Luxottica founder has suggestion for EssilorLuxottica top job
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Luxottica founder has suggestion for EssilorLuxottica top job

On 1 October this year, history was made in the eyewear world, when two industry giants merged: Essilor, the French company with an unmatched expertise in lenses, and Luxottica, the Italian frame-maker behind the majority of the world’s designer glasses and sunglasses. In the coming months, we will learn what the resultant company (the uninspiringly named EssilorLuxottica) will look like – but this month, Del Vecchio (Luxottica founder, and EssilorLuxottica chairman) may have given us an early clue.

Essilor’s share price has appreciated by 12% year to date

graph 2711 luxo

Source: Yahoo Finance

A week ago, a spokesman for Leonardo Del Vecchio confirmed that he plans to propose Francesco Milleri, Luxottica’s chief executive, as CEO for EssilorLuxottica. The spokesman said: “Del Vecchio, who has great confidence in Milleri, wants him to take over as CEO immediately so that he can focus on more strategic issues.” Del Vecchio originally made the comment to Italian news agency Ansa.

In October, the group’s co-chief financial officer said that a search for EssilorLuxottica’s CEO would begin in January next year, and that it would be 2020 before it concluded. It’s not clear, at present, whether Del Vecchio is updating that timeline, or proposing Milleri as a temporary post-filler.

In either case, given EssilorLuxottica’s position, MIlleri may turn out to be a powerful figure in the eyewear world. Originally an IT consultant for Luxottica, the 59-year old found favour with the group, and is often described as Del Vecchio’s “right hand man”. He’s CEO and deputy chairman of Luxottica, as well as director of the Leonardo Del Vecchio Foundation and the IEO European Institute of Oncology.

Disclosure
Dominion holds EssilorLuxottica in its Global Trends Luxury Fund.


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