Pending acquisition set to expand Essilor?s reach

Last week, the company entered into a definitive agreent to buy MyOptique Group, a leading European online prescription glasses, contact lenses and sunglasses business.The UK-based online retailer, which reported £57 million (AU$98.2 m) in revenue in the year ended 30 April 2016, is believed to serve approximately one million active customers.According to Essilor, MyOptique’s unique value proposition is built around a successful multi-brand model deployed through a number of local websites, including Glasses Direct (prescription glasses) and SunglassesShop (non-prescription sunglasses) in the UK, Lensbest (contact lenses) in Germany and LensOn (contact lenses) mainly in the Nordic countries. The company has also developed several house brands, such as London Retro and Scout.“The acquisition will enable Essilor to broaden its online footprint to Central Europe and to enhance its capabilities in successful multi-category, multi-brand models,” an Essilor statent read.The transaction was also said to be consistent with Essilor’s mission to “improve lives by improving sight”.“Essilor’s online business helps to raise awareness among an ever-growing community of consumers about the importance of protecting and correcting their eye sight,” the statent added. “It also facilitates access to high-quality optical products that improve visual health, thus benefiting all industry players.”Commenting on the agreent, MyOptique chairman Mr Maurice Helfgott said, “[MyOptique] has achieved pan European scale, is growing fast and had a number of strategic options for its next stage. Joining Essilor, the world leader in ophthalmic optics, was by far the most compelling one.”MyOptique’s key managent team will rain in place following the acquisition, although it was noted the transaction rained subject to customary closing conditions.