October 19, 2023 | VM
TOULOUSE, France — Fittingbox announced yesterday that it has completed the acquisition of Ditto Technologies, Inc., an eyewear virtual try-on technology provider and affiliate of Luna Solutions, LLC. Benjamin Hakoun and Ariel Choukroun, co-founders of Fittingbox, were the first to launch the virtual mirror that allows consumers to try glasses on via a desktop or mobile device, in real time. Since its founding, Fittingbox has established itself as a world leader in virtual fitting and eyewear digitization.
By joining forces with Ditto, Fittingbox said it will reinforce its leadership in eyewear virtual try-on, “unlocking a product portfolio with the best live and recorded virtual try-on, and by far the largest digital glasses database in the world.” Benjamin Hakoun, CEO of Fittingbox, noted, “By coming together with Ditto, we are able to further pursue our mission to deliver the most realistic experiences in digital eyewear. We will have the largest customer portfolio in the digital eyewear industry with customers across all continents and increased offerings in the USA, Europe and Japan.”
Luna is owned by CNT Holdings, the parent company of 1-800 CONTACTS. In connection with this transaction, CNT Holdings will become a shareholder and will join the board of Fittingbox. Jeremy Warnick, head of strategy and business development at 1-800 CONTACTS will represent CNT Holdings on the board. The Fielmann Group and JINS Group have been investors and board members of Fittingbox since 2018 and 2021, respectively.
Warnick told VMAIL, “After the transaction, CNT Holdings will own a minority stake in Fittingbox and hold a seat on the Fittingbox board. The founders, Mr. Hakoun and Mr. Choukroun, will remain the largest shareholders of the company.”
Choukroun, chief technology officer and co-founder of Fittingbox added, “As a deep tech company, innovation has always been a strong part of our DNA. With a technological edge backed by a portfolio of now 25 patents including the ones acquired through this transaction, we will pursue our strategy of investment in building cutting-edge digital technology for eyewear, pushing the limits in artificial intelligence, computer vision and computer graphics, to build the best products for our customers.”
This is Fittingbox’s first acquisition, marking a major milestone for the company: “This is a historical moment in our entrepreneurial journey, which started 17 years ago. Since it was founded in 2011, we have respected Ditto as a competitor that drove us to excellence. Now that we are joining forces, there is a great opportunity to strengthen and enhance our product and service offering for clients,” said Hakoun.
“We are proud to partner with Luna and its affiliated companies. We look forward to adding their vision and expertise to the board, which is complementary to that of the Fielmann Group and JINS,” said Choukroun, noting that with this addition, Fittingbox will have a board of directors that has a global perspective covering the main strategic markets of the company: France, where Fittingbox is headquartered, Germany, Japan and North America.
With headquarters in Salt Lake City and Tel Aviv, Luna offers solutions for retail, prescription support, and fulfillment “to make the process of buying eyewear and contact lenses simple, exceptional, and affordable for everyone,” the company stated.
Kellen Fowler, president of Luna told VMAIL, “Luna will continue to operate and this move will allow the Luna team to sharpen their focus on revolutionizing the online vision exam and other prescription related technologies. Additionally, Luna will continue to provide best-in-class fulfillment services to clients in the optical industry.”
CapM Advisors acted as financial advisor and Snell & Wilmer acted as legal counsel to Ditto Technologies. Squair served as legal advisor to Fittingbox.
Since 2006, Fittingbox, the Digital Eyewear Company, has established itself as the world leader in virtual fitting and eyewear digitization. Based in France (Toulouse) and in the USA (Miami), Fittingbox, the pioneer in Augmented Reality (AR) in Eyewear and frame digitization in 3D, develops cutting-edge optical solutions based on artificial intelligence, machine learning, and computer vision. The company generates more than 120 million virtual fittings per year and represents the largest database of 3D frames in the world, with over 155,000 pairs and more than 4,000 corporate customers. For more information: www.fittingbox.com
About Luna Solutions
Luna was created in January 2022 through the combination of Ditto, 6over6, Premium Vision and ExpressExam. Luna offers an unmatched, integrated suite of technologies and services to forward-looking eyewear retailers, brands and doctors all around the world. With headquarters in Salt Lake City and Tel Aviv, Luna offers solutions for retail, prescription support, and fulfillment to make the process of buying eyewear and contact lenses simple, exceptional, and affordable for everyone. Luna is owned by CNT Holdings, the parent company of 1-800 Contacts. For more information: www.luna.io
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