The takeover of Pearle's parent company Grandvision by EssilorLuxottica seems further away than ever. The Court of Justice in Amsterdam has ruled that the acquirer is not allowed to inspect the accounts of GrandVision, something the Ray-Ban manufacturer has been demanding for almost a year.
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French-Italian eyewear group EssilorLuxottica has been given the green light from Europe to acquire Grandvision, but it must sell the GrandOptical and Eye Wish stores.
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Optical retailer GrandVision will from now on exclusively stock the sustainable spectacles of the Karün brand. These are made from waste, following a remarkable circular economic model.
GrandVision, owner of eyewear chains Pearle and Eye Wish, has been hit hard by the corona crisis in the past year. The group even had to close the financial year with a loss.
Ray-Ban manufacturer EssilorLuxottica proposed to the European Commission to sell off branches in three member states of the EU. The eyewear giant thus hopes to gain permission to take over GrandVision.
GrandVision, the owner of eyewear chains Pearle and Eye Wish, had a decent quarter considering the circumstances. For the year as a whole, however, the group had to swallow a substantial decline in sales.
(Update) French-Italian manufacturer and designer of glasses EssilorLuxottica seems to no longer be interested in buying GrandVision, the mother company of Eyewish and Pearl. But the company firmly denies these rumours.
The planned merger between GrandVision and EssilorLuxottica is all but dead, as the former now agrees that the deal should be stopped... provided the French-Italian company pays a 400 million euro fee, sparking just another battle in the eyewear war.
The conflict between eyewear groups EssilorLuxottica and GrandVision is escalating: both are taking ever more drastic steps against their adversary in order to bend their "marriage" to their advantage.
Over the past six months, EssilorLuxottica (Ray-Ban, Varilux) has seen its profits evaporate almost completely. In the meantime, the planned merger with GrandVision has led to a war between the two parties.
The European Union imposes conditions on EssilorLuxottica's acquisition of Grandvision (the parent company of Pearle and Eye Wish): the merged company will have to divest stores in Italy and in the Netherlands and/or France.
The European Commission has formulated concerns regarding the acquisition of eyewear retailer GrandVision by EssilorLuxottica, fearing the resulting group could become too powerful as the French-Italian group is already an important producer of eyewear.
Dutch eyewear retailer GrandVision suffered a profit drop last year, despite a 9 % turnover rise. Moreover, the acquisition by EssilorLuxottica is still on hold as European competition authorities want to further look into the deal.
Competing eyewear retailers are concerned about the acquisition of GrandVision by industry giant EssilorLuxottica. They have voiced their grievances to the European Commission, which has yet to approve the takeover.
Charlie Temple, a Dutch online optician belonging to the GrandVision group, is expanding to two more markets: Austria and Belgium.
French-Italian optics group EssilorLuxottica has bought its Dutch competitor GrandVision in a deal that values the latter on 7.1 billion euros. The merger of the companies owning the Ray-Ban glasses and Pearle stores respectively is still subject to approval of the competition watchdogs.