Luxottica acquires Barberini, still waiting on confirmation from Chinese regulators
At the end of June, eyewear giant Luxottica revealed that it was still awaiting the go-ahead from Chinese regulators for its merger with French lens-maker Essilor. The two groups said that they “remained confident” that the Chinese competition authority will give them the green light, but, as a result of the delay, the merger will take place later than originally planned – now, you can expect to see it (China permitting) on July 31. In the meantime, Luxottica has acquired another eyewear company: Barberini, an Italian specialist in the manufacture of high quality optical sunglass lenses.
Luxottica’s share price has risen by 9% year to date
SOURCE: Yahoo Finance
Barberini will strengthen Luxottica’s expertise in glass sun and prescription lenses, and fits in with its focus on the higher end of the market. Traditionally, the smaller company has supplied lenses for a number of Luxottica’s brands, including Ray-Ban and Persol.
The company, founded in 1963 by Pietro Barberini, is renowned as a manufacturer, and supplies some of the world’s most prestigious brands. According to Luxottica, this more-than 50-year heritage will play into its own “Made in Italy” cachet.
Luxottica’s Executive Chairman, Leonardo Del Vecchio, said: “Luxottica welcomes to its industrial system worldwide excellence in the production of optical glass lenses. With the acquisition of Barberini we add another gem to our brands, a name that is well known throughout the industry and synonymous with top quality, innovation and ‘made in Italy’. Barberini will allow us to strengthen our technological leadership in sun and ophthalmic lenses and opens great development opportunities for the future.”
Dominion holds Luxottica in its Global Trends Luxury Fund.
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