MILAN — A little more than a year after the announcement of the Essilor and Luxottica proposed merger in January 2017, the European Commission and the U.S. Federal Trade Commission have cleared the project without conditions.To date, the transaction has been unconditionally approved in 13 other countries: Australia, Canada, Chile, Colombia, India, Japan, Mexico, Morocco, New Zealand, Russia, South Africa, South Korea and Taiwan.China is the remaining jurisdiction where antitrust approval is still pending. Brazil gave the green light last week, which will be ratified over the next few days.The merger is expected to be finalized in the first part of this year.The Italian group produces eyewear under license for names including the Giorgio Armani Group, Bulgari, Burberry, Chanel, Coach, Prada and Versace and also 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.As reported, a lower cost of debt, fiscal benefits from Italy’s Patent Box regime and the effects of tax reform in the United States boosted Luxottica Group SpA’s profits in 2017. Luxottica said adjusted net income rose 10 percent, at current exchange rates, to 970 million euros. The company confirmed its previously released turnover figures for the just-ended full year: 9.15 billion euros, up 0.8 percent, at current exchange. At constant currencies, 2017 revenues increased 2.2 percent. The company mentioned there were some 18.5 million euros in nonrecurring costs related to the Essilor combination."We continue to conduct open and constructive dialogue with governments which have not yet taken up the issues,” said Alessandra Senici, the group’s head of investor relations, commenting on the figures, adding that the company expected the merger to be cleared “within the first half of this year.”
Leading luxury brand are shaking things up to keep up with streetwear. Case in point: the arrival of @mrkimjones as artistic director of @diorhomme. Jones, who succeeds @Kris_Van_Assche, is seen as one of the handful of designers who can actually straddle the luxury and streetwear worlds — which could lead to even more changes at established brands. What could this mean for the rest of the menswear landscape? Head to WWD.com to find out what experts predict #wwdfashion (📷: @franckmura)
“It’s like buying groceries. You’re going to buy the best mango, the best mozzarella, the best things. You have to, or others are going to take it all,” said @gabrielahearst on why she uses only the finest fabrics. Last week, Hearst received her first @cfda nomination for Womenswear Designer of the Year, and earlier this month she opened a permanent showroom in Paris. To read @jessiredale’s interview with the designer and find out why this is shaping up to be a big year for her, head to WWD.com. #wwdfashion (📷: @francoisgoize)
“It’s an interesting thing, playing a younger version of your mother. It’s an interesting concept. I adore my mom and love her in every capacity, but it was just something that had never crossed my mind,” says @anniemstarke on playing a young Joan Castleman in “The Wife.” The same role will be played by her mother Glenn Close. Read more about her growing up in the film industry as the daughter of producer John H. Starke and Close and what she has planned for the future #wwdeye (📷: @nataliamantini)
@asics is launching a new streetwear sneaker inspired by its latest ambassador, @steveaoki. The Hyper-Kenzen x Aoki, which will launch at @footlocker stores exclusively tomorrow, is a slip-on style that incorporates the brand’s proprietary Gel technology through beads integrated into the midsole for comfort and endurance. Read the full story on WWD.com.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion