On 28 June 2022 the Swedish Competition Authority (SCA) unconditionally cleared GrandVision’s acquisition of Smarteyes, following a Phase II review.
GrandVision is a global player in optical retailing, and it operates in more than 40 countries across Europe, the Americas and Asia. It is owned by EssilorLuxottica, which is a global manufacturer of spectacle frames, sunglasses, and ophthalmic lenses, and it owns eyewear brands such as RayBan, Oakley, and Persol. Smarteyes is active in optical retailing, primarily in Sweden but also in Denmark and Germany.
The SCA investigated the horizontal overlap between the Parties at the retail level, and especially whether the acquisition would lead to reduced competition in local areas, but it found that this was unlikely to be the case. The SCA also analysed whether the vertical acquisition would give rise to anti-competitive effects, where the merged entity would increase prices to competing retailers (partial input foreclosure) or where the merged entity would stop purchasing from rival wholesalers (customer foreclosure). The SCA ultimately concluded that anti-competitive vertical effects were also unlikely.
RBB Economics, working alongside law firms Cooley and Linklaters, assisted GrandVision and EssilorLuxottica throughout the proceedings and pre-notification phase.
The SCA decision can be found [here].
