SCHIPHOL, THE NETHERLANDS: GrandVision N.V., part of the EssilorLuxottica group, and Synoptik Foundation together have entered into an agreement with Mellby Gård AB to acquire the Swedish optical chain Smarteyes through their subsidiary Synoptik A/S, a news release said.
The closing of the transaction is subject to customary regulatory approvals. The financial terms of this transaction have not been disclosed.
Smarteyes was founded in 2007 and by the end of 2020 operated 87 stores, located in Sweden (65 stores), Denmark (12 stores) and Germany (10 stores). In 2020, the business reported a net revenue of SEK 622 million and has more than 500 employees. It is the fourth largest optical retailer in Sweden and the fifth largest in Scandinavia.
GrandVision particularly values Smarteyes’ mission to design affordable glasses for everyone, and its mid- to-low market positioning combined with their transparent pricing model and strong focus on design. The addition of Smarteyes to GrandVision will benefit the dual-banner market strategy in the region alongside Synoptik, GrandVision’s mid-high optical retail banner.
Stephan Borchert, GrandVision’s CEO said, “Smarteyes is a well-positioned concept which provides a highly competitive value-proposition. We see fast growth-opportunities in its stronghold in Sweden and the rest of its locations. This acquisition will strengthen our positioning in the Scandinavian market, as we continue to execute our strategic priorities.”
Thomas Kusoffsky, Smarteyes’ CEO said, “Smarteyes and Synoptik share the same values of providing affordable eye care to our customers. To become a part of GrandVision’s global organization, and benefit from their industrial knowledge, will be an additional enabler for Smarteyes continued success.”
The clearance of the transaction is expected to be completed within 8 months as from the time of the signing of the acquisition agreement.
GrandVision, part of the EssilorLuxottica group, is a global leader in optical retailing, delivering high quality and affordable eye care to more and more customers around the world.