MONACO—In a move that will create the second largest optical retail company in the world, the two major retail subsidiaries of HAL Group, Pearle Europe and GrandVision, are to be combined into one entity, creating a company with more than 4,000 stores in 40 countries and systemwide revenues of more than €2.5 billion.

In an announcement about the move, anticipated to be completed in mid-2011, HAL said, “We are convinced that this strategic decision will open many new opportunities for future development at both Pearle Europe and GrandVision. The operating philosophy going forward will continue to emphasize decentralization, while the individual country operations will benefit from economies of scale of the larger international organization.”

Luxottica Group remains the largest international retail group with more than 6,200 stores. Its worldwide retail sales last year totaled €3.156B, roughly 62 percent of Luxottica’s total FY 2009 revenues of €5.1B, which also includes its manufacturing and wholesale operations.

The parent entity of the combined companies will be incorporated in the Netherlands and named GrandVision B.V. The corporate offices of GrandVision B.V. will be located in Schiphol, The Netherlands.

Theo Kiesselbach will be appointed CEO of GrandVision B.V. Kiesselbach became CEO of Pearle Europe’s German and Austrian operations in 2002; since 2006 he has been CEO of GrandVision S.A. in Paris.

Ed Visser will become CFO of the combined company. Visser has been CFO of Pearle Europe since 2002 and was named its co-interim CEO in April 2010.

Kiesselbach will align the strategic decisions at both companies and lead the merger process. Until the integration plan is completed, GrandVision and Pearle Europe will continue to be run by their respective boards of management, with Visser and Dorhout Mees continuing to lead the operational business of Pearle Europe.

HAL Investments currently holds 99.2 percent of Pearle Europe and 99.8 percent of GrandVision. In February, HAL increased its investments in eyewear manufacturer Safilo Group, from 2.08 percent to 37.2 percent, via an investment of €222 million. HAL also acquired 106 retail stores formerly operated by Safilo in Spain and Australia. ■ ■