MILAN — In its report on Monday, Barclays defined Luxottica Group SpA “our best idea for 2015 in the luxury sector, driven by underlying secular growth, very strong market position, operational gearing and high cash generation.” Based on the group’s aim for 7 percent medium-term growth, its greater focus on margins and returns, Barclays reiterated its Overweight rating ahead of the group’s February update.
Also, easing market tensions, Luxottica’s management troubles appear to have been smoothed over, following the sudden departure of two chief executive officers in one month. As reported, former Procter & Gamble executive Adil Mehboob-Khan is expected to join in January, flanking Massimo Vian in Luxottica’s new co-ceo structure. Finally, Luxottica chairman Leonardo Del Vecchio has settled the group’s shareholding structure, raising his stake to 25 percent of his holding Delfin Sarl, which controls the eyewear company, through a capital increase. According to market speculation, this is a stake that will eventually pass to his wife Nicoletta Zampillo, and which is hers legitimately. Each of Del Vecchio’s six children, including Brooks Brothers’ chairman and ceo Claudio Del Vecchio, now has a 12.5 percent stake in Delfin, down from 16.5 percent.