Voting rights capped at 31% for all This mission has borne major technological advances such as the invention of the organic lens and the progressive lens. “As soon as the first general assembly of the new group on Nov. 29, he behaved as if Essilor had bought Luxottica. Luxottica operates a well-developed retail and wholesale network in both developed and emerging markets, along with innovative e-commerce platforms, engaging a new generation of digital consumers. Matt is the co-founder and CEO of CovalentCareers and NewGradOptometry. A source close to the deal said that the two companies’ business models, operations and strategy have converged since then and that the merger makes more sense now, given growing competition. Italy's Luxottica and France's Essilor have agreed a 46 billion euro ($49 billion) merger to create a global eyewear powerhouse with annual revenue of more than 15 billion euros. With extraordinary success, Luxottica has built prestigious brands, backed by an industry state-of-the-art supply chain and distribution network. 2013 Investor Day - Presentation - Webcast - Transcript - Press release . The combination of Essilor and Luxottica X This website or third-party tools used by the site itself use the cookies necessary for operation and useful for the objectives illustrated in the cookie policy, including the possibility of sending you advertisements according to your interests. During the presentation, all participants will be in a listen only mode. The dates below are given for information purposes only and may be modified. This post is sponsored by Luxottica Jan 16, 2017. Luxottica Group is a leader in premium, luxury and sports eyewear with over 7,400 optical and sun retail stores in North America, Asia-Pacific, China, South Africa, Latin America and Europe, and a By joining forces today, these two international players can now accelerate their global expansion to the benefit of customers, employees and shareholders as well as the industry as a whole.”. Finally, after fifty years, two products which are naturally complementary, namely frames and lenses, will be designed, manufactured and distributed under the same roof". Dutch retailer GrandVision GVNV.AS and Italy's Safilo Group SFLG.MI had revenue of 3.2 billion euros and 1.3 billion euros respectively in 2015. Luxottica's merger helps Del Vecchio manage family risks, Luxottica and Essilor confirm plans to merge companies. Yet there’s a fundamental cultural disconnect that risks haunting the merger for years to come. Investor Relations. Policy, Read our Essilor Chairman and CEO, Hubert Sagnières, would serve as Executive Vice-Chairman and Deputy CEO of EssilorLuxottica with equal powers as the Chairman and CEO. Voting rights will be capped at 31 percent. All files can be downloaded as pdfs. Moody's Investors Service 23 Jan 2017 Credit Opinion Essilor International (CG d'Optique) S.A.: Update Following Announced Merger With Luxottica. MILAN/PARIS (Reuters) - Italy's Luxottica LUX.MI and France's Essilor ESSI.PA have agreed a 46 billion euro ($49 billion) merger to create a global eyewear powerhouse with annual revenue of more than 15 billion euros. Essilor and Delfin, the majority shareholder of Luxottica, entered into a combination agreement to establish a permanent, single economic management of the businesses currently operated by Essilor and Luxottica. EssilorLuxottica is a global leader with an ambition to grow the industry. The Board of Directors of Essilor held on January 15, 2017 unanimously approved the agreement with Delfin, which it considered to be in line with the best interests of shareholders, employees and other stakeholders, and decided to initiate the information and consultation of its works councils on the basis of such proposed transactions. : +39 (02) 8633 4870. Consult the Luxottica Annual Report and Publication archive, with information about our financial perfomance since 2003. Essilor and Luxottica are highly complementary businesses due to minimal overlap in ophthalmic lenses (Essilor) and sunglasses/frames (Luxottica). All quotes delayed a minimum of 15 minutes. The new entity would leverage state-of-the-art production capabilities and widespread distribution networks to better serve clients and deliver value to all stakeholders. PARIS — Six months after the merger of eyewear giants Luxottica and Essilor to create a world leader in its domain, in-fighting between the combined group’s two heads is making waves. In 2015, Luxottica posted net sales of approximately Euro 9 billion and more than 80,000 employees. Shares in Luxottica were up by 8.6 percent at 53.80 euros by 1405 GMT (9:05 a.m. What was first announced in January of 2017—that Essilor and Luxottica planned to merge—has finally come to completion, with both optical giants revealing today the successful completion of the corporate combination. Essilor succeeded in bringing innovative solutions to ophthalmic lenses and creating internationally-recognized brands (Varilux®, Crizal®, Transitions®) offering tailored correction solutions for all of its consumers’ needs. The EssilorLuxottica Board of Directors would consist of sixteen members: Essilor International, after completing the hive-down noted above, and Luxottica would maintain their respective Board of Directors. Essilor brings 168 years of innovation and industrial excellence in the design, manufacturing and distribution of ophthalmic and sun lenses. Luxottica Group is a leader in premium, luxury and sports eyewear with over 7,400 optical and sun retail stores in North America, Asia-Pacific, China, South Africa, Latin America and Europe, and a strong, well-balanced brand portfolio. But there certainly should be. EssilorLuxottica General Meeting to be reconvened: PDF - 179 KB Dr. Matt Geller is an entrepreneur with a track record of developing successful online platforms to solve problems in the healthcare space. Since its creation in 1961, Luxottica has built an outstanding portfolio of proprietary eyewear brands, including Ray-Ban® and Oakley®, and prestigious licensed brands, loved by consumers everywhere. Since their impending merger was announced in January, there has been remarkably little comment about the huge proposed deal to combine Essilor and Luxottica. It will also leave smaller rivals lagging even further behind. Luxottica Group is a leader in premium, luxury and sports eyewear with over 7,400 optical and sun retail stores in North America, Asia-Pacific, China, South Africa, Latin America and Europe, and a strong, well-balanced brand portfolio. It declined to comment on Thursday whether that search was still on. Related Coverage The transaction would entail a strategic combination of Essilor’s and Luxottica’s businesses consisting of (i) Delfin contributing its entire stake in Luxottica (approx. 62%) to Essilor in return for newly-issued Essilor shares to be approved by the Essilor shareholders meeting, on the basis of the Exchange Ratio of 0.461 Essilor shares for 1 Luxottica share, and (ii) Essilor subsequently making a mandatory public exchange offer, in accordance with the provisions of Italian Law, to acquire all of the remaining issued and outstanding shares of Luxottica pursuant to the same Exchange Ratio and with a view to delist Luxottica’s shares. Together, Luxottica and Essilor would have more than 140,000 employees and sales in more than 150 countries. Company information for EssilorLuxottica EUR 0.35 share priceincluding general stock details, key personnel and important dates for your diary. State-of-the-art manufacturing footprint makes up the backbone of the company, where the most advanced R&D, equipment, materials and processes are used to make frames that are excellent in quality and style. The two groups share common values: their mission is to improve vision across the world with innovation as a growth driver, operational excellence, an entrepreneurial spirit and an international mindset. The Group’s global wholesale distribution network covers more than 150 countries and is complemented by an extensive retail network of approximately 7,800 stores, with LensCrafters and Pearle Vision in North America, OPSM and LensCrafters in Asia-Pacific, GMO in Latin America, Salmoiraghi & Viganò in Italy and Sunglass Hut worldwide. Leveraging its cutting-edge methods, Essilor also developed new approaches in the sunwear segment and online retail. Third Point LLC, the U.S. hedge fund that has pushed for changes at companies ranging from Nestle to Campbell Soup, has amassed a stake in … Enter this section to read more and get in touch with the Financial Communication and Investor relations team. Delfin main investments are in Luxottica Group SpA, Fonciere Des Regiones SA, Assicurazioni Generali SpA and Unicredit Spa. The deal also removes -- for now at least -- uncertainty over succession at Luxottica, which has lost three CEOs since 2014 because of rifts with Del Vecchio. Its portfolio includes proprietary brands such as Ray-Ban, Oakley, Vogue Eyewear, Persol, Oliver Peoples and Alain Mikli, as well as licensed brands including Giorgio Armani, Burberry, Bulgari, Chanel, Coach, Dolce&Gabbana, Michael Kors, Prada, Ralph Lauren, Tiffany & Co., Valentino and Versace. 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