Essilor and Luxottica Marriage Approved

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LUXEMBOURG and CHARENTON-LE-PONT, France— Almost almost two years after announcing the biggest deal in optical industry history, Delfin S.a.r.l, the majority shareholder of Luxottica Group S.p.A. and Essilor International have completed the combination of Essilor and Luxottica. The combined holding company, EssilorLuxottica, has pro forma combined revenues in excess of $18.4 billion, nearly 150,000 employees and an unparalleled global footprint as the world’s largest designer, manufacturer, and distributor of ophthalmic lenses, prescription frames, and sunglasses. EssilorLuxottica unveiled its new logo and corporate website today.

Beginning October 2, 2018, EssilorLuxottica shares will be traded on Euronext Paris, under the ticker symbol EL with the same ISIN code FR0000121667, according to an announcement posted on the website today. They will be part of the CAC 40 and Euro Stoxx 50 indices.

Leonardo Del Vecchio, executive chairman of EssilorLuxottica, said, “We are at the beginning of a new chapter in our history in which we so strongly believe, bringing together frames and lenses under the same roof and completing our vertically integrated business model. We will enhance the excellence of Luxottica and Essilor to improve the service level and offer consumers around the world ever better products that leverage our most beloved brands with cutting-edge lens technologies.”

Hubert Sagnieres, who serves as executive vice chairman of EssilorLuxottica, a position with powers equal to those of the executive chairman, added, “The creation of EssilorLuxottica is a defining moment in our fight to elevate the importance of good vision as both a basic human right and a key lever for global development. EssilorLuxottica now has the means to give this important cause a much stronger voice and is in a position to grow the entire eyecare and eyewear industry thanks to its presence in all major segments, from lenses to frames to physical and online distribution. Our commitment to foster innovation, enhance customer service and reimagine the consumer experience will benefit all stakeholders.”

In addition to their new roles at EssilorLuxottica, Del Vecchio and Sagnieres keep their current positions, with Del Vecchio as executive chairman of Luxottica and Sagnieres as the chief executive officer of Essilor International SAS, EssilorLuxottica said. Essilor International SAS and Luxottica maintain their respective boards of directors.

Following the contribution by Delfin, the majority shareholder of Luxottica, of its 62.42 percent stake in Luxottica to Essilor on Oct.1, 2018, Essilor became the parent company of Luxottica and was renamed EssilorLuxottica.

During the first part of 2019, EssilorLuxottica will present its first combined annual results and is expecting to hold a Capital Markets Day for investors and analysts.

 

 

 

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