Double acquisition for Essilor Luxottica which thus aims at further diversification of the group, in the field ofclothing, and in that of medical technology: concern respectively Supreme and Heidelberg Engineering. The Paris Stock Exchange did not like it and the stock lost more than 4%%, in a Cac 40 still down by 0,28%.
The Supreme brand deal is worth $1,5 billion
The French-Italian eyewear manufacturer, controlled by Dolphin (the safe of Del Vecchio family) announced the signing of a definitive agreement with the fashion conglomerate V.F. Corporation which has decided to exit the brand Supreme, global leader in the clothing, footwear and lifestyle accessories sector: the agreed figure is 1,5 billion dollars in cash. The transaction is expected to close by the end of 2024 and is subject to customary market conditions and approval from relevant regulatory authorities. ExilorLuxottica is already present in the clothing sector through the American brand Oakley, which in addition to glasses also has a line of sportswear. V.F. Corporation has brands such as Timberland, Vans, Eastpack, Northface and Dickies in its portfolio,
“The entry of an iconic brand like Supreme into our group represents an incredible opportunity for us” as the brand “aligns perfectly with our path of innovation and growth, offering us a direct connection with new audiences, languages and creative dimensions” they said Francesco Milleri, president and CEO e Paul du Saillant, deputy CEO of EssilorLuxottica. Bracken Darrell, president and CEO of VF, recalled that “Supreme has strengthened its presence in strategic markets such as China and South Korea and has returned to recording solid growth. Nonetheless, given the brand's unique business model and VF's integrated model, following a strategic review of our portfolio, we believed that the synergies between Supreme and VF are limited, which makes this transaction a natural step." . For James Jebbia, founder of Supreme, EssilorLuxottica is "a unique partner who has understood that we are at our best when we remain true to ourselves, continuing to work and grow as we have done for the last 30 years".
Entry into medical technology with 80% of German Heidelberg Engineering
EssilorLuxottica then announced the signing of an agreement for the acquisition of an 80% stake in Heidelberg Engineering, a German company specializing in diagnostic, surgical technologies digital, and IT solutions forclinical ophthalmology. An agreement that represents a further step forward in the Group's strategy and its path in the med-tech field.
Founded by Gerhard Zinser and Christoph Schoess in 1990, Heidelberg Engineering has a vast technological and scientific expertise in optical coherence tomography (OCT), real-time image processing and analysis, large-scale data analysis and digital surgical navigation for the benefit of health, science and research professionals in various fields of ophthalmology. It is present in more than 100 countries and, for over thirty years, has been a point of reference in the early diagnosis of eye diseases such as glaucoma and age-related macular degeneration.
“The acquisition of Heidelberg Engineering, known worldwide for its expertise in surveying and early diagnoses, fits perfectly into EssilorLuxottica's strategy grow in med-tech“, underlined Milleri and du Saillant.
