×
28 148
Fashion Jobs
ALICE AND OLIVIA
Sales Supervisor - Palm Beach
Permanent · Palm Beach
ESTÉE LAUDER
Training Manager - Estee Lauder - 40 Hours - Herald Square- Macy's - New York, ny
Permanent · New York
ESTÉE LAUDER COMPANIES
Senior Producer/Project Manager - Elc Online
Permanent · New York
BATH & BODY WORKS
District Manager - Bath & Body Works - Raleigh
Permanent · Raleigh
L'OREAL GROUP
l'Oreal Usa, Manager of Performance Marketing & Consumer Acquisition
Permanent · York
L'OREAL GROUP
Senior Manager, Marketing- Cerave us
Permanent · New York
L'OREAL GROUP
Manager, Global Marketing (Cerave)
Permanent · New York
L'OREAL GROUP
sr Analyst- Acd Dmi Finance
Permanent · New York
L'OREAL GROUP
Director - Corporate PR
Permanent · New York
L'OREAL GROUP
Manager - Customer Marketing (Target)
Permanent · New York
HUGO BOSS
Junior Account Executive
Permanent · New York
NEIMAN MARCUS
la Mer Business Manager - Sales Salary Plus
Permanent · Millburn
NEIMAN MARCUS
Loss Prevention Associate
Permanent · Troy
NEIMAN MARCUS
Tom Ford Business Manager - Sales Salary Plus
Permanent · Paramus
NEIMAN MARCUS
sr Manager Retail Performance & Store Operations
Permanent · Garden City
NEIMAN MARCUS
Market Visual Manager
Permanent · Paramus
NEIMAN MARCUS
Market Visual Manager
Permanent · Houston
NEIMAN MARCUS
ta Specialist – IT
Permanent · Dallas
NEIMAN MARCUS
Tom Ford Business Manager
Permanent · Fort Worth
NEIMAN MARCUS
Market Visual Manager
Permanent · San Francisco
NEIMAN MARCUS
sr Manager, Executive Recruiting
Permanent · Dallas
NEIMAN MARCUS
ta Manager, Marketing, Merchandising And Creative
Permanent · Dallas

EssiLux case puts $8.5bn GrandVision takeover in doubt

By
Reuters
Published
Aug 11, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-


EssilorLuxottica said on Monday that GrandVision’s actions during the coronavirus crisis could provide grounds for ending its €7.2 billion ($8.5 billion) takeover of the Dutch eyewear stores operator.


Reuters

The French-Italian maker of Ray-Ban told a court hearing in Rotterdam that GrandVision had breached agreements by suspending payments to store owners and suppliers and by applying for state aid, without seeking its approval.

“GrandVision agreed to a contractual obligation to not change course. But it changed course drastically,” EssiLux’s lawyer Jeroen Kortmann said in court on Monday.

“We need to know which measures where taken and when, and what their effects were ... To see how material their breaches of the agreements were and whether that gives EssiLux the right to rethink the deal,” Kortmann added.

GrandVision said EssiLux was simply looking for a reason to get out of the deal, adding that the acquirer was informed of all measures to help stores survive the pandemic early on and that none of them meant it had deviated from its course.
“You can’t put your head in the sand when you see a major disaster coming towards you. It would not be in GrandVision’s ordinary course to ignore threats, to let its debt run up”, GrandVision’s lawyer Edward van Geuns told the court.

Van Geuns said EssiLux had not responded to the information GrandVision had given it about its coronavirus-related actions.

“For three months Essilux did not take any decision on our measures, did not say what specific information it needed or respond to our offer to talk about our operations,” he added.

EssiLux’s role as both a competitor and a major supplier of GrandVision made it impossible to simply hand over information without a clear and urgent need, Van Geuns said.

Last month GrandVision began an arbitration case against its buyer to ensure it complies with its obligations.

This followed legal proceedings by EssiLux, which announced its bid for Grandvision in July 2019.

If the deal does not go ahead it would bring an end to Essilux’s ambition to control the Dutch eyewear group’s more than 7,000 outlets across the world.

The Rotterdam court said it expects to give its verdict on the case on August 24.

© Thomson Reuters 2020 All rights reserved.