The maker of Ray Ban is merging with a rival in a €53 billion deal
The deal will make Luxottica's founder, Leonardo Del Vecchio, the largest single shareholder in the combined company with about a 30% stake.
Luxottica, founded by Del Vecchio in 1961, owns iconic sunglasses brands such as Ray Ban and Oakley and also has the license for brands such as Burberry and Ralph Lauren. It owns the retail chain Sunglasses Hut.
The BBC quotes Del Vecchio, Italy's richest man, as saying in a statement confirming the merger: "The marriage between two key companies in their sectors will bring great benefits to the market, for employees and mainly for all our consumers."
(Reporting by Rama Venkat Raman in Bengaluru; Editing by Peter Cooney)
- I got a $40K raise using this 30-second strategy. It made me realize loud work, not hard work, always wins.
- Qatar Airways' new CEO explains why it's sticking with the Airbus A380 as other airlines retire the costly superjumbo
- Prince Harry and Meghan found out about Kate Middleton's cancer diagnosis on TV like everyone else, report says
- Consuming excessive salt and inadequate potassium, protein is making North Indians prone to life-threatening diseases: Study
- Upcoming cars and two-wheelers launching in India in April 2024
- Ice melt in Antarctica and Greenland is slowing Earth's rotation, affecting timekeeping: Study
- Elections on a plate: Poll panels fix menu & expense ceiling for Samosa, tea, biryani & more
- Regenerative farming, cover crops will help farmers increase yields, reduce stubble burning: IDH CEO