MILAN — It was not a surprise, but the Italian Stock Exchange lost on Tuesday one of its strongest public companies — the eyewear giant Luxottica Group SpA. As reported, the delisting was expected to be on March 5 and follows the birth of EssilorLuxottica on Oct.1 last year.
The group was listed on the Paris Stock Exchange Euronext in October. Italian media have reported that management of the Italian Bourse and some analysts are hoping EssilorLuxottica will be also listed in Milan, although co-chief financial officer Stefano Grassi said in October he did not believe this would happen.
Luxottica shares went public for the first time on the New York Stock Exchange at less than $1 per share in 1990 and is leaving Borsa Italiana at more than 50 euros per share, having multiplied its value by more than 50 times in almost 30 years, said the company in January. Luxottica produces and distributes eyewear collections for brands ranging from Giorgio Armani, Bulgari, Burberry, Chanel, Coach, Prada and Versace and has a number of owned brands, such as Ray-Ban, Oakley and Persol.
EssilorLuxottica is a company incorporated under French law and listed on the Paris Stock Exchange Euronext. As reported, founder Leonardo Del Vecchio took on the role of executive chairman of the group, while Hubert Sagnières became executive vice chairman with the same powers of the chairman.
Del Vecchio’s family holding Delfin submitted its shares in the giant Italian eyewear group, or 62.42 percent of the total, at a ratio of one share in Luxottica for each 0.461 Essilor share. The new EssilorLuxottica then launched a mandatory exchange offer for all remaining shares at the same ratio.
The merger was revealed in January 2017.
Billed as the world leader in ophthalmic optics and a key player in visual health, Essilor, which is active across prescription glasses, sunglasses and reading glasses, and in ophthalmic optics equipment, counts the following brands in its portfolio: Varilux, Crizal, Eyezen, Xperio, Transitions, Bolon, Foster Grant and Costa, according to the Essilor web site.