Company felt need to better protect value of its best-selling brand.
Luxottica, “in a widely expected move,” lowered its forecast for the remainder of the year and said it “now saw sales rising 2-3 percent at constant currencies this year – down from a previous 5-6 percent forecast,” Reuters reports. The Italian eyewear maker, the article says, cut its outlook after profit fell by 2.5 percent due to weakness in North America.
The article adds that Ray Ban sales are suffering because of Luxottica’s decision to “improve control of its biggest brand by allowing shops to advertise discounts only if they have been previously agreed with the company.” Paolo Alberti, Luxottica’s head of wholesale, told the news outlet: “Ray Ban … pays our salaries every month, we need to protect it.”
Read more at Reuters
