EssilorLuxottica, the company responsible for the renowned eyewear brand Ray-Ban, has been given the green light by the European Union’s antitrust authorities to acquire GrandVision, a retail chain based in the Netherlands. The deal, which is valued at 7.2 billion euros ($8.5 billion), had raised concerns about potential decreased competition in the eyewear market.

To address these concerns, EssilorLuxottica has committed to selling more than 300 stores in Italy, the Netherlands, and Belgium. This move is intended to limit the merged company’s retail presence and prevent any potential price increases for frame retailers. The European Commission, the EU’s regulatory body for competition, has supported these divestments as a way to ensure a competitive market.

The acquisition of GrandVision is a significant step for EssilorLuxottica, which was formed in 2018 through the merger of French lens manufacturer Essilor and Italian eyewear maker Luxottica. The company is renowned for producing eyewear for various luxury brands like Chanel, Prada, and Versace.

However, the relationship between EssilorLuxottica and GrandVision has not been without challenges. The two companies have been embroiled in a legal battle over how GrandVision has handled the COVID-19 crisis. This dispute is currently being addressed in a Dutch court.

With the approval from the EU, EssilorLuxottica can move forward with its acquisition of GrandVision, further expanding its presence in the eyewear market. The divestment of stores in Italy, the Netherlands, and Belgium ensures that competition in these regions remains robust, ultimately benefiting consumers and other industry players.

This approval signifies a significant achievement for EssilorLuxottica, solidifying its position as a global leader in the eyewear industry. The company’s extensive portfolio of brands and its commitment to addressing competition concerns demonstrate its dedication to providing high-quality eyewear choices and maintaining a competitive market.

Useful links:
1. EssilorLuxottica Official Website
2. GrandVision Official Website