All Corporate articles – Page 17
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News briefs
Snap buys WaveOptics for $500 million
Snap, the company behind the Snapchat application, is taking over WaveOptics, a U.K.-based supplier of waveguides for smart glasses, according to a report last week by The Verge. Evan Spiegel, CEO of SNAP, later confirmed the acquisition, adding that the company had been working with WaveOptics for many years. Both ...
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Afflelou refinances its debt
In order to refinance its debt, Alain Afflelou, the French optical retailer has reportedly emitted a new series of high-yield bonds for a total of €485 million, coming for the most part to maturation in 2026 at a rate of 4.25 percent. The company already went through a similar operation ...
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ArticleDel Vecchio takes control of Essilux
As largely anticipated by industry observers, EssilorLuxottica’s annual general assembly marked the end of the dual governance era and saw Leonardo Del Vecchio reinforce his control over the merged group. Implemented in 2018, the merger between two global champions in their respective segments of the eyewear market ...
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ArticleINDO invests to become a Mediterranean leader
INDO, the Spanish-based lens manufacturer, increased its market share in Spain by 1.5 percentage points last year, consolidating its position as the third largest lens brand in the country. According to figures provided by the company, its revenues in the lenses’ category went down by 4 percent ...
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Bausch Health might sell Bausch+Lomb, rather than spin it off
Quoting sources close to the matter, Bloomberg News reported last week that Bausch Health was currently exploring the possibility of a sale of its Bausch+Lomb’s eye care business unit, instead of the initially planned spin-off. Before being renamed as Bausch Health, Valeant Pharmaceuticals International had acquired Bausch & Lomb Holdings ...
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New board of directors at Safilo
Safilo Group’s shareholders approved on April 29 the company’s accounts for the 2020 financial year and appointed a new board of directors, increasing its composition from 9 to 10 members. Elected board members proposed by Multibrands Italy, an entity controlled by HAL Holding that holds 49.84 percent of Safilo Group’s ...
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Warby Parker reportedly eyeing IPO
According to a Bloomberg report last week, Warby Parker, the U.S. eyewear brand is considering an Initial Public Offering (IPO) and has started discussions with financial advisers for this purpose. Founded in 2010 by a group of university students, Warby Parker has been one of the first companies in the ...
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ArticleVisottica Comotec reinforces, diversifies portfolio with new acquisition
Visottica Comotec, the Italian supplier of eyewear components, announced on April 10 the takeover of Eurodecori, another Italian company that specializes in the supply of small metallic parts and accessories for the eyewear industry as well, but is also active in the fashion, leather goods and giftware ...
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Safilo agrees with unions on Slovenian plant closure
Safilo announced on April 14 that it has reached an agreement with the Slovenian trade unions and work council concerning the closure of its production site in Ormoz. The decision, which is part of the transformation plan of the Italian group, was first communicated in March. Production volumes in the ...
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Bausch Health pursues debt reduction
Bausch Health announced on April 7 that it will reduce its debt by another $100 million in May through the redemption of outstanding senior secured notes, using cash generated from operations. The Canadian group had already redeemed a total of $200 million through a similar operation in March. Last year, ...
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DTC brand PAIR Eyewear raises $12 million
PAIR Eyewear, a U.S. brand with an online DTC business model, announced on April 1 that is has raised $12 million dollars in an investment round to finance its future development. Several private equity funds took part in the investment round, as well as other investors such as NFL player ...
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Zeiss invests $180m in new U.S. innovation center
As part of its global strategy to expand its presence near research centers and growth markets, Zeiss announced this week the completion of its Zeiss Innovation Center, a new facility located in the San Francisco Bay area. The site will serve as an R&D, production, sales and customer service, bringing ...
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Article
New Look Vision Group changes hands
New Look Vision Group, a leading optical retailer in Canada, has announced an agreement for its acquisition by NL1 AcquireCo, a newly created investment vehicle composed of funds managed by FFL Partners, the Caisse de dépôt et placement du Québec (CDPQ), an investment fund from San Francisco and the family ...
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EMNUK restructures after withdrawing Kodak lenses
EMNUK, a U.K.-based lens manufacturer that is part of the Essilor group of companies, has entered a restructuring process for its Quedgeley site, the Optician reports. The move follows the EMNUK’s decision to remove the Kodak lenses from its portfolio and is said to impact 40 workers, with the company ...
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Article
Maison Bourgeat relaunched in a DTC venture
Vertical integration has been the name of the game lately in many industries including ours, and even more so since the Covid-19 outbreak, with brands going direct to consumer as the dominant pattern. The revival project of the Maison Bourgeat name offers a different picture though, with a 5-store optical ...
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Krys to boost its lens laboratory output
During an official visit of representatives from the Île de France region to its lens laboratory near Paris last week, Krys, one of the leading French optical retailers, announced another investment plan for the extension and modernization of its Codir plant and logistics’ center. The company had already announced investments ...
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J&J takes part in a $36m round for the development of presbyopia correction eye drops
Visus Therapeutics, an American pharmaceutical company based in Seattle, announced yesterday the completion of a $36 million financing round to fund the company’s research on its Brimochol product, an eye drop drug designed to correct the effects of presbyopia with one daily application. The drug is currently in the second ...
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Zeiss Vision Care takes over a U.S. Vision lab
Zeiss Vision Care announced last week the takeover of U.S. Vision’s laboratory in New Jersey, according to a report by Vision Monday. Details of the transaction have not been disclosed but the company said it would keep 150 former U.S. Vision employees onboard. U.S. Vision manages about 370 retail locations ...
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Kering invests in a secondhand luxury fashion items website
Kering, the French luxury group and mother company of Kering Eyewear, took a 5 percent share in the French unicorn Vestiaire Collective, an online platform selling secondhand luxury fashion items. Besides Kering, the U.S. investment firm Tiger Global Management also pitched in the new €178 million financing round, as well ...
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Article
Solstice Sunglasses files for bankruptcy protection
Solstice Marketing Concept LLC, owner of the Solstice Sunglasses retail chain, filed for Chapter 11 bankruptcy protection last week in the Southern District of New York, after its sales nose-dived by more than 50 percent last year from 2019 levels. The company highlighted the impact of the Covid-19 crisis and ...
