EssilorLuxottica chairman Leonardo Del Vecchio

EssilorLuxottica intends to acquire full ownership of GrandVision ‘to create a truly global eyecare and eyewear company’, adding €3.7 billion to its annual revenue.

The acquisition will see the global eyewear giant ‘expand its optical retail platform’ by adding more than 7,200 stores and 37,000 employees worldwide, but with a primary focus on Europe.

EssilorLuxottica chairman Leonardo Del Vecchio said, "The acquisition of GrandVision represents the realisation of a vision that has guided my actions and the growth of Luxottica over all these years. With GrandVision we will be able to develop our retail network, finally extended throughout the geographies, and fully enable our multichannel and digital platforms.”

The takeover is subject to regulatory approvals and mandatory consultation procedures and is expected to be effective within 12-24 months.