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China Approves Essilor-Luxottica Merger; Deal Can Now Be Finalized

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They expect to close the transaction in Q3.

Essilor and Luxottica have received regulatory approval in China for their proposed merger.

The clearance “was the last condition precedent to the closing of the transaction and paves the way for the combination to be finalized,” according to a press release from Essilor.

The companies expect to close the transaction at the end of the third quarter.

The approval from SAMR, the antitrust regulator of the People’s Republic of China, came after the companies “made certain commitments with regard to the conduct of their business in China,” according to the release.

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“Essilor and Luxottica committed to inform SAMR about their future acquisitions and also to ensure availability of their products and services to all customers in China on a fair basis,” the release states. “These commitments are fully aligned with the future EssilorLuxottica’s mission to ‘help people see more, be more and live life to its fullest’ and the open business model both companies promote across the globe.”

The companies said they’re currently in discussions with the Turkish antitrust authority.

Milan, Italy-based Luxottica’s proposed deal with Essilor, a France-based maker of lenses as well as instruments and equipment, is valued at 48 billion euros (U.S. $56.5 billion). The combined company would be called EssilorLuxottica.

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Contact Lens Maker Acquired

The company sells the Extreme H2O product line.

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ROCHESTER, NY — Clerio Vision Inc., a developer of laser-based vision correction solutions, announced that it has acquired Hydrogel Vision Corp. (HVC).

Financial terms of the deal were not disclosed.

HVC, founded in 2002, is best known for its Extreme H2O product line and its “multiple differentiated offerings that personalize the contact lens wearing experience,” according to a press release. For example, HVC offers lenses in multiple diameters, with smaller lenses to more comfortably fit those with smaller corneas or narrower eyelids, and larger lenses for those with larger corneas or for improved sports performance.

“As Clerio began preparations for its first contact lens offering, we quickly identified HVC as a best-in-class manufacturing partner,” said Alex Zapesochny, co-CEO of Clerio Vision. “We are thrilled to have now fully joined forces with HVC and to further build on its history of offering innovative products of the highest quality.”

HVC contacts are also made from a proprietary ultra-hydrating material that retains up to 99% of its moisture, “which can help to minimize the dryness and itchiness that is often experienced by contact lens wearers late in the day, and may be especially helpful to those who work a lot with screens or live in dryer climates,” according to the release. HVC also distributes the only disposable opaque color contacts for those with astigmatism.

Clerio was founded in 2014 to commercialize breakthrough femtosecond laser research at the University of Rochester. The company’s technology enables the laser writing of unique patterns into contact lenses that optimize visual acuity, including superior correction at both far and near distances for those with presbyopia. Clerio’s multifocal contact lens product is currently in clinical development and is expected to be on the market in the next 18 months.

HVC products are sold in 25 countries, either under the Extreme H2O brand or under one of several private label arrangements. All HVC employees will be retained and its manufacturing and fulfillment activities will continue to be carried out in its locations in Sarasota, FL.

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Shopko Optical Now Has 12 Freestanding Locations

It also announced appointments to its leadership team.

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GREEN BAY, WI — Shopko Optical announced that it continues the relocation of 80 optical centers into freestanding locations.

To date, Shopko Optical has opened 12 stand-alone locations, with an additional 12 locations slated to be relocated from their former Shopko store locations by early August.

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The remainder of the store locations are scheduled to open throughout the summer and fall of 2019. Shopko Optical will base its headquarters in Green Bay and will employ 40 people on its corporate team.

In May, Monarch Alternative Capital LP announced the completion of its acquisition of Shopko Optical. Shopko was a retail chain that announced plans plans to wind down its operations.

Shopko Optical has also announced several appointments to its leadership team.

Jim Eisen, who is serving as interim CEO, is helping to lead the company through its transition. Eisen, whose role was officially announced earlier this year, was previously the president of Visionworks. Eisen is joined by Shopko Optical veterans, as well as some new additions to the leadership team.

Kirk Lauterback, a 25-year Shopko Optical veteran, has been named vice president of optical operations and will oversee merchandising, as well as the company’s retail optical centers, and its manufacturing facility in DePere, WI.

Dr. Thomas Bobka will continue to serve as director of optometry services. Bobka has been with Shopko Optical for over 20 years and will serve as the doctor liaison and support optometrist practice management.

“We are excited to bring together a strong group of individuals with a demonstrated track record of strategic leadership that supports the care of our patients, customers, and our teammates,” Eisen said.

Additions to the Shopko Optical leadership team are Donna Capichano who will serve as vice president of store development; Cindy Moen, who will serve as the vice president of human resources; and Cathleen Stewart, who will serve as vice president of marketing.

Capichano has 25 years of retail real estate development experience in both big-box and specialty retail and is transitioning to Shopko Optical from her former position with Shopko Stores Operating Co. Moen is also transitioning from Shopko, where she spent the past 12 years leading HR business teams in the stores and corporate office. Stewart joins the Shopko Optical team from Batteries Plus. She brings 15 years of experience developing and leading strategic marketing programs.

“We have worked to build an organization that serves our optical centers the way our doctors and opticians serve our patients and customers in our communities across the country: with clinical expertise, personal attention, quality and integrity. It’s an exciting time to be part of the Shopko Optical family,” said Eisen.

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Online Eyewear Firm Opens More Brick-and-Mortar Stores

It now has 7 locations.

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Minneapolis-based Eyebobs, which started as an online retailer, has opened its seventh bricks-and-mortar location.

The newest store is at Westfield Montgomery Mall in Bethesda, MD, Chain Store Age reports. It’s the fourth location to open this year.

Mike Hollenstein, CEO of the company, told Chain Store Age that other locations are under consideration.

“Eyebobs is dedicated to helping every customer frame their personality and be their true and authentic selves. Shopping should be a fun experience and we can’t wait to better serve our customers in the Washington, D.C., market with this new store,” he was quoted saying.

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INVISION reported on Eyebobs last year, when it announced plans for two stores: one in the Mall of America in Minneapolis and the other in Orlando, FL.

For years after its founding in 2001, the company concentrated on stylish reading glasses. It began selling prescription eyewear in 2017.

Read more at Chain Store Age

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