The proposed merger between eyewear giants Luxottica and Essilor, projected at around £40bn, is progressing well after being announced at the start of 2017.
A meeting at the end of March the Essilor International directors approved signatures on the daft contribution agreements, and it has been confirmed that Essilor will be renamed EssilorLuxottica and will be listed on Euronext Paris. The management of the new combined company will be based in France, as will their registered office.
Draft resolutions of the proposed merger will be submitted on 11th May for approval by the general shareholders. These resolutions feature a number of proposed changes, but in particular focus on the directors who will sit on the board of the new entity, as well as the closing date of the Luxottica share contribution.
Expected to be completed by the end of 2017, the proposed merger would see a combination of two of the world’s biggest eyewear brands, creating a company that is sure to attract substantial interest on the stock market.
Essilor are one of the biggest names in prescription lenses and eyewear products in the world, employing 64,000 people in 69 different countries worldwide. Their products are distributed in more than 100 countries, via 16 global distribution centres and 33 manufacturing plants.
Luxottica are another giant in the eyewear industry, with brands including Armani Exchange, Burberry, Chanel, Coach, DKNY, Persol, POLO Ralph Lauren, Oakley, Ray Ban glasses and scores of others. They also have a large international retail arm, with brands including Lens Crafters, Eye Med, Sunglasses Hut, GMO, Sears Optical, Target Optical, David Clulow and Glasses.com.