Luxottica Japan, part of EssilorLuxottica, has acquired local retailer Washin Optical Co., as the Italian eyewear firms looks to grow its presence in Japan.
SEE ALSO: EssilorLuxottica inks new eyewear licensing agreement with Moncler
Financial terms of the deal were not disclosed.
Washin, a Japanese optical retail player counting approximately 70 direct stores, was founded by Toru Negishi in 1951, with the opening of its inaugural store in Urawa, Saitama. Today, Washin stores are mostly located in the Kanto region, with flagships situated in prominent commercial districts, such as Ginza and Shinjuku in Tokyo.
Essilor Luxottica said the acquisition looks to pave the way for further investments in Japan and will give the eyewear manufacturing company insight into the dynamics and future development of the Japanese eyewear retail industry. It will also serve as a platform to further increase the group’s retail presence in the country, according to a press release.
“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,” said Francesco Milleri, chairman and CEO at EssilorLuxottica.
“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.”
EssilorLuxottica has previously invested in its Made in Japan production, through the acquisition of Fukui Megane, a manufacturing capability in the Fukui eyewear district.
In addition to manufacturing, EssilorLuxottica directly operates approximately 70 retail locations under the Ray-Ban, Oakley and Oliver Peoples banners, as well as across department stores, and serves thousands of independent eyecare professionals and key partners.
EssilorLuxottica first touched down in Japan between 1986 and 1990, when Essilor and Luxottica opened their first commercial subsidiaries. The company later entered into a joint venture with Nikon Corporation in 2000 for the creation of Nikon-Essilor, a wholesale lens business entity based in Tokyo.