The world’s leader in luxury eyewear announced on Friday an increase of 5.2% in sales in the first quarter, to 2.38 billion euros but like-for-like sales fell 3.5 percent in the first quarter due to online promotions.
Italian eyewear group Luxottica reported on Monday a 0.8 percent rise in 2016 adjusted sales helped by its fast-expanding retail network. Reorganisation efforts in the U.S. and Chinese markets hit its wholesale business.
By sealing one of the biggest European merger deals of recent years, 81-year old spectacles tycoon Leonardo Del Vecchio has added another chapter to one of Italy's most legendary rags-to-riches stories.
Italy's wealthy family businesses, such as Luxottica, are fed up with a stagnant economy and meagre returns on their cash, are ditching their extended circle of financial advisers and striking out on their own.