EssilorLuxottica to Purchase Optical Funding Group & Enter Romanian Optical Retail Market

(PRESS RELEASE) PARIS, FR — EssilorLuxottica broadcasts that it has entered into an settlement for the acquisition of your entire share capital of Optical Funding Group, a number one retailer of optical eyecare and eyewear merchandise in Romania, from Innova/6, a personal fairness fund from Innova Capital Group, and a bunch of particular person minority shareholders.

The settlement represents a major step ahead in elevating the optical market in Romania for the advantage of all business gamers. It should enable the Firm to develop appreciation for high quality eyewear and eyecare options amongst customers within the 19 million individuals nation, whereas on the identical time persevering with to ship our improvements to our greater than 1,800 valued prospects and companions who stay on the coronary heart of our technique.

Optical Funding Group was set-up in 2019 in cooperation with Innova Capital by combining two established Romanian optical retail chains – OPTIblu and Optiplaza. Over the previous 5 years, Optical Funding Group has not solely considerably expanded its community of conventional shops, however has additionally developed e-commerce channels, with a complete of greater than 650 gifted staff and optometrists. Optical Funding Group operates via the nation’s largest optical retail community comprising 99 instantly operated shops, underneath three well-known banners: OPTIblu, Optiplaza and O51.

Francesco Milleri, chairman and chief govt officer at EssilorLuxottica, commented: “We’re happy to welcome Optical Funding Group into our community, a well-established participant within the Romanian optical market with an skilled administration crew and a deep information of the native dynamics. Permitting us to additional develop our retail presence within the CEE area, this acquisition helps our goal to raise the Romanian market and broaden entry to prime quality imaginative and prescient look after the advantage of all our stakeholders.”

The transaction is predicted to shut in This fall 2024, pending regulatory approvals and different customary closing situations.