The final decision has arrived. After the dispute won in the Arbitration Court in the Netherlands, Essilorluxottica said yes to the purchase of the Dutch retail chain GrandVision, 7 thousand eyewear stores around the world. After the approval of the board of directors, the Italian-French group has made it known that it intends to complete the acquisition of 76.72% of GrandVision held by Hal holding on 1 July 2021, under the terms and conditions established by the agreement of 30 July 2019, i.e. at a price of € 28.42 per share.
“After evaluating all the options available to us, we have decided to complete the operation without further delay. The strategic rationale behind the operation remains strong and intact and, after two years of commitment and relentless work, we are now ready to turn the page and start a new chapter in the history of EssilorLuxottica with GrandVision. We will leverage the knowledge and experience gained over the years to ensure that GrandVision and its 37,000 talented people can become part of EssilorLuxottica, ”said Francesco Milleri and Paul du Saillant, respectively CEO and Deputy CEO of EssilorLuxottica.
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According to the two managers, “retail has returned to growth after the pandemic and we therefore believe that this is the perfect time to expand our network of stores, in order to interact more effectively with consumers and thus increase exposure and the quality of the entire sector “. This, they concluded, “will benefit all stakeholders, including customers, who remain at the center of our strategies.”
The European antitrust had approved in March, with certain conditions, the purchase of GrandVision by EssilorLuxottica for 7.2 billion euros after the eyewear manufacturer Ray-Ban had agreed to sell more than 300 stores in three countries for dispel competition doubts.
EssilorLuxottica, born in 2018 from the merger of the French lens manufacturer Essilor and the Italian eyewear manufacturer Luxottica, also produces eyewear for luxury brands such as Chanel, Prada and Versace.