GrandVision has been growing quickly over the years through acquisitions, particularly in Europe. However, because of the anti-trust investigation that the European Union and other jurisdictions are going to launch into its planned takeover by EssilorLuxottica, group executives indicated that its external growth may slow down. GrandVision has nevertheless just announced yet another acquisition, this time in Switzerland, which is not under the scrutiny of the European Commission because it is not a member of the European Union.
Working through Visilab, a Swiss optical retail chain in which it gradually acquired control between 2007 and 2017, GrandVision has bought all the shares of McOptic, the third-largest optical retailer in Switzerland, with an estimated market share of 5 percent. The acquisition lifts Visilab's market in the country to an estimated 30 percent. No financial details were released.
Founded in 1998, McOptic operates 62 stores, concentrated in the German speaking part of the country. For 2018, the business reported net revenues of 55 million Swiss francs (€50.6m-$56.5m). It has more than 300 employees.
GrandVision said that it particularly values McOptic's mass-market positioning and intends to retain the banner alongside the Visilab and Kochoptik optical retail banners, which are positioned in the mid-to-high and premium segments. The acquisition enables GrandVision to compete in all the market segments in Switzerland.