EssilorLuxottica Expands Portfolio with Acquisition of Pucore’s Lens Materials Division

EssilorLuxottica has announced an agreement to buy the ophthalmic lens division of South Korea’s Pucore. It thus acquires all of its assets and entities involved in the development of this segment, it said in a statement.

The optical giant, owner of brands such as Ray-Ban and Oakley, has acquired a complete R&D unit, a materials production plant and a sales office in South Korea. In addition, the group highlights the acquisition of “a portfolio of intellectual property” in terms of product formulations and production processes.

ElissorLuxottica’s goal is to “raise standards in research, development and manufacturing” of lenses and “expand knowledge upstream in the value chain.“ It assures that it will increase its performance and the sustainability of processes and supplies.

The cost of the deal has not been made public, and the transition is expected to close by the end of the year, still pending the relevant regulatory approvals.

EssilorLuxottica expects to close the transaction by the end of the year, pending regulatory approvals

A month ago, the company also closed a deal to acquire one of Malaysia’s largest optical companies, which operates more than 90 stores under the names A-Look, Seen and Owl.

Earlier this year, it announced its expansion into the hearing sector with the purchase of France’s Pulse Audition and, two years ago, it acquired Nuance Hearing, another company dedicated to hearing solutions.

EssilorLuxottica closed its first quarter of the year on an upward trend, with revenues of €6,848 million, an 8% increase over the previous year. This rise was led by the increase in direct-to-consumer sales, where the company posted a rise of 11%, followed by a 5.1% increase in sales of professional solutions.