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AGM 2024

EssilorLuxottica
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AGM 2024

30 Apr, 2024
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Q1 2024 TU

18 Apr, 2024
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Eyewear Giant

EssilorLuxottica is an Italian-French multinational corporation in the eyewear and eye care sector. The company focuses on the design, manufacture, and distribution of ophthalmic lenses, frames, and sunglasses. Formed in 2018 through the merger of Essilor, a French company specializing in ophthalmic optics, and Luxottica, an Italian eyewear conglomerate, EssilorLuxottica has a broad portfolio of iconic brands including Ray-Ban, Oakley, and many others. It has joint headquarters in Paris and Milan, and its shares are listed on the NYSE.

An Industry-Defining Merger

The merger between Essilor and Luxottica in 2018 marked a significant consolidation in the eyewear industry. Announced in January 2017 and completed in October of the following year, the merger brought together two complementary giants. Essilor's expertise in lens manufacturing and optical technology merged with Luxottica's strengths in frame design, brand portfolio, and extensive retail network. The new entity, EssilorLuxottica, aimed to create a vertically integrated business that could cover all aspects of eyewear, from production to distribution.

Focusing on Eyewear

The company's business activities span various aspects of the eyewear industry, encompassing everything from lens manufacturing, eyewear design, retail, and more. The lens manufacturing side, primarily driven by Essilor, focuses on producing optical lenses for customers with visual impairments. On the other hand, Luxottica is focused on manufacturing, and distributing fashion, luxury, and sports eyewear. Their portfolio includes a variety of well-known manufacturers, both in-house as well as several brands under licensing agreements.

EssilorLuxottica also has a significant retail presence, operating several chains of stores worldwide, including Sunglass Hut and LensCrafters while also selling products on platforms like Amazon. These retail outlets provide a direct channel for selling their products and offering eye health services like eye tests and professional consultations.

Growing through Acquisitions

EssilorLuxottica's strategy of acquiring eyewear companies is a key component of its growth and market dominance. This approach involves identifying and integrating smaller eyewear and eye care businesses into its expansive portfolio. Through these acquisitions, EssilorLuxottica diversifies its product offerings, expands its geographical reach, and strengthens its position in various segments of the market.

Further reading: EssilorLuxottica: Global Dominance Through Strategic Acquisitions