Oakley and Ray-Ban maker EssilorLuxottica reported a slump in first-quarter sales on Tuesday and warned of an even bigger hit in the current quarter as the coronavirus outbreak prompted store closures.
EssilorLuxottica is suspending its dividend due to the coronavirus pandemic, it said Monday, adding its annual shareholder meeting has been delayed and its Essilor chief executive officer, Laurent Vacherot, has retired.
EssilorLuxottica expects continued profit growth this year after stronger 2019 results, saying the outbreak of coronavirus had not hit output at its Italian factories and its China production was becoming normal.
EU antitrust regulators on Tuesday extended their investigation into Ray-Ban maker EssilorLuxottica’s 7.2 billion-euro bid for Dutch opticians group GrandVision by two weeks to July 6, according to an EU filing.
Under parent company EssilorLuxottica, Persol has experienced some key moments of growth within the past year, having opened its premiere New York boutique, and third Persol store globally, in November.
EssilorLuxottica’s 7.2 billion euro bid for Dutch opticians group GrandVision faces a full-scale EU antitrust investigation after it declined to offer concessions to address concerns, sources told Reuters on Friday.
Growing demand for vision correction should boost sales of Ray Bans and other eyeglasses, EssilorLuxottica said on Wednesday, with profits also driven by cost cuts of up to 600 millions euros a year from 2022.