Luxottica and Essilor Form Joint Venture for the Australian and New Zealand Markets
February 8, 2010 9:50 AM
CHARENTON-LE-PONT, France—Essilor International (ESSI.PA) and Luxottica Group (MTA: LUX; NYSE: LUX) announced today that they have formed a long-term joint venture for the Australian and New-Zealand markets. Under the terms of the agreement, the joint venture will manage Eyebiz Pty Limited, Luxottica’s Sydney-based optical lens finishing laboratory. As a result of this partnership, Eyebiz will be majority-controlled by Essilor.
Eyebiz will continue to supply all of Luxottica’s retail optical outlets in Australia and New Zealand: OPSM, Budget Eyewear and Laubman & Pank, according to Essilor and Luxottica. The Eyebiz management team will remain in place and report to the new Board comprised of Essilor International and Luxottica representatives.