Luxottica Group (Italy)
Luxottica is the world's biggest manufacturer and retailer of eyewear, managing an extensive portfolio of prestigious brands, mostly added through acquisition. The group's best-known owned brand is Ray-Ban (acquired in 1999), supported by Oakley (acquired 2007), Persol, Oliver Peoples, Alain Mikli and others. It also has the license to produce eyewear for many of the world's most fashionable designers including Giorgio Armani, Bulgari, Burberry, Chanel, Coach, Dolce&Gabbana, Ralph Lauren, Prada and Paul Smith. Its retail network covers some 7,200 outlets worldwide, under banners including Sunglass Hut (acquired 2001), David Clulow, Sears Optical and Target Optical, as well as prescription contact lens specialists LensCrafters (acquired 1995) and Pearle Vision. Revenues in 2015 hit a record E8.8bn, despite continuing friction between the management team and controlling shareholder Leonardo del Vecchio, now in his 80s, who has reasserted his influence over the business after more than a decade of only minimal involvement. That led to the resignation of several executives over the years including several successive CEOs. Following the departure of Andrea Guerra in Sept 2014, Del Vecchio appointed Massimo Vian and Adil Mehboob-Khan as joint CEOs of the group; Khan too departed abruptly just over a year later, leaving Vian as sole CEO. Now Italy's second richest man, Del Vecchio started the company in 1961 as a contract manufacturer, before launching his own Luxottica prescription glasses brand a decade later. The group expanded steadily through the acquisition of distributors or rival manufacturers. Adbrands doesn't profile this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services.
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Capsule checked 30th December 2016
Recent stories from Adbrands Weekly Update:
Adbrands Weekly Update 16th Oct 2014: The head of P&G's global Wella professional salon business Adil Mehboob-Khan resigned to become co-CEO of eyewear giant Luxottica, alongside Massimo Khan.
Adbrands Weekly Update 16th Oct 2014: There was further turmoil at eyewear giant Luxottica, owner of Ray-Bans, Oakley and the Chanel and Armani licenses. Long-serving CEO Andrea Guerra resigned last month after 15 years as CEO as a result of clashes with founder and controlling shareholder Leonardo del Vecchio, who has begun to reinvolve himself in a strategic role in the business after more than a decade in which he had only minimal involvement. CFO Enrico Cavatorta succeeded Guerra last month, but now he too has quit the business after just 40 days as CEO. Del Vecchio becomes interim CEO until a new team can be found to lead the business.
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