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EssilorLuxottica sales increase 7%, acquires GrandVision

EssilorLuxottica sales increase 7%, acquires GrandVision

Italian-French eyewear conglomerate EssilorLuxottica announced first-half revenues of 8.776 billion euros, up 7.3% at current exchange rates and up 3.9% at constant exchange rates, compared to the first-half 2018.

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Retail was up 3.6%, with lenses & optical instruments increasing 4.9% and sunglasses &
readers delivering revenue growth of 8.4% during the six-month period.

For the first-half, the global sunglasses manufacturer and distributor said it expanded its footprint in target areas. That included Sunglass Hut in Europe, Ray-Ban in China with more than 150 locations now open in the country, and Óticas Carol in Brazil, adding to the overall growth of its retail division for the period.

“We are pleased with the results of the first half which show growth for the group in terms of sales and a steady pace of profitability,” said EssilorLuxottica’s executive chairman, Leonardo Del Vecchio.

“The quality of our business is reflected not only in the numbers but also in the confirmation of trust and collaboration from Bulgari and other leading luxury and fashion houses,” he continued.

“Unmet demand for eyesight improvement translated into particularly significant gains for Essilor’s vision correction and sun protection solutions as well as for Luxottica’s retail activities,” said Hubert Sagnières, executive vice chairman of EssilorLuxottica.

“The good results posted by the divisions are also proof that buy-in is strong among eyecare professionals for our efforts to reimagine the consumer experience,” he added.

In the same earnings release, EssilorLuxottica announced it has signed an agreement to acquire a 76.72% stake in GrandVision at a cash price per share of 28 euros, from its previous owner, HAL Holding.

Looking ahead, Essilor Luxottica said it now expects the second half of the year to deliver further growth and strong profitability compared to last year, thanks to the launch of new products in the market and improved consumer experience.

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“The expected synergies are well addressed, and we will take action on them according to the plans we communicated to the market,” concluded Del Vecchio.