Industry News
EssilorLuxottica To Acquire Optical Investment Group
EssilorLuxottica has announced its agreement to acquire the entire share capital of Optical Investment Group, a prominent retailer of optical eyecare and eyewear products in Romania. The deal involves the purchase from Innova/6, a private equity fund associated with Innova Capital Group, along with a group of individual minority shareholders.
According to the company, this acquisition marks a significant advancement for the optical market in Romania, which has a population of approximately 19 million. EssilorLuxottica aims to enhance consumer appreciation for quality eyewear and eyecare solutions while continuing to support its network of over 1,800 customers and partners.
Founded in 2019 through a collaboration with Innova Capital, Optical Investment Group was created by merging two established Romanian optical retail chains, OPTIblu and Optiplaza. Over the past five years, the company has expanded its traditional store network and developed its e-commerce channels, employing more than 650 skilled professionals, including optometrists. Currently, Optical Investment Group operates the largest optical retail network in Romania, comprising 99 directly operated stores under three well-known brands: OPTIblu, Optiplaza, and O51.
Francesco Milleri, Chairman and Chief Executive Officer at EssilorLuxottica, commented: “We are pleased to welcome Optical Investment Group into our network, a well-established player in the Romanian optical market with an experienced management team and a deep knowledge of the local dynamics. Allowing us to further grow our retail presence in the CEE region, this acquisition supports our objective to elevate the Romanian market and expand access to high quality vision care for the benefit of all our stakeholders.”
This acquisition is expected to bolster EssilorLuxottica's presence in the Romanian market and further its commitment to delivering innovative eyewear solutions. The transaction is expected to close in Q4 2024, pending regulatory approvals and other customary closing conditions.
