THE ASSOCIATED PRESS
Published: January 15, 2017
Updated: January 16, 2017 6:44 AM
Filed Under:
The Province > business > all
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PARIS - A new European eyewear giant is set to emerge as Italian frames maker Luxottica — maker of brands like Ray-Ban and Oakley — joins with French lens manufacturer Essilor in a multibillion-euro merger.
Essilor International SA announced Monday it had reached a share exchange deal with Luxottica's main shareholder, Delfin, to create a combined company making both frames and lenses.
Shares in Luxottica and Essilor jumped on the news.
The statement said the new company would have combined revenues of more than 15 billion euros ($16 billion), 140,000 employees and sales in more than 150 countries.
Essilor said the merger is an effort to meet growing global demand for corrective lenses, sunglasses and luxury frames.
What is going to be the impact of this happening ?
We could really start spinning the wheel and guess what is going to happen to the conventional optical market in the retail as well as the wholesale in the near future.
Dozens of newspapers in Europe have posted the facts today in Europe alone and can be found on Google.
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