Essilor speaks out about Luxottica merger
French lens producer Essilor has detailed some of the benefits of its impending merger with Italian sunglasses kingpin Luxottica. Speaking at a company-sponsored press conference at Vision Expo East, executives took to the stage to explain what the future has in store for the two companies.
Essilor of America president Eric Leonard said the company had to “put vision at the top of the agenda”. He highlighted three objectives for the companies going forward: finding a solution for the 2.5 billion people suffering from a vision problem worldwide; providing “technical solutions” to the 7.2 billion people around the globe that need to better protect their eyes; and ensuring that people don’t just have access to eye care, but to the right eye care for them.
Essilor and Luxottica have both seen single-digit positive performance, year-to-date
SOURCE: Yahoo Finance
Howard Purcell, Essilor’s senior vice president of customer development, wanted to draw listeners’ attention to the innovation benefits that could come from the merger:
“We’ve innovated lenses and frames separately. Now we can innovate together. We’ve got to do a better job to deliver eye wear in a more efficient way. The way I see it, 8 weeks ago we had nothing to say about what happens in the Luxottica world, and vice versa. Now we have a voice to have some input into that. There’s a real science around selecting the type of frames for your particular patient population.”
Meanwhile, Carl Bracy, Essilor’s chief marketing officer discussed three major changes in the way Essilor is looking to approach its customer base:
“We no longer look at consumers as one large group. We segment them into groups that have different visual needs. We’re conducting virtual reality testing in order to rapidly prototype these environments. You need to see quickly how consumers react. Scale is critical to deliver this rapid prototyping. Last is in-home testing. Consumers can’t articulate what their needs are; we have to observe them and see what they have issues with.”
Essilor expect the merger with Luxottica to be approved by the end of the year.
Dominion holds Luxottica in its Global Trends Managed Fund.
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