Essilor acquires 50% of Xiamen Yarui Optical, China’s leading supplier of
mid-range sunglasses and owner of the Bolon® brand
CHARENTON-LE-PONT, France -- November 27, 2013
Essilor International (Paris:EI) has acquired a 50% stake in Xiamen Yarui
Optical Company Ltd, China's leading supplier of mid-range sunglasses.
Xiamen Yarui Optical, which has 850 employees, generated revenue of about
€42million in 2012. The company designs and manufactures non-prescription
sunglasses that are sold in China under a variety of brands, including Bolon^®
and Molsion^®, two of the country’s best known sunglass brands^1. Positioned
in the fast-growing mid-range segment, Xiamen Yarui Optical products are sold
mainly to Chinese eyecare professionals and department stores representing in
all some 30,000 sales outlets throughout the country. The company has a plant
in Xiamen, in southeastern China.
Commenting on the transaction, Hubert Sagnières, Essilor’s Chairman and Chief
Executive Officer, said: “The agreement we have just signed with Xiamen Yarui
Optical accelerates our development in the prescription and non-prescription
sunglass industry and confirms our commitment to protect visual health. By
bolstering our brand portfolio, it enables us to respond more effectively to
under-penetration, both in China and elsewhere.”
Huang Fadiao, Xiamen Yarui Optical’s Chairman and Chief Executive Officer,
said: “Our entry into the Essilor Group is excellent news. It allows us to
envision our development calmly and gives us the resources to fully capitalize
on the strong reputation of our flagship Bolon^® brand, which enjoys an
awareness rate of nearly 85% in China^2.”
The global non-prescription sunglass industry represents a total sales volume
of more than 450 million pairs per year and is growing approximately twice as
fast as the corrective lens industry. In China, sales are highly fragmented
and estimated at over 50 million pairs per year with growth in the double
The partnership will allow Xiamen Yarui Optical to leverage FGX’s expertise in
frame purchasing as well as Essilor’s prescription lens know-how. Moreover, it
will allow FGX to internationalize its brand portfolio and expand its
Xiamen Yarui Optical is fully consolidated by Essilor as from November 1,
The world’s leading ophthalmic optics company, Essilor designs, manufactures
and markets a wide range of lenses to improve and protect eyesight. Its
corporate mission is to enable everyone around the world to access lenses that
meet his or her unique vision requirements. To support this mission, the
Company allocates more than €150 million to research and innovation every
year, in a commitment to continuously bring new, more effective products to
market. Essilor’s flagship brands are Varilux^®, Crizal^®, Definity^®,
Xperio^®, Optifog™ and Foster Grant^®. It also develops and markets equipment,
instruments and services for eyecare professionals.
Essilor reported consolidated revenue of approximately €5 billion in 2012 and
employs around 50,700 people. It operates in some 100 countries with 22
plants, more than 400 prescription laboratories and edging facilities, as well
as several research and development centers around the world.
For more information, please visit www.essilor.com.
The Essilor share trades on the NYSE Euronext Paris market and is included in
the Euro Stoxx 50 and CAC 40 indices.
Codes and symbols: ISIN: FR0000121667; Reuters: ESSI.PA; Bloomberg: EF:FP.
^1 Source: 2012 Ipsos survey, “Sunwear brand perception in China”
^2 Corresponding to aided or prompted awareness.
Investor Relations and Financial Communication:
Véronique Gillet – Sébastien Leroy – Ariel Bauer
Tel.: +33 (0)1 49 77 42 16
Tel.: +33 (0)1 49 77 45 02
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