Es­silor to merge with Lux­ot­tica

The Star Early Edition - - INTERNATIONAL -

LUX­OT­TICA Group, the world’s largest maker of eye­wear, in­clud­ing Ray-Bans, will merge with French ri­val Es­silor In­ter­na­tional, cre­at­ing a com­pany with more than €15 bil­lion (R216.5 bn) in rev­enue. Leonardo Del Vec­chio, Lux­ot­tica’s founder, will be­come the largest share­holder with his Delfin hold­ing com­pany own­ing a stake of 31 to 38 per­cent, ac­cord­ing to the two com­pa­nies. The deal cre­ates a branded goods giant with a mar­ket value that ri­vals the sec­ond-big­gest lux­ury maker Her­mes In­ter­na­tional. Del Vec­chio, cur­rently Lux­ot­tica’s chair­man, will be ex­ec­u­tive chair­man and chief ex­ec­u­tive of the new com­pany, while Es­silor’s Hu­bert Sag­nieres will be­come ex­ec­u­tive vice-chair­man and deputy chief ex­ec­u­tive with equal pow­ers. – Bloomberg

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