×
35 379
Fashion Jobs
TJX CORPORATE
IT Security Analyst Iii
Permanent · Marlborough
MACY'S
Beauty Account Coordinator - Trend: Herald Square/Nyc Division
Permanent · New York
DESIGNER BRANDS
Sales Supervisor Part-Time
Permanent · Maplewood
DESIGNER BRANDS
Sales Supervisor Part-Time
Permanent · Newport News
DESIGNER BRANDS
Inventory Control Clerk
Permanent · Westampton
RALPH LAUREN
Polo Factory Store - Store Selling Manager
Permanent · Las Vegas
KOHLS
Full-Time Sales Supervisor - Softlines
Permanent · Mobile
JCREW
Associate Manager, j.Crew Factory, Bergen Town Center Womens
Permanent · Paramus
VICTORIA'S SECRET
Brand Operational Manager
Permanent · Queensbury
NORDSTROM INC
Corporate Strategy Manager
Permanent · Seattle
NORDSTROM INC
General Manager 3, San Bernardino Fulfillment Center – San Bernardino, ca
Permanent · San Bernardino
NORDSTROM INC
Loss Prevention Security Ambassador Fulton Street Rack
Permanent · New York
NORDSTROM
Loss Prevention Security Ambassador Southcenter
Permanent · Tukwila
NORDSTROM INC
sr Human Resources Director - Merchandising
Permanent · Seattle
NORDSTROM INC
Security Ambassador 1
Permanent · San Jose
JCPENNEY
Visual Display Art Director
Permanent · Plano
JCPENNEY
Senior Copywriter / Copy Manager - Marketing Creative
Permanent · Plano
NEIMAN MARCUS
Product Manager- Mobile
Permanent · Irving
MAC
Executive Director, Ecommerce – Mac North America
Permanent · New York
ESTÉE LAUDER COMPANIES
Keyholder - Cosmetic Company Store - 20Hrs - Tanger Outlet Center - Washington,PA
Permanent · Washington
SALLY BEAUTY CORPORATE
District Manager
Permanent · Atlanta
TJX CORPORATE
Loss Prevention Investigator
Permanent · Houston
By
Reuters
Published
Mar 28, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

EssilorLuxottica deadlock set to drag on after arbitration request

By
Reuters
Published
Mar 28, 2019

A row over who is in charge at Ray-Ban maker EssilorLuxottica could drag on for two years or more after the recently merged group’s executive chairman filed an arbitration request after alleged violations of a power-sharing agreement.


Leonardo Del Vecchio



French lenses producer Essilor and Italian frame manufacturer Luxottica merged last October, creating the world’s largest eyewear maker in a 54 billion euro (46.23 billion pounds) deal.

The two groups were supposed to have equal weighting in the combined company’s leadership under an agreement which expires in 2021, but they now accuse each other of trying to gain the upper hand.

EssilorLuxottica’s shares fell 2.7 percent by 1510 GMT on Thursday after the holding of Luxottica’s founder Leonardo Del Vecchio said it had filed an arbitration request with the Paris-based International Chamber of Commerce.

While there is no set duration for arbitration cases, it usually takes two years from when a request is filed to a ruling being issued. The defeated party can then appeal.

Del Vecchio’s Delfin holding said in a statement on Wednesday the deadlock within EssilorLuxottica’s board was hampering the integration process and planned synergies from the merger.

Del Vecchio, 83, has been engaged in a dispute with his French counterpart Hubert Sagnieres, who came from Essilor and is vice-chairman of the new entity.

Del Vecchio is EssilorLuxottica’s largest investor with a 31 percent voting stake, well above the 4 percent holding owned by Essilor’s employees.

An Italian source close to the situation said Del Vecchio, Italy’s second-richest man, was in no mood for compromise even if that meant leaving the combined group essentially paralysed until the end of the power-sharing accords in two years’ time.

“It’s war between the French and the Italians. All this risks blocking the planned synergies. It’s very bad for the stock. At one moment or another, one of the parties will have to take control,” said Jerome Schupp, fund manager at Geneva-based investment firm Prime Partners.
Prime Partners is steering clear of the stock, given the management problems within the company. The shares have fallen 12 percent over the last month.

Tensions have increased since last November, when Del Vecchio appeared to tap his right-hand man, Francesco Milleri, for the chief executive’s role, irking the French side.

The company has said it will appoint a CEO by the end of 2020. However, two sources told Reuters that the appointment of a head hunter to find the new company’s head, has been frozen.

© Thomson Reuters 2020 All rights reserved.