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Brands Stand Behind EssilorLuxottica

MILAN — “See more, be more, live life to its fullest. We will be focused on fighting poor vision, which is the world’s largest disability.”
That is EssilorLuxottica’s mission, explained Hilary Halper, the co-chief financial officer of the new eyewear behemoth created from the merger of Essilor and Luxottica on Monday, the first day of the mandatory exchange offer launched by the company on all the outstanding shares of Luxottica Group SpA it does not already own. Halper was flanked by Stefano Grassi, co-cfo.
EssilorLuxottica received one strong vote of confidence over the weekend from Giorgio Armani, who agreed to tender his shares into the mandatory exchange offer. Armani, a longtime shareholder in Luxottica, which produces and distributes the designer’s eyewear collections under a licensing agreement, is tendering more than 22.5 million shares. This represents 4.64 percent of Luxottica’s share capital and voting rights. After the offer, Armani’s stake in EssilorLuxottica will be of 2.36 percent. As reported, Luxottica’s executive chairman Leonardo Del Vecchio’s family holding Delfin is submitting its shares in the group, or 62.42 percent of the total, at a ratio of one share in Luxottica for each 0.461 Essilor share.
Armani’s approval is echoed by other fashion brands that have licensing agreements with Luxottica, Grassi said. “We’ve seen a full support of designers,

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Via:: https://wwd.com/accessories-news/eyewear/brands-stand-behind-essilorluxottica-1202894628/