Essilor acquires Stylemark, as an Essilor US subsidiary, FGX International has completed the acquisition of all outstanding shares in Stylemark, no doubt as one of North America’s foremost
designers and distributors of non-prescription reading glasses and sunglasses.
Generally, Stylemark employs approximately 340 people and generates around
$140 million in annual revenue in North Americam, Based in Ormond Beach, Florida. Each year, it sells more than 30 million readers and
sunglasses in nearly 30,000 retail outlets, mainly in the food, mass retail, drugstore and department store segments. With Nine West®,Dockers®,Reebok®,Hello Kitty®and various Disney®properties, it boasts a large portfolio of licensed brands.
It is an amazing story that the acquisition will enable FGXI 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.
Launched two years ago, the Stylemark acquisition is fully aligned with the strategy, with the purchase of
FGX International, to extend Essilor’s offering of eye health solutions, particularly in the presbyopia
segment. Chief Executive Officer of Essilor side, There are 2.4 billion people in the world who need corrective eyewear but don’t wear any.
Hubert Sagnières side, by strengthening our positions in the nonprescription 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.
Based on current estimates, it is expected to be neutral to earnings per share in 2012 and accretive starting in 2013. The transaction will be financed using Essilor’s existing credit facilities.