EssilorLuxottica Nears 20% Stake in Nikon

French optical group EssilorLuxottica has substantially increased its stake in Japanese company Nikon, reaching 19.61% of the company's shares. This holding is nearing the 20% threshold permitted by Japanese law for foreign investors, sparking speculation about a potential future acquisition.

EssilorLuxottica began accumulating Nikon shares in 2024. By October of that year, its stake had reached 5.1%. By October 2025, the holding grew to 10.75%-10.8%, making EssilorLuxottica Nikon's largest single shareholder. Japanese authorities have since granted the company approval to increase its stake up to a maximum of 20%.

While the growing stake raises questions about Nikon's future, EssilorLuxottica has previously stated its intention to hold its stake as a long-term, passive investment, with no current plans to interfere with Nikon's operations or strategic direction.

Nikon, historically known as "Nippon Kogaku," holds a strategic position in Japan due to its role in manufacturing exposure equipment for the semiconductor industry. Japan's foreign exchange and foreign trade law imposes strict regulations on foreign investment in sectors deemed critical for national security, which could present obstacles to any full takeover attempt.