EssilorLuxottica, based in Paris, was created last year from the €46.3 billion merger between Italian sunglasses maker Luxottica and French lens manufacturer Essilor. That tie-up allowed the two companies to access each other’s markets of frames and lenses without competing. EssilorLuxottica operates more than 9,000 stores, with a large presence in North America through brands like LenCrafters and Pearle Vision, as well as in parts of Asia and Latin America. However, with the exception of Italy, the company’s retail network in Europe is relatively small.
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