Modern View's 28 glasses shops in Shanghai have reportedly been acquired by LensCrafters. Luxottica, the Italian glasses group and owner of LensCrafters, says that the company is assessing the possibilities of acquiring other eyeglass retailers in China.
Over the past two years, Luxottica has acquired three big eyeglass chain retailers in China. In July 2005, Luxottica acquired all of the shares of Beijing Xueliang Glasses for RMB169 million; in October 2006, it acquired Minglang, one of the biggest glasses chain retailer in Guangdong, for RMB290 million; and at the same time, it also acquired Shanghai Modern Sight for RMB140 million.
Shanghai is an important part of the marketing plan of Luxottica. After the acquisition of Shanghai Modern Sight, Luxottica used its North American high-end eyewear retail brand, LensCrafters, to replace the 28 Modern View glasses shops, which are owned by Shanghai Modern Sight. LensCrafters' first Chinese flagship shop opened in Shanghai's Grand Gateway, Xujiahui in April 15, 2007 and it now has about 270 shops in Beijing, Shanghai and Guangzhou.