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FGX International, an Essilor US subsidiary, has acquired all outstanding shares in Stylemark, one of North America’s foremost designers and distributors of non-prescription eyewear.
Based in Florida, Stylemark boasts a large portfolio of licensed brands, including Nine West, Dockers, Reebok, Hello Kitty and various Disney properties, and generates about US$140 million in annual revenue in North America.
Each year, it sells more than 30 million readers and sunglasses in nearly 30,000 stores, mainly in the food, mass retail, drugstore and department store segments.
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The acquisition will enable FGX International to add new customers, consolidate the two companies’ business and enter the fast-growing department store segment. The expanded business will also enhance the efficiency of its supply chain, according to Essilor.
Commenting on the acquisition, Essilor Chief Executive Officer Hubert Sagnières said: “By strengthening our positions in the non-prescription reading glass market, we are speeding our expansion in a fast-growing segment and giving ourselves additional means to develop a high-quality offering of affordable eyesight correction solutions for a wide range of people around the world.
“In addition, Stylemark’s expertise in sunglass frame distribution will enable Essilor to effectively meet growing demand for eye protection solutions.”
About Essilor
One of the world’s leading ophthalmic opticals companies, Essilor designs, manufactures and markets a wide range of lenses. The company owns the flagship brands Foster Grant, Varilux, Crizal, Definity, Xperio and Kodak and allocates around €150 million to research and development every year.
Essilor reported consolidated revenue of more than €3.9 billion in 2010 and employs 42,700 people in around 100 countries. It operates 14 plants, 332 prescription laboratories and several research and development centres around the world. Visit www.essilor.com
*US-based Go Snacks Inc is the global agent for Foster Grant and exclusive distributor for inflight duty free sales. For details, e-mail Mark Mariani at mark@gosnacksinc.com
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