CHARENTON-LE-PONT, France—Essilor announced that it formed a new partnership by taking a 50 percent stake in Photosynthesis Group, a Hong Kong-based company that markets sunglasses and corrective lenses under a range of banners including MJS.

It primarily operates through a network of franchised shopping mall stores in China and has begun expanding abroad in Southeast Asia. The partnership will help to drive faster growth in the Chinese optical industry, while enabling Essilor to broaden its footprint in the promising sunwear segment, Essilor said in a statement.

Separately, Essilor said it has agreed to purchase a 55 percent equity interest in Jiangsu Creasky Optical, an ophthalmic lens manufacturer and distributor based in Danyang, China. Jiangsu Creasky Optical employs more than 300 people and primarily serves the domestic market. Its acquisition, which is subject to regulatory approval, is designed to expand Essilor's offering in the Chinese mid-range segment.

Together, these two partnerships are expected to result in a scope of consolidation effect of around 4 percent for the year, Essilor said.

On a like-for-like basis, Essilor is now projecting revenue growth to end the year at around 3.5 percent, down from its previous projection of 4.5 percent. The change reflects the temporary slowdown in the ophthalmic optical market in the U.S., the company's largest market, and several other leading geographies, as well as its October revenue performance, Essilor said. The solid growth anticipated in full-year revenue at constant exchange rates reflects the strengthening of Essilor’s positions across the global marketplace.

Contribution from operations is now expected to stand at around 18.5 percent of revenue, primarily due to the slower than expected like-for-like growth and the dilution from the sustained acquisitions dynamic, Essilor said.