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Luxottica Holds Final Meeting

The Board of Directors of Luxottica Group S.p.A. met yesterday (Jan. 30) for its last session before the company delists from Borsa Italiana’s MTA (Italy’s stock market) on March 5. The delisting follows the birth of EssilorLuxottica on Oct. 1, 2018. During the meeting, the board reviewed Luxottica’s positive revenue performance in the last four years—since executive chairman Leonard Del Vecchio returned to lead the group.
 
The Board noted some of the most significant strategic initiatives launched and completed during the past four years, including organizational simplification,  management renewal, company-wide digitization, and he “complete pair” (frame and lenses) revolution.
 
In addition, the Board celebrated the positive financial results of the Luxottica of the past four years, in comparison with the period 2010-2013. Those results include:
  • Cumulative sales increased by around 40% from Euro 26 billion to 36 bilion
  • Adjusted operating income inreased by approximately 60%
  • Adjusted net income increased by approximately 80%
  • Adjusted net margins rose from around 7.5% to over 10%.
 To read the full report, click here.

Del Vecchio states: “At this moment my thoughts go to Luigi Francavilla, the companion of a whole working life. To his abilities and his passion, we owe a lot of what we have built together. A special thanks goes also to our CEO, Francesco Milleri, whose contributions these last four years have made a lasting impact on the company.
 
“I achieved every goal that I have set to improve any single area of the Group, making it strong, full of ideas, technology and passion and, at the same time, able to bring back the net margin above the threshold of 10%. This is the company that we bring to EssilorLuxottica, the new adventure to which I am pleased to give my full contribution.”
 
Del Vecchio now serves as the executive chairman of the newly formed EssilorLuxottica.