MILAN — In a bid to further strengthen its integrated supply chain, eyewear juggernaut EssilorLuxottica said Monday it has reached an agreement to acquire a division of the South Korean company PUcore, which specializes in the development, manufacturing and sale of monomers used in the production of ophthalmic lenses.
The PUcore assets that are part of the sale include a research and development unit, a production facility and sales office in South Korea, as well as the intellectual property portfolio pertaining to formulations and production processes.
Financial details of the deal — which is expected to close by the end of 2025 pending regulatory approval — were not disclosed.
“We are happy to welcome PUcore’s optical division and its talented teams into our group. In line with our commitment to elevating standards in the research, development and manufacturing of ophthalmic lenses, this addition will allow us to widen our portfolio of patents, technologies and know-how and extend our expertise upstream in the value chain,” said Francesco Milleri, EssilorLuxottica’s chairman and chief executive officer. The executive holds executive powers alongside deputy CEO Paul du Saillant.
“By continuing to improve the production and formulation of high index monomers, we will raise the bar for the performance and sustainability of the processes and supplies used across the entire ophthalmic industry,” Milleri added.
EssilorLuxottica has been on an acquisition spree as of late, especially in the med-tech space.
In May, the eyewear group took over ophthalmology platform Optegra, which operates a network of more than 70 eye hospitals and diagnostic facilities across Europe under the Optegra, Lexum and Iris brands.
In mid-December, it revealed the acquisition of the Italy-based Espansione Group, which specializes in the design and manufacturing of noninvasive medical devices, protected by international patents for the diagnosis and treatment of dry-eye, ocular surface and retinal diseases. This followed the deal last July to acquire an 80 percent stake in Heidelberg Engineering, a German company that is a specialist in diagnostic solutions, digital surgical technologies and health care IT for clinical ophthalmology.
In addition to frames, lenses, medical instruments and science-backed eye care solutions, the group’s offer today includes AI-powered innovative technologies and wearables, for which it has been ramping up its tech capabilities through several acquisitions.
After last year introducing its Nuance Audio brand, a convergence of eyewear and hearing aid devices, the group in January took over Pulse Audition, a French start-up that specializes in AI-powered noise reduction and voice sound enhancement to scale up its Nuance Audio technology.
The group established the dedicated Super Audio division in the summer of 2022 and finalized the acquisition six months later of Israeli company Nuance Hearing.
EssilorLuxottica in 2024 reported revenues of 26.5 billion euros. In addition to its own brands ranging from Ray-Ban and Oakley to Persol, the group produces and distributes eyewear for brands spanning from Giorgio Armani, Brunello Cucinelli and Burberry to Chanel, Michael Kors, Moncler, Prada and Ralph Lauren, to name a few.