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Friday / August 12.
HomeminewsLuxottica Rules Out Merger with Essilor

Luxottica Rules Out Merger with Essilor

Luxottica plans to invest and build new lens manufacturing facilities near its existing distribution centres, but has ruled out mergers or acquisitions with Essilor or Zeiss.

In a statement to shareholders, Luxottica Chief Executive Massimo Vian said, “as of today there are no discussions with France’s Essilor or Germany’s Zeiss over possible tie-ups” and that “both companies are Luxottica’s suppliers and that is the only relationship we have with them”.

Luxottica has commenced construction on three new laboratories for the production of ophthalmic lenses within the Group’s main distribution centres, which, the company says, will allow it to integrate lenses and frames at the right phase of the cycle, optimising the level of service for its optical retail brands.

Luxottica ended the first quarter of 2016 with an increase in net sales of +3.8 per cent at constant exchange rates (+2.5 per cent at current exchange rates) compared to the first quarter of 2015.

According to the statement, Luxottica is working to improve efficiency and integration of its different businesses

According to the statement, Luxottica is working to improve efficiency and integration of its different businesses, and “to free up resources that can be reinvested in activities with higher productivity and profitability”. A simplification of its corporate structure in regional markets around the world is under consideration, as well as more emphasis on digital communication.

Shareholders heard that a new organisational structure for the retail side of the business was providing for smoother coordination at the global level and would help facilitate the ambitious plan to open more than 1,000 stores in 24 months. Luxottica will introduce a new store model to support the plan, aimed at maximising the productivity of the Group’s network.

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