EssilorLuxottica enters optical retail in Romania, signing the agreement with Optical Investment Group
By entering the dynamic Romanian optical retail market, the Group will further expand its existing footprint in the region and advance in its commitment to enhance access to high-quality vision care worldwide
EssilorLuxottica announces that it has entered into an agreement for the acquisition of the entire share capital of Optical Investment Group, a leading retailer of optical eyecare and eyewear products in Romania, from Innova/6, a private equity fund from Innova Capital Group, and a group of individual minority shareholders.
The agreement represents a significant step forward in elevating the optical market in Romania for the benefit of all industry players. It will allow the Company to grow appreciation for quality eyewear and eyecare solutions among consumers in the 19 million people country, while at the same time continuing to deliver our innovations to our more than 1,800 valued customers and partners who remain at the heart of our strategy.
Optical Investment Group was set-up in 2019 in cooperation with Innova Capital by combining two established Romanian optical retail chains - OPTIblu and Optiplaza. Over the past five years, Optical Investment Group has not only significantly expanded its network of traditional stores, but has also developed e-commerce channels, with a total of more than 650 talented employees and optometrists. Optical Investment Group operates through the country’s largest optical retail network comprising 99 directly operated stores, under three well-known banners: 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.”
The transaction is expected to close in Q4 2024, pending regulatory approvals and other customary closing conditions.