European eyewear giant in merger of Luxottica and Essilor
{{#rendered}} {{/rendered}}
A new European eyewear giant is set to emerge as Italian frames maker Luxottica — maker of brands like Ray-Ban and Oakley — joins with French lens manufacturer Essilor in a multibillion-euro merger.
Essilor International SA announced Monday it had reached a share exchange deal with Luxottica's main shareholder, Delfin, to create a combined company making both frames and lenses.
Shares in Luxottica and Essilor jumped on the news.
{{#rendered}} {{/rendered}}
The statement said the new company would have combined revenues of more than 15 billion euros ($16 billion), 140,000 employees and sales in more than 150 countries.
Essilor said the merger is an effort to meet growing global demand for corrective lenses, sunglasses and luxury frames.