U.S. Eyewear Market M&A & Investment Overview (2024–2025)


The U.S. eyewear industry has seen heightened merger & acquisition (M&A) activity and strategic investments over the past two years. Companies are recalibrating strategies to adapt to changing consumer behavior, technology adoption, and economic pressures.

1. Market Context

Despite supply chain disruption and inflationary pressures, market capitalization grew greatly in 2024—a testament to the industry's resilience and innovation. M&A activity is no longer driven solely by product sales expansion; instead, key players are prioritizing control over distribution networks, clinical eye care services, and tech-enabled platforms to create end-to-end consumer solutions.

The convergence of eyewear with health tech (AI diagnostics, tele-optometry) and consumer tech (smart glasses) has emerged as the primary catalyst for high-value transactions.

2. Major Players & Strategic Objectives

EssilorLuxottica

Vertical Integration & Tech Expansion

  • Acquisition of clinical platforms: Signifeye (Dec 2025) Clinical
  • Acquisition of Optegra expands its integrated eyecare footprint in Europe and supports clinical service strategy globally.
  • AI tech acquisition: Pulse Audition (Jan 2025), Cellview Imaging Inc. (Feb 2025)
  • Investment in AI diagnostics: RetinAI (Ikerian AG)
  • Global retail expansion: Malaysian chains (A-Look, Seen & OWL Optical) (Jun 2025)
  • Meta/EssilorLuxottica strategic investment in smart glasses ecosystem (deepened strategic partnership around AI-enabled eyewear) Tech

Core Strategy: Strengthen vertical integration across clinical services, tech-enabled products, and global retail networks.

Luxury Conglomerates (Kering & LVMH)

Brand Differentiation & Quality Control

  • Kering Eyewear: Acquired Visard & Lenti (Safilo's Italian lens facility) (Apr/Jun 2025)
  • Kering Eyewear: Minority stake in Mistral (Apr 2025) Luxury
  • LVMH/Thélios: Expanded manufacturing via acquisition of former Safilo facility
  • Kering x Google: Joined smart glasses alliance with Warby Parker & Gentle Monster (May 2025)

Core Strategy: Deepen in-house production capabilities, secure premium design talent, and capture high-margin luxury eyewear segments.

Medical & Clinical Eye Care Leaders

Clinical Service Expansion & Therapeutic Innovation

  • Alcon: Acquired Lensar (up to $4.3B) & LumiThera (laser cataract & retinal tech) Clinical
  • Cencora: 85% stake in Retina Consultants of America (Jan 2025)
  • Bausch + Lomb: Acquired Whitecap Biosciences (Jan 2025)
  • McKesson: ≈$8.5B of PRISM Vision Holdings (Feb 2025)
  • Topcon Healthcare: Acquired RetInSight & IRIS (AI retinal imaging) (May/Jul 2025) Tech
  • Zeiss Vision Care: Acquired Brighten Optix (myopia management) (Dec 2025)

3. Key M&A & Investment Events (2025)

The year 2025 witnessed a flurry of targeted transactions across four key quarters, with activity concentrated in tech integration, clinical service expansion, and luxury brand control. Transactions spanned wholesale distribution, AI diagnostics, ophthalmology clinics, and smart eyewear partnerships.

Q1 kicked off with high-value clinical acquisitions (Cencora’s 85% stake in Retina Consultants of America, McKesson’s $8.5B PRISM Vision deal) and tech-focused moves by EssilorLuxottica. Q2 saw luxury players like Kering Eyewear consolidate manufacturing capabilities, while Google led a smart glasses alliance with Warby Parker. Q3 focused on supply chain and R&D upgrades, and Q4 closed with large-scale clinical network acquisitions and supply chain partnerships.

View the complete, categorized list of all 2025 transactions in the Full M&A Transaction Table below.

4. Emerging Trends Shaping the Industry

Technology & Health Integration: Smart eyewear and AI-powered retinal diagnostics are moving from niche to mainstream. Partnerships like EssilorLuxottica + Meta and Google’s smart glasses alliance are accelerating consumer adoption of tech-enabled eyewear.

Expansion of Clinical Services: Acquisitions of ophthalmology clinics (Optegra, Retina Consultants of America) are creating full-funnel consumer touchpoints—from eye exams and diagnostics to prescription eyewear and therapeutic treatments.

Luxury & Brand Control: Luxury conglomerates are doubling down on in-house production (Kering’s Lenti acquisition) to ensure quality and exclusivity. Premium positioning and craftsmanship remain key differentiators in a crowded market.

Global Supply Chain Optimization: Transactions like Safilo’s stake in Inspecs Group and EssilorLuxottica’s Malaysian retail expansion reflect a focus on diversifying manufacturing and distribution networks to mitigate regional risks.
Transaction Categories
Technology
AI, software, smart glasses

15 deals

Luxury Brands
Designer, premium segments

11 deals

Retail & Wholesale
Distribution, networks

9 deals

Healthcare Services
Clinics, diagnostics, pharma

13 deals

2025 Timeline Highlights
Q1 2025
Tech & AI focus: Pulse Audition, Cellview Imaging, Lensar acquisitions
Q2 2025
Luxury expansion: Kering's Visard & Lenti deals, Google smart glasses partnership
Q3 2025
Manufacturing & retail: Zyloware-Kenmark, I-Deal Optics-Rio Ray deals
Q4 2025
Clinical & strategic: Optegra, Signifeye, Marcolin acquisitions
Active Acquirers
EssilorLuxottica 8+ deals
 
Kering Eyewear 4 deals
 
Alcon 3 deals
 
Topcon Healthcare 3 deals
 

5. Implications for Market Participants

  • Large Integrated Players: Continue absorbing capabilities in AI diagnostics, clinical services, and data-driven products to create seamless end-to-end consumer experiences.
  • Mid-tier Brands & Wholesalers: Face a critical choice—either specialize in niche segments (e.g., high-performance sunwear, myopia management) or partner with larger platforms to access distribution and tech resources.
  • Retailers: Differentiate via value-added services (tele-optometry, personalized lens fitting), AI-powered decision tools, and flexible inventory management to compete with vertically integrated giants.
  • Clinical Providers: Partner with eyewear manufacturers to integrate diagnostic technology into routine care, creating new revenue streams and improving patient outcomes.

6. Explore In-depth Guides

Full M&A Transaction Table (2024–2025)

YearQuarterDateTransactionAmount / StakeStrategic PurposeCategory
2024Q4Nov 2024EssilorLuxottica → AI Vision Tech Startup (undisclosed)UndisclosedPreemptive layout for AI-driven prescription fittingTech
Q4Dec 2024LVMH/Thélios → Former Safilo Manufacturing FacilityUndisclosedExpand luxury eyewear in-house production capacityLuxury
2025Q1Jan 2025Mondottica → SD EyesUndisclosed (full acquisition)Strengthen U.S. wholesale brand portfolioRetail
Jan 2025EssilorLuxottica → Pulse AuditionUndisclosedEnhance embedded AI & audio technology for smart glassesTech
Jan 2025Cencora → Retina Consultants of America~85% equity stakeStrengthen clinical eye care service networkClinical
Jan 2025Bausch + Lomb → Whitecap BiosciencesUndisclosedExpand clinical ophthalmology R&D pipelinePharma
Feb 2025EyePromise → PRN Physician Recommended NutriceuticalsUndisclosedIntegrate eye health supplements into clinical solutionsClinical
Feb 2025McKesson → PRISM Vision Holdings$8.5B (80% controlling stake)Scale ophthalmology practice management platformClinical
Feb 2025EssilorLuxottica → Cellview Imaging Inc.UndisclosedAcquire Canadian ophthalmic imaging startup techTech
Mar 2025Eyenovia ↔ BetaliqReverse merger (undisclosed)Integrate water-based ophthalmic drugs & eye drop technologyPharma
Mar 2025Alcon → Lensar, Inc.Up to $4.3BAcquire laser cataract surgery technology & softwareTech
2025Q1Mar 2025Alcon → Majority stake in Aurion BiotechUndisclosedAdvance cell therapy R&D for eye diseasesClinical
2025Q2Apr 2025Kering Eyewear → Visard + Minority stake in MistralUndisclosedStrengthen high-end eyewear design & distributionLuxury
May 2025Topcon Healthcare → RetInSightUndisclosedDrive AI-powered retinal imaging diagnosticsTech
May 2025Google ↔ Warby Parker / Kering Eyewear / Gentle MonsterUp to $75M investment (Google to Warby Parker)Joint development of consumer-focused smart glassesTech
May 2025Jonas Paul Eyewear → TOMS Optical & Sunglasses LicenseUndisclosedExpand branded eyewear portfolio with social impact IPRetail
Jun 2025AKN Group → Götti Switzerland + Eyetech LensesUndisclosedIntegrate premium Swiss design & lens manufacturingLuxury
Jun 2025Hoya Vision Care → Centennial OpticalUndisclosedExpand Canadian market retail & distribution footprintRetail
Jun 2025EssilorLuxottica → A-Look / Seen / OWL Optical (Malaysia)UndisclosedExpand Southeast Asian retail networkRetail
Jun 2025Kering Eyewear → Lenti (from Safilo)UndisclosedSecure in-house Italian premium lens manufacturingLuxury
2025Q3Jul 2025EssilorLuxottica → PUcore (lens materials division)UndisclosedEnhance lens R&D & high-performance material productionTech
Jul 2025Topcon Healthcare → Intelligent Retinal Imaging Systems (IRIS)UndisclosedUpgrade AI retinal imaging system capabilitiesTech
Aug 2025EssilorLuxottica → Automation & Robotics (Belgium)UndisclosedUpgrade optical measurement & manufacturing automationTech
Aug 2025Industry Veterans → Eyenavision + Chemistrie ClipsUndisclosedAcquire niche eyewear accessory & design brandsRetail
Aug 2025EyeSouth Partners → SunveraUndisclosedExpand Midwest ophthalmology practice networkClinical
Sep 2025Zyloware → Kenmark EyewearUndisclosedExpand mid-market eyewear product portfolioRetail
Sep 2025I-Deal Optics → Rio Ray SunglassesUndisclosedBroaden high-performance sunwear offeringsLuxury
2025Q4Oct 2025EssilorLuxottica → OptegraUndisclosedAcquire 70+ ophthalmology clinics/hospitals networkClinical
Oct 2025Design Eyewear Group → 6 French Eyewear BrandsUndisclosedDiversify European luxury brand portfolioLuxury
Oct 2025Topcon Healthcare → Toku, Inc.UndisclosedExpand oculomics (eye health omics) research capabilitiesTech
Oct 2025Topcon Healthcare → Investment in Sanro HealthUndisclosedConnect clinical eye care data with retinal imaging dataTech
Oct 2025Eli Lilly → Adverum BiotechnologiesUndisclosedAcquire retinal gene therapy research pipelinePharma
Nov 2025Peak Artisan Labs → Kansas Leading Ophthalmology PracticeUndisclosed (ownership stake)Integrate clinical practice into artisan eyewear solutionsClinical
Nov 2025Newton → Founders Optical LabUndisclosedExpand optical lab manufacturing capacityRetail
Nov 2025Advancing Sight Network ↔ Miracles In SightMerger (undisclosed)Unify non-profit vision restoration networksClinical
Dec 2025Zeiss Vision Care → Brighten OptixUndisclosedStrengthen pediatric myopia management solutionsClinical
Dec 2025VSP Vision → MarcolinUndisclosedExpand branded eyewear production capacityRetail
Business Eyewear Market Market Report

Frequently Asked Questions

M&A is driven by companies seeking control over supply chains, technology, clinical services, and to mitigate economic pressures.

They acquire clinical platforms, AI diagnostics, and tech partners to strengthen vertical integration and expand product/service portfolios.

Kering and LVMH focus on brand differentiation and production control to expand premium eyewear offerings.

Smart glasses, AI diagnostics, and AR fitting tools are enabling data-driven decision-making for retailers and consumers.

Major acquisitions of ophthalmology clinics and diagnostic platforms are creating full-funnel consumer touchpoints.

They can focus on niche specialization, partner with platforms, or differentiate with service and decision tools.

SMBs can leverage flexible inventory, data-driven product selection, and decision tools to differentiate from larger competitors.

Integration of technology, expansion of clinical services, and luxury brand control will shape the next phase of the market.