Annual Report 2017

Expand organically in current markets, and through bolt-on acquisitions

Most national optical retail markets are still highly fragmented, with a significant proportion of independent retailers operating either as single stores or relatively small chains. This provides the opportunity to expand through bolt-on acquisitions in existing markets, and to integrate these businesses into our existing network.

We continuously review potential acquisition opportunities in mature and emerging markets, and pursue these whenever there is a sound business case.

We also consider pure-play online propositions, if and when there is added value for our customers or synergies with the existing business, and service and quality levels are not compromised.

In 2017, GrandVision acquired Tesco Opticians in the UK. The acquisition incorporates Tesco Opticians' network of 209 stores across the UK and Republic of Ireland, bringing the total number of Vision Express outlets to 600.

Vision Express intends to retain the valued experience of the Tesco Opticians personnel in all stores, which will now operate under the Vision Express brand.