Industry News
Luxottica Japan Expands in Japanese Eyewear with Washin Optical Acquisition
In a strategic move aimed at bolstering its footprint in the Japanese eyewear market, Luxottica Japan, a subsidiary of EssilorLuxottica, has finalised the acquisition of Washin Optical Co., Ltd., a prominent player in the country's optical retail sector. Washin Optical boasts approximately 70 direct stores across Japan, renowned for their commitment to quality and customer-centric approach.
The acquisition signifies a significant milestone in Luxottica Japan's endeavor to shape the vision care landscape in Japan. With a focus on enhancing appreciation for premium eyewear and eye care solutions among Japanese consumers, the deal aligns with EssilorLuxottica's broader mission of delivering unparalleled customer service.
Washin Optical, founded by Mr. Toru Negishi in 1951, has established a strong presence in the Kanto region, with flagship stores located in prestigious commercial hubs such as Ginza and Shinjuku in Tokyo. The company's heritage of quality and its strategic retail locations make it a valuable addition to EssilorLuxottica's portfolio.
This acquisition not only expands EssilorLuxottica's retail operations in Japan, where it already operates approximately 70 retail locations under iconic brands like Ray-Ban, Oakley, and Oliver Peoples but also reinforces its commitment to growth in the region. Moreover, it provides EssilorLuxottica with invaluable insights into the evolving dynamics of the Japanese eyewear retail industry.
Francesco Milleri, Chairman and CEO at EssilorLuxottica, commented: “When we look at Japan, we see a long runway ahead with potential for growth and expansion – this is what makes it strategic for us. Washin is a company that shares our values, our love for beauty and superior quality, and they will complement our existing network of sun retail banners and our omnichannel and open network approach extremely well. This investment is another sign of our long-term commitment to establishing a bridge between the Japanese culture and a global attitude. We will grow an appreciation for Made in Japan around the world and at the same time deliver our innovations to our customers and partners in the region who remain at the heart of our strategy.”
In recent years, EssilorLuxottica has demonstrated its dedication to Japanese craftsmanship through investments in local production. The acquisition of Fukui Megane, renowned for its craftsmanship and located in the historic Fukui eyewear district, underscores EssilorLuxottica's commitment to excellence in eyewear manufacturing.
The roots of EssilorLuxottica in Japan date back to the late 1980s when Essilor and Luxottica established their first commercial subsidiaries in the country. Subsequently, the company ventured into a successful joint venture with Nikon Corporation in 2000, forming Nikon-Essilor, a wholesale lens business entity based in Tokyo.
With the completion of the Washin Optical acquisition, EssilorLuxottica is poised to further consolidate its position in the Japanese eyewear market and deliver innovative solutions to meet the evolving needs of consumers and industry partners alike.
