Glimpses
ESSILOR EXPANDS IN CHINA
Essilor has formed a new partnership by taking a 50 % stake in Photosynthesis Group , a Hong Kong-based company that markets sunglasses and corrective lenses under a range of banners including MJS . It primarily operates through a network of franchised shopping mall stores in China and has begun expanding abroad in Southeast Asia . The partnership will help to drive faster growth in the Chinese optical industry , while enabling Essilor to broaden its footprint in the promising sunwear segment .
Separately , Essilor has also agreed to purchase a 55 % equity interest in Jiangsu Creasky Optical , an ophthalmic lens manufacturer and distributor based in Danyang , China . Jiangsu Creasky Optical employs more than 300 people and primarily serves the domestic market . Its acquisition , which is subject to regulatory approval , is designed to expand Essilor ' s offering in the Chinese mid-range segment .
Together , these two partnerships attest to Essilor ' s strong acquisitions dynamic in 2016 , which is expected to result in a scope effect of around 4 % for the year .
On a like-for-like basis , revenue growth is now projected to end the year at around 3.5 %, reflecting the temporary slowdown in the ophthalmic optical market in the United States - the Company ' s largest market- and several other leading geographies , as well as the October revenue performance . The solid growth anticipated therefore in full-year revenue at constant exchange rates reflects the strengthening of the Company ' s positions across the global marketplace .
Lastly , contribution from operations is now expected to stand at around
18.5 % of revenue , primarily due to the slower than expected like-for-like growth and the dilution from the sustained acquisitions dynamic .
In 2017 and the years ahead , Essilor will pursue its mission to improving visual health by strategically expanding in prescription lenses , sunwear and online sales . It remains confident in its ability to seize the wide variety of growth opportunities offered by the optical market , where demand is being driven by durable , robust fundamentals .
THE ONTARIO ASSOCIATION OF OPTOMETRISTS ELECTS NEW PRESIDENT
The Ontario Association of Optometrists ( OAO ) and its board of directors have elected Dr . Jeffrey Guthrie as president of the association .
Having served as an OAO board member since 2013 and OAO vice-president since 2014 , Dr . Guthrie is well-versed in the challenges and opportunities facing the optometric profession , and will now lead the association in its work for a two-year term ending Nov . 1 , 2018 .
“ It ’ s an exciting time to be taking on the role of OAO president ,” said Dr . Guthrie . “ There ’ s been an incredible amount of work done over the past few years to bring the profession forward , and ensure that Ontario optometrists are compensated in a way that reflects the true value of our services . I look forward to building on the progress we ’ ve made under the leadership of Dr . Jeff Goodhew in opening a dialogue with the Ontario government , and setting the stage to ensure that our members can continue to provide the best care possible to Ontario patients .”
44 Optical Prism | January 2017