European Union regulators are concerned the proposed merger could lead to higher prices and reduced choices for consumers.
The fraudulent financial activities will have an estimated impact of up to 190 million euros on its full-year operating result.
The eyewear giant noted improved business at Sunglass Hut thanks to digital investments.
The eyewear giant said its teams are now working well together.
The eyewear giant has acquired a majority stake in the optical retailer GrandVision, which counts 7,200 stores worldwide.
Speaking at the EssilorLuxottica general assembly in Paris, executive chairman Leonardo Del Vecchio said the recruitment is proving difficult.
The agreement comes ahead of the company’s annual general shareholder meeting on May 16.
The company flagged strong performances from LensCrafters and Target Optical.
It has named Frank Gentin as the ad hoc agent at the eyewear giant, where top management has been clashing.
The suggestion had been submitted by shareholders to help unblock a deadlock at the world’s largest eyewear company.
The newly formed eyewear behemoth posted a 1.2 percent pro forma sales decline in the 12-month period.
The company is looking to expand its footprint in Europe and Latin America.
The newly formed EssilorLuxottica will launch a mandatory exchange offer for all the remaining shares between Oct. 29 and Nov. 27, with the view of delisting Luxottica’s shares in Milan, but the squeeze-out, if any, could be expected between Jan. 28 and March 4.
The merging transaction between the two companies is expected to be finalized in the third quarter of the year.
The Chinese competition authority has not yet approved the agreement.