Headlines Luxottica-Essilor Deal Solves Key Issue for Founder Published 7 years ago on January 18, 2017 By INVISION Staff Share Tweet He’ll avoid one type of disruption. Luxottica founder Leonardo Del Vecchio sees his company’s planned merger with Essilor as a way to keep the company stable even after he’s gone, Bloomberg reports. Del Vecchio didn’t want to put control of the Luxottica in the hands of any of his six children, according to the news service. At the same time, he had little luck identifying a successor among the eyewear giant’s management ranks, as several high-level executives had left the company since 2014. Citing “people familiar with the matter,” Bloomberg explains that Del Vecchio “believes that owning a smaller stake in a larger operation and shifting his assets to a holding company will reduce the chances of disruption to the business if there’s any discord among his heirs.” Del Vecchio will serve as executive chairman and CEO of the combined organization, to be called EssilorLuxottica. Essilor Chairman and CEO Hubert Sagnières will serve as executive vice chairman and deputy CEO of EssilorLuxottica with equal powers as the chairman and CEO. Del Vecchio and Sagnières will also keep their positions of executive chairman of Luxottica and chairman and CEO of Essilor International, respectively. Advertisement Following the transaction, Delfin, the Del Vecchio family holding company, will own between 31 percent and 38 percent of the shares of EssilorLuxottica and will be its largest shareholder. Bloomberg reports that Del Vecchio plans to serve as executive chairman for three years. After that point, “shareholders will decide whether to keep him on or choose a successor.” Luxottica (NYSE: LUX), based in Milan, Italy, is the largest eyewear firm in the world, with a brand portfolio that includes names such as Ray-Ban and Oakley. Its retail division includes many well-known names, including LensCrafters, Sunglasses Hut and Pearle Vision. Essilor, which makes lenses as well as instruments and equipment, is based in France. Read more at Bloomberg Advertisement Related Topics:EssilorEssilorLuxotticaLeonardo Del VecchioLuxottica click to Comment(Comment) Up Next Here’s How Small-Business Owners Feel About Repealing Obamacare Don't Miss Wear These Sunglasses When 2 Lenses Just Aren’t Enough SPONSORED VIDEO Meet the Next Generation of Smart Glasses Ray-Ban Meta is now available with a full range of lenses, as a complete pair or edged lens. Prescription orders eligible through select insurance providers, including Eyemed and private pay. The Ray-Ban Meta collection combines iconic design with cutting-edge technology. Capture life’s best moments and livestream to Facebook and Instagram with an upgraded 12 MP camera and five-mic system. Stay connected with hands-free calls and messages. Listen to your favorite tracks through built-in speakers. Spark your creativity, get information and control your glasses with your voice – powered by Meta AI. All while keeping your phone in your pocket. For more information, visit here. You may like Promoted Headlines MULTIMODAL SCREENING AND BINOCLUAR OPEN-FIELD REFRACTION: A WINNING COMBINATION Visionix Meet the Next Generation of Smart Glasses Essilor From $500K Debt to $3M ARR: Unleashing the Impact of Front Office Technology PracticePal Advertisement Latest Trending Videos Business & Practice Management13 hours ago An Argument In Favor of 3-Star Reviews and More Tips for March Business & Practice Management13 hours ago How Would You Deal With This Office Slacker’s Inefficiency? Press Releases15 hours ago Announcing the NEW ClearVision-Adira Grants Program for OWA Members! Press Releases15 hours ago Leading AI Authority Tom Lawry to Keynote at Optometry’s Meeting Press Releases16 hours ago Maui Jim and Red Bull Join Forces Unveiling the Essence of Maui Jim and Red Bull’s Three-Year Partnership Spexy1 week ago How Adopting One Simple Phrase Can Change the Tone of Your Sales Scripts for the Better Sponsored Content3 days ago Meet the Next Generation of Smart Glasses America's Finest4 days ago A Gorgeous, Family-Oriented Practice Brings Expert Optometry and Unique Frames to a Tightknit South Dakota Community Buzz Session3 days ago We Wanted to Know What ECPs’ Biggest Challenge Will Be in 2024 Tools and Equipment3 days ago Several Products That Will Help You and Your Business Stand Out from the Crowd and More Business Boosters for February Eyecare Shenanigans17 hours ago Eyecare Shenanigans: Eyes in Space! Sponsored Content3 days ago Meet the Next Generation of Smart Glasses Webinars2 weeks ago MasterClass: Redefining Retail as Slow Retail Eyecare Shenanigans2 months ago Eyecare Shenanigans: 2023’s Top Optometry Articles in Invision Magazine Webinars5 months ago Leadership, Empathy, and a Noble Cause Advertisement SubscribeBULLETINS Get the most important news and business ideas for eyecare professionals every weekday from INVISION. Advertisement Advertisement Most Popular Spexy1 week ago How Adopting One Simple Phrase Can Change the Tone of Your Sales Scripts for the Better Sponsored Content3 days ago Meet the Next Generation of Smart Glasses America's Finest4 days ago A Gorgeous, Family-Oriented Practice Brings Expert Optometry and Unique Frames to a Tightknit South Dakota Community Buzz Session3 days ago We Wanted to Know What ECPs’ Biggest Challenge Will Be in 2024 Tools and Equipment3 days ago Several Products That Will Help You and Your Business Stand Out from the Crowd and More Business Boosters for February Cover Stories2 days ago If You Consider Yourself an Eyecare Pro, You Need to Know These 100 Things! Best of the Best1 week ago A How-to For Using Multifocal Contacts to Build Your Practice John Marvin1 week ago It’s 2024. Are You Ready to Fail?