Press Releases EssilorLuxottica to Prepare for Recovery by Preserving Cash and Supporting Employees Its Board of Directors approved the launch of a Euro 100 million COVID-19 fund. Published 9 months ago on April 22, 2020 By INVISION Staff Share Tweet (PRESS RELEASE) EssilorLuxottica announces further measures to respond to the COVID-19 pandemic and prepare the company for the recovery to come. Prescription and optical activities, which account for about 70% of company revenue, are driven by structural worldwide needs for better vision. Experience from previous economic downturns suggests that prescription purchases will be delayed during the crisis, but not cancelled. Thanks to its mission to help people see more, be more and live life to its fullest, the Company is fully equipped to meet the resilient pent-up demand which is likely to materialize when the economy stabilizes. With this long-term view, EssilorLuxottica aims to manage a temporary decline in activity and protect its balance sheet while preparing itself to seize new opportunities in the eyecare and eyewear industry from the second half of the year onwards. The Board of Directors decided not to submit any dividend distribution to the Annual Shareholders’ Meeting of June 25, 2020. It will further assess the state of the business in the second half of the year and the efficacy of all the measures undertaken to face the COVID-19 outbreak. If the recovery is solid enough, the Board of Directors may propose a special dividend payment before the end of 2020. The Board of Directors also asked the management team to work on a series of measures aimed at reducing operating and cash expenses within the Company, including the reduction or deferral of parts of its managers’ compensations. The Board of Directors voted to apply the latter measure to its own members by reducing their attendance fees by 50%. Finally, in line with the historical values of Essilor and Luxottica, the Board of Directors approved the launch of a Euro 100 million COVID-19 fund to protect the company’s human capital. This fund will support employees and their families in need. Advertisement Related Topics:COVID-19EssilorLuxottica click to Comment(Comment) Up Next Visibly Offers Free Telehealth Vision Tests During COVID-19 Pandemic Don't Miss ClearVision Optical and Revo Launch ECP Revenue Sharing Program Advertisement SPONSORED VIDEO SPONSORED BY ESSILOR Ray-Ban® Authentic Introducing the perfect match of Ray-Ban's legendary style and Essilor's Expertise in sight. Click here for more information. You may like 2020 Holiday Sales Grew 8% Despite Pandemic, NRF Reports Ray-Ban® Authentic Eyecare Center Offers Free Laser Surgery for NFL Referee After Controversial Call Promoted Headlines Ray-Ban® Authentic Essilor Get More with Essilor Essilor 360° SUPPORT. 365 DAYS A YEAR. Essilor Advertisement Latest Trending Videos Press Releases20 hours ago 2020 Holiday Sales Grew 8% Despite Pandemic, NRF Reports Sponsored Content1 day ago Ray-Ban® Authentic Headlines3 days ago Eyecare Center Offers Free Laser Surgery for NFL Referee After Controversial Call Press Releases3 days ago ReFocus Eye Health Partners with Eye Center of Southern Connecticut Press Releases6 days ago DrChrono Expands Leadership Team and Celebrates Growth With Appointment of New SVP of Engineering and SVP of Revenue America's Finest 2019 Entries2 weeks ago America’s Finest: Before You Start America's Finest 2019 Entries3 weeks ago America’s Finest: Get Your Contest Entry in Great Shape America's Finest 2019 Entries2 weeks ago America’s Finest: Basic Info and Stats America's Finest 2019 Entries2 weeks ago America’s Finest: You Gotta Stand Out from the Crowd America's Finest 2019 Entries2 weeks ago America’s Finest: Photos Really Are Worth at Least a Thousand Words Sponsored Content1 day ago Ray-Ban® Authentic Sponsored Content7 days ago Get More with Essilor Sponsored Content1 month ago Perform Refraction from Anywhere with RDx Headlines3 months ago Video: Florida Man Invents Robot to Place Contact Lenses Headlines3 months ago Video: Some Retailers Board Up Due to Election Unrest Fears Advertisement SubscribeBULLETINS Get the most important news and business ideas for eyecare professionals every weekday from INVISION. Advertisement Most Popular Photo Gallery1 week ago 12 Images That Show Why Zionsville Eyecare in Zionsville, IN, Was Named One of America’s Finest Optical Retailers Press Releases1 week ago EnChroma Names Vision Industry Veteran Erik Ritchie as CEO Headlines3 days ago Eyecare Center Offers Free Laser Surgery for NFL Referee After Controversial Call Headlines6 days ago Massachusetts ODs Win Right to Treat Glaucoma Sponsored Content7 days ago Get More with Essilor Columns6 days ago 2021 Is a New Year… Let’s Make Your Marketing New, Too! Press Releases1 week ago Eco Helps Trees for the Future Reach 200M Trees Sponsored Content1 week ago 360° SUPPORT. 365 DAYS A YEAR.