Have a Solution to Poor Vision Care Worldwide? Read This!

Through a program called See Change Challenge, NineSigma and Essilor are looking for companies, universities, individuals, app developers, vision scientists, optometrists, or engineers to develop solutions that will improve vision care worldwide. Up to five winners of the first phase of the challenge will each earn 25,000 € in cash, and will have the opportunity to enter the second phase, where there will be an additional amount of 100,000 € in cash for up to two final winners. Essilor will also potentially support the final winners with development contracts to help them build and scale up their solutions.

The challenge aims to draw proposals low-cost, easy-to-use and scalable solutions that can be used by primary vision care workers. The proposals may include pure software solutions, software solutions based on consumer devices such as smartphones, or pure hardware devices that enable more people to be trained to become primary eye care workers.

The solutions should include the following: ability to provide measurements of eyesight refractive errors for children, adults, and individuals with ametropia or presbyopia or cataract pathology; Ease of learning; ease of use; adapted to 'nomad' usage; user independent; little to no calibration or maintenance; and of course, reliable and accurate Solution providers can learn more about this opportunity by going to the Essilor See Challenge site on NineSights.com. The submission deadline is October 21, 2016.

AllAboutVision Sold to Essilor

"Essilor of America has acquired AllAboutVision.com, the consumer website for information relating to vision, eye health, and eyewear. Essilor made the announcement June 24," reports Market Scope. "The price of the deal was not disclosed. AllAboutVision.com was launched in January 2000 as a source for eye health and vision correction news and information." Read more.

Eyeglasses Could Improve Global Economy by $225 Billion, Says EYELliance

World Economic Forum, Social Entrepreneurs, and EYElliance have reported that by improving the vision of 2.5 billion people the world's economy will grow $225 billion. The report, entitled  Eyeglasses for Global Development: Bridging the Visual Divide, notes that of the 4.5 billion people who need vision correction, only 1.9 billion actually correct their eyesight. Over 2.5 billion people still live with uncorrected poor vision, and its social and economic consequences. 95% of them live in developing countries where they lack awareness of the impact of poor vision and access to basic vision care solutions, according to a press release from Essilor, a stack-holder in Eyelliance.

In 2015, non-governmental organizations (NGOs) and inclusive businesses collectively distributed less than 8 million pairs of eyeglasses in developing countries. Essilor accounted for 20% of these eyeglasses.

"Political will, investment and the engagement of private sector actions can overcome barriers to solving the problem at scale. In 2015, only $37 million, or two cents per person affected, was spent to solve this problem," noted the report's bullet points.

To read a PDF of the report, click this link:   Eyeglasses for Global Development: Bridging the Visual Divide.

Essilor Buys Vision Direct

Essilor International strengthened its online presence with the purchase of Vision Direct Group Ltd, a £33-million European contact lens retailer, according to a press release published by PEHub. “Vision Direct does a majority of its business in the UK and Ireland, but is also active in several other European countries and enjoys a reputation for excellent customer service. This move further strengthens Essilor International’s current positions in online optical retail in Europe, by complementing existing activities in the Nordic countries.” Read more.

Essilor and CNRS Investigate Smart Lenses

Eleven-year-old partners Essilor and CNRS have signed a five-year agreement between Essilor and the Laas-CNRS Toulouse-based laboratory, called Opera. The companies' researchers and engineers will explore lenses with connected functions. Laas-CNRS’ area of expertise includes embedded electronics, photonics, and robotics. They also developed a high level technological platform dedicated to the design and construction of prototypes. Essilor will bring its expertise in optics and vision, optical materials technologies, and its knowledge of consumer needs in the field of ophthalmic products to this joint research venture. Read more.

Essilor to Acquire Vision Source

North America's largest, independent optometric service alliance Vision Source, a portfolio company of Brazos Private Equity Partners of Dallas, announced today that it has entered into a definitive agreement to be acquired by Essilor. Both companies share in their longstanding commitment to continuously elevate independent optometry through innovation, partnership and choice. Vision Source will continue to be led and managed as an independent company by the current leadership team, which includes the company's Founder & Executive Chairman, Glenn Ellisor, O.D. The acquisition remains subject to standard regulatory approvals.That's the summary of the deal from a press release appearing on Yahoo! News. Read more.

Essilor Launches Program to Reduce URE

Essilor has committed 30 million Euros to a new initiative called Vision for Life. It is dedicated to eliminating Uncorrected Refractive Error (URE), reports a company press release. Some 2.5 billion people have URE, making it the world's most common disability. Economists estimate that URE results in an annual  $272 billion loss in productivity. Essilor says that the program could accelerate initiatives targeting poor vision through awareness-raising, capacity-building and the creation of basic vision care infrastructure. The sustainable development of local vision care will create jobs and improve socio-economic development. Read more.

Essilor to Spend More Than a Billion on New Acquisitions in 2015

Essilor International SA (EI)…may spend as much as 1 billion euros ($1.2 billion) next year on acquisitions globally as it expands into emerging markets,” according to a report on Bloomberg.com. “Essilor will focus on deals in fast-growing markets such as China, India and Latin America, Hubert Sagnieres, the Charenton-le-Pont, France-based company’s chairman and chief executive officer, said in an interview in Shanghai. He expects China to become the lensmaker’s top market in as early as five years…Essilor is eyeing partnerships and stakes in competitors globally to meet a revenue growth target of 13 percent this year, the executive said. Sales increased by 14 percent in the third quarter, boosted by acquisitions which included Canadian online retailer Coastal Contacts Inc. this year. The French company has spent about $2.6 billion on 17 acquisitions in the past three years with the biggest one being the $1.73 billion deal for the full control of its Transitions Optical venture, according to data compiled by Bloomberg.” Read more.

Guerra Gone from Luxottica/Almost Signs Deal with Essilor

"Italian eyewear company Luxottica Group S.p.A (LUX: Quote) said Monday that Andrea Guerra has stepped down as chief executive officer of the company after serving for almost ten years at the helm," according to RTT News. "According to media reports, Guerra has stepped down following differences with the company's founder and chairman, Leonardo Del Vecchio. Luxottica, the owner of the popular Ray-Ban and Oakley sunglass brands, said it has now introduced a new management structure based on a co-CEO model that will allow it to 'take advantage of opportunities in a competitive global market of growing complexity and changing competitive dynamics.' The new structure will see the founder take on a more active role at the company." Read more.

A Reuters post said the company had "looked at a possible deal with French rival Essilor but decided not to pursue it and is no longer considering it, Luxottica's new co-chief executive said on Monday. 'A deal with Essilor was explored, about a year and a half ago, but it was concluded that there were not the right conditions to go ahead,' Enrico Cavatorta told an analyst call. ...Cavatorta took over as new co-CEO of the world's largest eyewear maker by revenue on Monday, as long-standing CEO Andrea Guerra stepped down after falling out with Luxottica's key shareholder and Chairman Leonardo Del Vecchio." Read more.

Essilor's Profits Up an Adjust 3.5%

According to a MarketWatch report, "French lens maker Essilor International said on Thursday net profit more than doubled in the first half, boosted by the company's recent acquisitions. Net profit for the first six months rose to EUR699 million euros ($923.6 million) from EUR310 million as revenue rose 7.9% to EUR2.78 billion from EUR2.58 billion. Profit adjusted for acquisitions and other 'nonrecurring' items rose 3.5% to EUR325 million, Essilor said. The CAC 40-listed company--whose main brands include Varilux, Crizal, and Foster Grant--has made several acquisitions over the past year, including U.S. sunglass maker Costa Inc. for $270 million." Read more.

Essilor Earns Good Housekeeping Seal for Its Crizal--Again

For the second year in a row, Essilor of America has earned the esteemed Good Housekeeping Seal for the entire Crizal No-Glare lens product portfolio. Evaluated by the Good Housekeeping Research Institute, the Seal emblem offers additional credibility to the performance of the Crizal brand. Read more.

China Reportedly Fines Essilor, Johnson & Johnson, Meditec, Valeant, Bausch & Lomb, Zeiss, and Nikon

People's Republic of China Emblem (Photo credit: Wikipedia)

"China on Thursday fined several foreign eyewear makers more than 19 million yuan ($3.1 million) for 'price manipulation,' the government said, in the latest targeting of overseas firms in the giant market," according to Yahoo! News Singapore. "The powerful National Development and Reform Commission (NDRC), China's top economic planner, launched an investigation last August into alleged violations of anti-monopoly law in the sector, the agency said in a statement. Five companies -- all foreign -- were given penalties ranging from 1.7 million yuan to 8.8 million yuan, it said. They included units of France's Essilor, Germany's Carl Zeiss, and Japan's Nikon Optical, as well as Bausch & Lomb and Johnson & Johnson -- both of the United States -- according to the statement." In other news stories, Meditec and Valeant Pharmaceuticals were also said to have been fined. Read more.

Essilor to Acquire iCoat, Expanding Its Stake

Vision Monday reports today that Essilor intends to acquire $26-million prescription laboratory iCoat. The news item noted that current management will remain in place. Read more.

Recently, Essilor completed acquisition of Coastal.com. During the past year, it has acquired at least a stake in the following organizations: Transitions Optical, the lab Katz & Klein, the wholesaler VIP Optical, sunglass producer Costa, sunglass manufacturer Xiamen Yarui Optical Company, R.D. Cherry, Plunkett Optical, and Frame Displays. It has set up partnerships with Jiangsu Youli Optics Spectacles, Riverside Optical, Benson Edwards Optical Lab, and CPS 360 Optical Lab. That’s not including its deal with Comprol and its move into managed care.

Essilor to Close PA Gentex Plant in October

The Scranton Times-Tribune is reporting that Essilor will coses its Gentex Optics plant in Fell Twonship, PA, this October. It quoted a spokesperson as saying that the plant was no longer competitive. "She said workers at the factory, which makes lenses for eyewear, were notified Wednesday and Thursday, and officials are working to help them find other jobs. Carbondale Mayor Justin Taylor said he was told that Essilor will transfer the work to a plant in Massachusetts." Read more.

Luxottica & Essilor Look to Emerging Markets for Growth

"Ray-Ban sunglasses maker Luxottica forecast sales and profit growth in 2014, driven by emerging markets, where sunglasses are popular as an affordable luxury purchase," writes the Economic Times. "On Thursday developed markets would boost group sales and profitability, but it expected stronger growth in emerging markets. Chief Executive Andrea Guerra said Luxottica's "rule of thumb" - whereby profits should grow twice as fast as sales, which themselves should rise by a high single-digit percentage - still applied for the coming year." Read more.

In the meantime, "lens maker Essilor is betting on appetite for trendy sunglasses among the fast-growing middle classes of China and other emerging markets to drive sales after weakness in Europe and North America weighed on 2013 earnings," reports Reuters. Read more.

Essilor Buys Out Coastal.com

Essilor International has entered a binding agreement to acquire the outstanding common stock of Coastal Contacts (Coastal.com). The Vancouver-based Coastal.com reportedly designs and distributes one of the widest online selections of optical products for some 4 million customers worldwide--from contact lenses to non-prescription eyeglasses. It sells those products through websites covering North America and Europe as well as the Asia-Pacific region and Brazil. Said Hubert Sagnières, Essilor’s chairman/CEO, of the acquisition: “The Internet has an important role to play in helping us to fulfill our corporate mission...[It], if used properly, can help to drive market growth by educating consumers and making it more convenient for them to enjoy good visual health." How many opticians and ODs, however, will see the move as a supplier entering into direct competition?Read more.

570News reports that Coastal.com shares soared after it announced the  $430-million friendly takeover. "The deal is expected to close within 90 days after receiving the necessary shareholder and regulatory approvals. On the Toronto Stock Exchange, Coastal’s stock (TSX:COA) was up than 20 per cent from the pre-announcement close." Read more.

Essilor Partner Youli Optics Enters World Market

In 2012, Jiangsu Youli Optics Spectacles Co., Ltd., has teamed up with Essilor. Now the Chinese company is entering the global market. Yoli, which has operated for 20 years in China, produces 1.56, 1.60, and 1.67(MR-7), spherical, aspherical, photo-chromic, finished and semi-finished single vision, progressive and contact lens. Daily output reportedly can reach 80,000 pairs. Read more.

Essilor Strengthens Its Position in the Americas

Essilor International is making more moves in North and South America, representing some €38 million in annual revenue. In the United States, it acquired majority stakes in R.D. Cherry in Michigan and Plunkett Optical in Arkansas, which respectively generate $9.8 million and $3.3 million annually. It also picked up a majority share in $4.5 million Frame Displays. To the north, Essilor signed partnerships with three companies. There's the deal with C$26 million Riverside Optical, a group of prescription laboratories operating in Quebec and Ontario. The other two are with Benson Edwards Optical Lab and CPS 360 Optical Lab, two Ontario labs with revenue of nearly C$3 million. To the south, the company signed with the €5.4-million Comprol, in Brazil. Read more.

FGX Buys Suntech

FGX International, a subsidiary of Essilor International, acquired the 41-year-old Suntech Optics Inc. The acquisition included the purchase of Naked Eye Enterprises and Bugaboos Eyewear. Suntech, a formerly privately held company in Vancouver, sells Infokus and Solair brands of sunglasses and reading glasses to more than 2800 Canadian retailers in the drug, grocery and mass channels of distribution. Bugaboos Eyewear owns and designs Ryders Eyewear,  currently serving over 1800 retailer locations in North America, South America and Europe. FGX International’s eyewear brands include Foster Grant, Gargoyles, Solar Shield, Magnivision, Corinne McCormack and Anarchy and licensed brands including Ironman, Dockers, Nine West, Body Glove and Disney.

Essilor, VSP, Younger, and Indizen End Free-Form Progessives Lawsuit

Two weeks before Thanksgiving, Essilor, VSP, Younger Optics, and Indizen Optical Technologies have settled their free-form progressive lawsuit. “A patent infringement case was filed by Essilor against VSP Optical Group on Feb 22, 2013 in the Texas Eastern District Court for infringing eyeglass lenses used to correct presbyopia and other disorders of accommodation. The other named defendants in this case were: Indizen Optical Technologies…and Younger Optics,” reports IPInsiders. “The patent involved in the suit is US6149271…The patent is currently assigned to Essilor International …The '271 patent claims progressive addition lenses and processes for making progressive addition lenses. The complaint alleged that Indizen Optical Technologies develops a lens design software [and that] IOT Futura and Younger Optics provides semi-finished lenses, both of which help in producing finished lenses manufactured by VSP, UNITY PLxpression lenses that infringe the '271 Patent. The complaint states that Indizen Optical Technologies and Younger Optics encouraged VSP to make such infringing lenses. …On Nov 13, Essilor filed stipulation of dismissal pursuant to which the Court ordered all the claims and counterclaims in this action to be dismissed with prejudice with each party bearing its own attorneys’ fees and costs.” Read more.