Backstage at Versace RTW Fall 2018

MILAN — Essilor and Luxottica expect to finally close their merger transaction at the end of this year’s third quarter.

On Thursday, the Chinese competition authority approved the agreement between Essilor and Luxottica, which was first announced in January 2017.

To obtain the green light from the Chinese antitrust regular, Essilor and Luxottica agreed to inform it in advance of their future acquisitions and to provide Chinese customers with services and products on a fair basis.

Essilor and Luxottica are waiting for the Turkish competition authority’s approval to finalize the merging procedure.

The European Commission and the U.S. Federal Trade Commission cleared the project without conditions in March 2017 and then transaction was unconditionally approved in 14 other countries: Australia, Canada, Chile, Colombia, India, Japan, Mexico, Morocco, New Zealand, Russia, South Africa, South Korea, Brazil and Taiwan.

Luxottica produces eyewear under license for names including the Giorgio Armani Group, Bulgari, Burberry, Chanel, Coach, Prada and Versace and has a number of owned brands, such as Ray-Ban, Oakley and Persol. It and Essilor, the leading maker of lenses worldwide, have agreed to a 46 billion euro, or $48.7 billion, merger to form an eyewear powerhouse with annual sales of more than 15 billion euros.

Luxottica and Essilor combined will have more than 140,000 employees and sales in more than 150 countries.

In the new entity, Luxottica founder Leonardo Del Vecchio will serve as executive chairman and chief executive officer and Hubert Sagnières, Essilor’s chairman and ceo, will become executive vice chairman and deputy ceo. Del Vecchio and Sagnières will also keep their positions of executive chairman of Luxottica and chairman and ceo of Essilor International, respectively.

load comments
blog comments powered by Disqus