Luxottica Group (LUX) said it formed a long-term joint-venture with Essilor International for the Australian and New Zealand markets.
Under the terms of the agreement, the joint-venture will manage Eyebiz Pty Limited, Luxottica's Sydney-based optical lens finishing laboratory, which, as a result of this alliance, will be majority-controlled by Essilor.
Eyebiz will continue to supply all of Luxottica's retail optical outlets in Australia and New Zealand: OPSM, Budget Eyewear and Laubman & Pank. The Eyebiz management team will remain in place and report to the new Board, comprised of Essilor International and Luxottica representatives.
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