SHOP TALK: Eye of the beholder
EssilorLuxottica is one of the largest cross-border tie-ups in Europe, with the eyewear industry worth €121bn, it has room for growth, writes Zeenat Moorad
If ever there was a paragon for defying a pauperised provenance, Leonardo Del Vecchio — founder of eyewear maker Luxottica Group SpA — would be it. For a brief period in his life, he was sent to a Milanese orphanage by his mother, who was unable to support her family (he was one of five brothers) after his father’s death. The rags-to-riches poster boy — now 81, and Italy’s second-wealthiest man — was a newsmaker this week after striking one of the largest cross-border tie-ups in Europe. The company he founded, when he was 26, will merge with France’s Essilor, the world’s largest lens m anufacturer. It’s a €46bn deal that will create a company with combined sales of €15bn and 140,000 employees in more than 150 countries. Chances are, you own or have worn at least one of the brands Luxottica sells: Oakley, Ray-Ban, or Persol. It also, through licensing deals, sells Chanel, Prada and Armani eyewear at its Sunglass Hut retail chains. It’s a big industry — worth €121bn, with room for gro...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.