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, 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.
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.
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.
Dutch GrandVision, which owns chains like Pearle and Eye Wish, has seen its turnover increase further in the first quarter of 2019. Its profit margin however felt the pressure of the rising costs.
Grandvision, parent company of optical retail chains Pearle and Eyewish, is taking over Dutch pure player Charlie Temple, hoping to build a stronger position in the growing online segment for glasses.
GrandVision has published its first quarter results, with an 8 % turnover increase, largely thanks to acquisitions. The optician chain’s operational profit did drop slightly compared to last year.
Tesco Opticians, British supermarket giant Tesco's optician chain, will become part of GrandVision, a company listed on the Amsterdam stock exchange. The British Bureau of Competition still needs to approve the deal however.
GrandVision's turnover, which owns optician chain Pearle among other chains, managed a higher turnover and a higher net profit in the first half of 2016. Its results also beat previous forecasts.
Optician group GrandVision's turnover and net profit grew a lot in 2015. Pearle and Eye Wish's parent company took full advantage of several acquisitions.
Optician company Grandvision, Pearle and Eyewish' parent company, experienced a 4.1 like-for-like turnover growth. That is slightly below last year's like-for-like turnover growth, which reached 4.3 %.