A recent Japanese article (Bunshun Online / Bungeishunju magazine’s “Marunouchi Confidential” column from mid-August 2026) mentioned again the speculation about a potential Luxottica acquisition of Nikon. The article notes Nikon’s large losses for the fiscal year ending March 2026. Against that backdrop of restructuring and a new president, the article states that EssilorLuxottica (known for Ray-Ban) has rapidly increased its stake toward 20%, and that “some believe that Luxottica’s large holding of Nikon shares is a stepping stone to an acquisition”. You can read the article on Yahoo Japan (behind a paywall). Here is the relevant quote:
Essilor Luxottica, a major French eyewear company with which Nikon has a joint venture, has been rapidly increasing its stake in Nikon, and its ownership ratio is approaching 20%. Essilor is an international brand known for “Ray-Ban” and some believe that its large holding of Nikon shares is a stepping stone to an acquisition.
EssilorLuxottica is Nikon’s largest shareholder. It began accumulating shares in 2024 (disclosing 5.1% in October 2024 as a “long-term financial investment”). By October 2025, it became the top shareholder at roughly 10.75-10.8% and received Japanese government clearance under the Foreign Exchange and Foreign Trade Act (FEFTA) to raise its holding as high as 20%:
| Date | EssilorLuxottica stake |
|---|---|
| Oct. 2024 | 5.10% |
| Oct. 2025 | 10.75% |
| Nov. 2025 | 12.95% |
| Jan. 26, 2026 | 14.20% |
| Feb. 6 | 15.41% |
| Mar. 4 | 16.51% |
| Mar. 13 | 17.53% |
| Mar. 30 | 18.59% |
| Apr. 7, 2026 | 19.61% |
Essilor Luxottica has raised its stake in Nikon to 18.59% from 17.53%
Speculations about Nikon being acquired by EssilorLuxottica are nothing new – see this post on my take:
Another soap opera: speculation (not rumors) about Nikon being acquired by EssilorLuxottica
Here is a quick recap on why I think an acquisition is highly unlikely:
