Friday, November 8, 2013
Essilor to Buy Costa
"Essilor International and Costa Inc. today announced the signature of an agreement for the acquisition of all outstanding shares of Costa Inc., a US leader in high-performance sunglasses," notes Finanez. "Previously known as A.T. Cross, Lincoln, RI-based Costa Inc. designs, assembles and markets sunglasses under the Costa and Native brands. It is expected to report approximately $100 million in revenue in 20131....Costa is most known for its patented 580 lens technology, which offers color enhancement and increased visual acuity. Still handcrafted today in Florida, Costa’s sunglasses are backed by a lifetime warranty. Their unparalleled fit and durability have made them a leading choice of serious water sports enthusiasts. While Costa currently derives the majority of its revenue from the Southeastern United States, it intends to capitalize on its products’ reputation and proven brand and distribution strategies to accelerate its geographic expansion, in other parts of the U.S. and internationally. In addition, stronger sales of prescription sun lenses, which today account for just 5% of revenue, will offer another growth lever, in particular under Essilor’s leadership." Read more.