El Corte Inglés and GrandVision Sign Agreement to Boost Development of Óptica2000 in Spain

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MADRID—El Corte Inglés, a premier Spanish department store retailer, and GrandVision, a leading global optical retailer, have reached an agreement for the Dutch-based GrandVision group to acquire the optical retail chain Óptica2000. This will enable the Spanish brand to embark on a new phase of growth as part of the world leader in optical retailing, the companies said, adding that following the acquisition of Óptica2000, GrandVision has become the preferred optical retail partner within the El Corte Inglés network.

GrandVision, which particularly values Óptica 2000's positioning in the domestic market, said it will retain the Spanish brand, in addition to its already existing +Vision brand. The operation will enable the Dutch group to generate synergies by integrating its operations and supply chain, while at the same time boosting the development of Óptica2000, a combination which will strengthen GrandVision's position in the Spain market.

For El Corte Inglés, the company said, "This agreement represents another step forward in its strategy of specialization, by transferring the management of these spaces to the leader in optical retailing. GrandVision has agreed to modernize and refurbish existing Óptica2000 stores and to open new stores within the El Corte Inglés network in the coming years."

Óptica2000 was founded in 1976 in Barcelona and it is the fourth largest optical retailer in the Spanish market, with a network of 106 stores throughout Spain and two in Portugal. The majority of those establishments are in El Corte Inglés department stores, with a strong presence in Madrid and Catalonia. In financial year 2017, Óptica2000 generated a revenue of 83 million euros. Its business model focuses on offering high-quality optical products and hearing aids, with a high-end positioning, as well as specialized eye and hearing tests.

Stephan Borchert, CEO of GrandVision, commented, "Óptica2000 is a well-established business with a very loyal customer base, and its acquisition, together with our business +Vision, enables us to offer high-quality eyecare solutions in all the segments of the Spanish market. We are very enthusiastic about strengthening our position in the important Spanish market through this acquisition, and we will also benefit from the strong loyalty of El Corte Inglés customers and the excellent locations of the stores."

Víctor del Pozo, CEO of El Corte Inglés added, "this operation is a good opportunity to advance in our commitment to specialization, as the management of Óptica2000 will be in the hands of one of the world leaders in the sector, which will enable the chain to embark upon a new phase of growth. It will also make it possible to increase the range offered to customers, as the entire catalogue of the new operator will be available within the El Corte Inglés Marketplace, thereby expanding our commercial offering in the online channel."