Luxottica H1 results flat before merger
Luxottica, the world’s largest eyewear manufacturer, reported 4.55 billion euros in revenue in the first half of 2018, with a marginal increase of 0.3 percent.
Despite the flat results the company said it is pleased with the group’s performance: "The growth in the markets where we completed the new commercial strategy, including North America and Asia, confirms the value and effectiveness of the initiatives undertaken. We look with confidence at Europe’s prospects, the region where we are reorganizing our distribution strategy,” Leonardo Del Vecchio, Executive Chairman of Luxottica said in a company statement. “Considering the positive trends we are also seeing in July, we confirm our outlook for 2018”.
Milan-based Luxottica is on the brink of a merger with Essilor which would see the two companies form a 54 billion euro global eyewear behemoth.
The two companies are finalizing discussions with the Chinese competition authority and remain confident to obtain its approval by the end of the month. In parallel activities, the two companies are also finalizing their discussions with the Turkish antitrust authority and evaluating the timing for the closing of the transaction.
“We are continuing to invest in product excellence and innovation. Our ‘made in Japan’ manufacturing capability and Barberini’s lenses further expand our luxury portfolio. The Group’s digital evolution is ongoing. Our e-commerce business is more and more important in our strategy and our communication is now focused on digital and social media”.
Photo courtesy of Luxottica