Essilux acquires stake in Top Charoen and strengthens presence in Thailand

EssilorLuxottica strengthens in Thailand but the stock remains weak on the stock exchange. The group led by Francesco Milleri announced the acquisition of a significant stake in Top Charoen, the country's leading optical retail chain with more than 2,000 shops. "Thailand," the company stressed in a note, "represents a strategic hub for EssilorLuxottica's production and operational activities.

Founded in 1947 with the opening of its first shop in Saraburi and a travelling programme to bring eye care services to even the most rural areas, Top Charoen today operates through several banners, including Top Charoen, Luxoptic, Eye Class, Eye Bright, Eye Sport, Big C Optical, Robinson Optical and Beautiful Optic. The company is also active in e-commerce, through a proprietary platform and a selected presence on local third-party marketplaces.

The deal consolidates the long-standing partnership between the two companies. And it reinforces the group's commitment to raise the standards of vision care, locally and globally, and to respond more effectively to evolving visual needs, including through a more direct relationship with consumers.

"The partnership with Top Charoen strengthens our presence in one of Asia's most significant countries, while helping to raise the standards of vision care and supporting the development of the new wearable category. Similarly, we continue to provide our optical customers with innovative, high quality products and services, working together to promote greater awareness of the importance of visual health and respond to growing demand in Asia. Patients and consumers remain at the heart of our strategy as we continue our efforts to provide the world with increasingly innovative eyewear and vision solutions," commented Francesco Milleri, president and CEO, and Paul du Saillant, deputy CEO of EssilorLuxottica.

The share closed 2.09% lower on the stock exchange.