Essilor Acquires Suntech Optics, Owner of the Canadian Sunglasses Brand Ryders

Regulatory News:

Essilor International (Paris:EI) has announced the acquisition of Suntech Optics Inc., one of Canada’s leading distributors of sunglasses and reading glasses, with annual revenue of around US$15 million.

Based in Vancouver, British Colombia, Suntech markets a range of reading glasses and sunglasses, in particular under the proprietary Infokus^® and Solair™ brands, to more than 2,800 retail outlets in the drug, grocery and mass channels of distribution in Canada.

Through its Bugaboos subsidiary, Suntech Optics owns and also distributes Ryders Eyewear, the Canadian performance sunglasses brand that enjoys a reputation for excellence among mountain bike enthusiasts. Particularly well established in Canada, Ryders Eyewear markets an extensive range of tinted, polarized and photochromic sunglasses in more than 1,800 retail locations in North America, South America and Europe.

Following the group’s announcements about Costa^® – the fastest growing performance sunglass brand in the United States –, and Bolon^® – one of the leading sunglasses brand in China –, Ryders represents a new offering of standard-setting sunglass frames for Essilor.

Commenting on the transaction, Eric Thoreux, Corporate Senior Vice President, Strategic Marketing, in charge of the Readers and Sun Lens strategy, said: "By expanding the Group’s brand portfolio, this acquisition has strengthened FGX’s leadership in the reading glasses and sunglasses market, particularly in Canada. More generally, it attests to our commitment to bringing innovative, affordable visual health and comfort solutions to the broader market.”

In the future, Suntech will be able to leverage the Group’s technological expertise to develop its offering in the prescription and non-prescription reading glasses and sunglasses segments, both of which remain largely untapped.

Brent Martin, Chief Executive Officer of Suntech and Bugaboos, commented: "With the deep pool of talent and resources of FGX and Essilor, we are now in a strong position to take these brands global more quickly. What sealed the deal for me is the FGX/Essilor commitment to making a difference in the world.”