As per the agreement, the JV will manage Eyebiz, Luxottica’s Sydney-based optical lens finishing laboratory, which, as a result of this alliance, will be majority-controlled by Essilor.

Eyebiz expects to continue to supply all of Luxottica’s retail optical outlets in Australia and New Zealand. The Eyebiz management team is likely to remain in place and report to the new Board comprised of Essilor and Luxottica representatives.

Essilor International is engaged in the business of ophthalmic optical products, offering a range of lenses under the Varilux, Crizal, Essilor, Definity and Xperio brands, to correct myopia, hyperopia, astigmatism and presbyopia. Essilor operates worldwide through a network of mass-production facilities, lens finishing laboratories and local distribution subsidiaries.

Luxottica Group has over 6,200 optical and sun retail stores in North America, Asia-Pacific, China, South Africa and Europe. Group’s products are designed and manufactured in six Italy-based manufacturing plants, two wholly-owned plants in China and a sports sunglass production facility in the US.