×
133
Fashion Jobs
NIKE
Lead Product Management – ed&a, Icc, India
Permanent · Bengaluru
NIKE
India Sports Marketing Manager
Permanent · Bengaluru
NIKE
Senior Dynamic Application Security Tester – Cis, Icc, India
Permanent · Bengaluru
PUMA
Senior Manager - Golf Sales (Cpg-Cobra Puma Golf)
Permanent · Bengaluru
PUMA
Manager - Accounts Payable
Permanent · Bengaluru
PUMA
Senior Manager – Teamsport Sales
Permanent · Bengaluru
NIKE
Lead Technical Product Manager – p&m, Icc, India
Permanent · Bengaluru
PUMA
Manager – Customer Reconciliation And Accounts
Permanent · Bengaluru
PUMA
Manager – Warehouse Operations (Ecommerce)
Permanent · Gurugram
NIKE
Lead Product Manager, India – ed&a Icc
Permanent · Bengaluru
PVH
Manager, Business Solutions
Permanent · Bengaluru
NIKE
Senior Product Manager - Enterprise Service Management (Esm), India – Tech Ops Icc
Permanent · Bengaluru
NIKE
Identity And Access Management (Iam) Security Operations Engineer, India – Cis Icc
Permanent · Bengaluru
NIKE
Expert Security Incident Coordinator, India – Cis Icc
Permanent · Bengaluru
NIKE
Senior Security Engineer, India – Cis Icc
Permanent · Bengaluru
BROADCAST THE COMPANY
Digital Marketing Internship
Internship · MUMBAI
NIKE
Senior Software Engineer Iii – Retail Commerce Pos, India - Consumer & Marketplace Icc
Permanent · Bengaluru
NIKE
Senior Software Engineer ii – Retail Commerce Pos, India - Consumer & Marketplace Icc
Permanent · Bengaluru
SHAYA BY CARATLANE
Merchandiser & Planner
Internship · MUMBAI
NIKE
Senior Software Engineer Iii, India – Marketing Technology Icc
Permanent · Bengaluru
SS HOMME - SARAH & SANDEEP
Marketing And PR Intern
Internship · MUMBAI
TARAMA
Graphic Designer
Internship · MUMBAI
By
Reuters
Published
May 8, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

EssilorLuxottica first-quarter sales lift, governance tensions continue

By
Reuters
Published
May 8, 2019

EssilorLuxottica posted higher first-quarter sales and maintained full-year targets on Tuesday, just days ahead of an annual meeting where minority investors are expected to voice their frustration over a leadership row at the company.


First quarter revenue rose 3.7 percent at constant exchange rates to 4.2 billion euros - Ray Ban


Formed last October through the merger of French lenses specialist Essilor and Italian spectacles maker Luxottica, the company said it was actively working on some 20 projects to integrate the two businesses and promised to deliver on cost savings.

It plans to update investors on the projects, which range from research and development to marketing, at an investor day in September.

First quarter revenue rose 3.7 percent at constant exchange rates to 4.2 billion euros ($4.71 billion), with growth in all businesses and regions.
Targets, including a rise in sales of 3.5 to 5 percent this year and planned cost savings of up to 600 million euros annually in the next three to five years, were confirmed.

The company, however, made no reference to governance issues that have hampered the 54 billion euro merger in recent months and are likely to take center stage at the group’s annual shareholder meeting in Paris on May 16.

CRISIS

Presented as a logical fit and a merger of equals, the EssilorLuxottica deal was quickly derailed by a management crisis at the top of the new holding company, where both sides accused each other of trying to secure leadership.

Tensions became apparent in November, when Luxottica’s founder Leonardo Del Vecchio, now the group’s largest shareholder, appeared to tap his right-hand man, Francesco Milleri, for the chief executive’s role, irking the French side.

The fight has turned particularly acerbic between Del Vecchio and executive vice chairman Hubert Sagnieres, who share the leadership of EssilorLuxottica.

Essilor and Luxottica are supposed to hold equal weight on the merged company’s board of directors under an agreement that expires in 2021.

In March, Del Vecchio filed an arbitration request with the Paris-based International Chamber of Commerce, a process that takes an average of two years.

In riposte, Essilor asked a Paris court to nominate an outside mediator.

Several minority investors and Valoptec International, an entity which represents current and past employees, are pushing to see independent directors appointed in the hope of easing the deadlock at next week’s shareholder meeting.

EssilorLuxottica’s board has advised shareholders to reject the proposals.

© Thomson Reuters 2021 All rights reserved.