EssilorLuxottica: EU clears GrandVision acquisition
(CercleFinance.com) - The European Commission has announced that it has cleared EssilorLuxottica's acquisition of GrandVision, in accordance with EU merger regulation.
However, authorisation remains subject to full compliance with the commitments offered by EssilorLuxottica.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said, “Our in-depth investigation showed that, by acquiring a greater retail footprint, EssilorLuxottica could have degraded the access of rival opticians to EssilorLuxottica's branded eyewear products in Belgium, Italy and the Netherlands. This would mean less choice and higher-priced eyewear for consumers in those countries.”
She therefore added, “The remedies proposed by EssilorLuxottica will address this risk by ensuring that competition at the optical retail level remains vibrant at national level and to the benefit of customers in these countries”.
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However, authorisation remains subject to full compliance with the commitments offered by EssilorLuxottica.
Executive Vice-President Margrethe Vestager, in charge of competition policy, said, “Our in-depth investigation showed that, by acquiring a greater retail footprint, EssilorLuxottica could have degraded the access of rival opticians to EssilorLuxottica's branded eyewear products in Belgium, Italy and the Netherlands. This would mean less choice and higher-priced eyewear for consumers in those countries.”
She therefore added, “The remedies proposed by EssilorLuxottica will address this risk by ensuring that competition at the optical retail level remains vibrant at national level and to the benefit of customers in these countries”.
Copyright (c) 2021 CercleFinance.com. All rights reserved.