Essilor-Luxottica merger acquisition will create a global spectacles giant
The acquisition by France’s Essilor International of Italy’s Ray-Ban maker Luxottica will create a group with annual turnover topping €15bn
Milan — French lens maker Essilor International has agreed to buy Luxottica Group, the maker of Ray-Ban sunglasses, for about €22.8bn in stock, combining the largest manufacturer and retailer in eyewear. Leonardo Del Vecchio, who created Luxottica in 1961 and controls 62% of its stock, will be executive chairman and CEO of the combined business, which will be named EssilorLuxottica, the groups said on Monday. Essilor CEO Hubert Sagnieres, 61, will be executive vice-chairman and deputy CEO with powers equal to Del Vecchio’s. Essilor’s share price leapt up to 19% and Luxottica’s 15%. Four years after talks began, the 81-year-old Italian billionaire said he was achieving his dream of combining the two companies while solving an old succession puzzle for the operator of Sunglass Hut retail chain. Luxottica has had difficulty keeping top management; two CEOs resigned in 2014. Del Vecchio has said he did not want to bring any of his six children into the company. "This operation would be ...
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