
IItaly'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.
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IItaly'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.
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.
Versace has reportedly decided that only shareholders are to sit on the board of directors: the Versace family, with nearly 80% of the stock, Blackstone with 20%, and CEO Jonathan Akeroyd.
The eyewear giant had bought a 36% stake in the Italian optician chain in 2012, and has now exercised a purchasing option allowing it to acquire the outstanding capital.
The New York group is strengthening its position in the jewelry sector through the acquisition of the American brand Alexis Bittar, which will be integrated into its Carolee jewelry division.
The US label has opened a café inside its New York 'Red Fleece' store, located in Manhattan's Flatiron district, which distributes the brand's younger, more affordable line.
Italian eyewear group Luxottica reported a 1.2% rise in underlying third-quarter revenues on Monday and said it was on track to hit its full-year target but cautious about 2017.
Italian eyewear group Luxottica cut its full-year outlook on Monday, blaming uncertain markets, after first-half adjusted operating profit fell 2.5 percent hit by weakness in North America, its biggest market.
The consultant, in the close circle of Leonardo Del Vecchio, founder and Executive President of the eyewear group, has been appointed Vice-President after joining the board of directors in early March.
Ray-Ban maker Luxottica confirmed its revenue goal for 2016 after sales growth eased at the start of the year, hit by a drop in tourist numbers and weaker emerging markets currencies.