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Essilor looks to China for two new partnerships

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Essilor entered into a 50% stake in Photosynthesis Group, a Hong Kong-based company that markets sunglasses and corrective lenses, according to a press release from Essilor.

Photosynthesis Group operates through a network of franchised shopping mall stores in China and is expanding into Southeast Asia.

The partnership will help drive growth in the Chinese optical industry and allow Essilor to expand its footprint in the sun wear segment, according to the release.

Additionally, Essilor agreed to purchase a 55% equity interest in Jiangsu Creasky Optical, an ophthalmic lens manufacturer and distributor in Danyang, China.

The acquisition, subject to regulatory approval, is designed to grow Essilor’s offering in the Chinese mid-range segment, according to the release. Revenue growth is projected to end the year at about 3.5%.