Ray-Ban owner agrees 'global powerhouse' merger

Luxottica, the Italian glasses maker which owns Ray-Ban and Oakley, is to merge with rival French lens maker Essillor.

Ray-Ban owner agrees 'global powerhouse' merger

The deal, which would make the two firms worth about €46bn (£40bn), would create a global powerhouse in the eyewear industry with revenues of more than €15bn, the companies said in a statement.

Under the terms of the merger, Luxottica’s 81-year-old founder, Leonardo Del Vecchio, will take a stake of between 31% and 38% in the merged group through Delfin, his family holding.

Del Vecchio will be the chief executive and executive chairman of the merged company, which will be called Essilor Luxottica and listed in Paris. 

Essilor’s chairman and chief executive, Hubert Sagnières, will be executive vice-chairman and deputy chief executive, with the same powers as the chairman and chief executive.

Luxoticca, which bought Ray-Ban in 1999 and Oakley in 2007, has had three chief executives in the past two years after Del Vecchio took charge again after a decade out of the limelight. 

The Italian company has a long-standing relationship with French Publicis Groupe agency Marcel and appointed Omnicom Media Group to handle media planning and buying in 2012. 

Topics

Subscribe to Campaign from just £57 per quarter

Includes the weekly magazine and quarterly Campaign IQ, plus unrestricted online access.

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
Why Cosabella replaced its agency with AI and will never go back to humans
Shares0
Share

1 Why Cosabella replaced its agency with AI and will never go back to humans

In October, lingerie retailer Cosabella replaced its digital agency with an AI platform named "Albert". Since then it has more than tripled its ROI and increased its customer base by 30%.

Just published

More