Luxottica Group S.p.A. has announced it has entered into an asset purchase agreement
to acquire glasses.com from WellPoint Inc. subject to customary closing conditions.
"Today we are announcing the agreement to acquire a technology which we believe
will benefit the overall eyewear sector and the optical industry in North America, a
crucial market for our group and one we remain strongly committed to" said
Andrea Guerra, Chief Executive Officer at Luxottica. "The acquisition will function
as a starting point to shape an independent, digital platform through which the
North American market can and will access the unique domain, innovating the
shopping experience and improving the quality of products and services available to
consumers."
The eyewear industry in North America is estimated today to be a USD 35.5 billion
market with the opportunity to grow to USD 44-47 billion by 2020 according to
Vision Council and Company estimates. Demographic factors, such as an increase
in the number of individuals needing vision correction products, the projected
increase in eye exams each year, and the greater penetration of premium eyewear
are all expected to drive continued growth.
Luxottica believes that the investment in technology and the development of an
accessible digital platform for the North American trade are crucial next steps in
developing the market to its full potential. By investing in online innovation and
providing accessibility to independent practitioners, Luxottica can offer both the
doctor and the consumer a unique seamlessly integrated, superior experience.
The acquisition of glasses.com will not have a material impact on Luxottica's consolidated financial statement. The agreement is subject to customary closing conditions and the transaction is expected to close in the first quarter of 2014.
Australian company PlanetVA Pty Ltd, the sponsor of this site,
offers similar technology solutions to indepedent and online retailers at affordable
price levels. |
Bookmarks