EssilorLuxottica

EssilorLuxottica SA is a Franco-Italian multinational holding company that operates across the entire eyewear supply chain. It is registered in Charenton-Le-Pont and has dual headquarters in Paris and Milan. The company designs, produces, and sells ophthalmic lenses, optical equipment and instruments, prescription glasses, and sunglasses.

The company was created on 1 October 2018 through the merger of two industry leaders: the French lens manufacturer Essilor and the Italian eyewear company Luxottica. Its name combines both. Under the merger agreement, Essilor technically purchased Luxottica, but Luxottica’s founder, Leonardo Del Vecchio, was guaranteed the role of chairman, and his leadership team received prominent positions and board seats. After the merger, the two original companies were restructured as subsidiaries of the new entity.

The merger created a monopoly, as Essilor and Luxottica were already the world’s top manufacturers of ophthalmic lenses and eyeglasses, respectively. Essilor brought its proprietary lens technologies and subsidiaries to the new company. Luxottica contributed ownership of major eyewear brands such as Ray-Ban, Oakley, Persol, Oliver Peoples, and Vogue Eyewear; retail chains including LensCrafters, Pearle Vision, and Sunglass Hut; the insurance provider EyeMed; and exclusive licensing deals with numerous fashion houses.

The first years after the merger were marked by internal conflict over leadership. Del Vecchio publicly criticized Essilor CEO Hubert Sagnières, accusing him of ignoring others and costing the company up to €600 million in merger savings. Sagnières responded by accusing Del Vecchio of trying to take control without offering a premium to shareholders. The merger terms had given both sides equal control, with a new CEO to be chosen by the end of 2020. Del Vecchio ultimately prevailed with shareholder backing. He appointed Francesco Milleri as CEO and Paul du Saillant as deputy CEO. Sagnières left the company. Del Vecchio, who had previously agreed to limit his voting rights, regained full voting power. A company statement described the resolution as the victory of a vision, and Del Vecchio said his lifelong dream of a dominant vertically integrated eyewear company had come true.

In early 2019, EssilorLuxottica acquired Germany-based Brille24 GmbH. Essilor’s partner Shamir bought Union Optic, a prescription lab and optical instrument distributor. Essilor also took majority stakes in Indulentes, a leading Ecuadorian prescription lab, and Metalizado Optico Argentino S.A., a leading Argentine lab. That same year, EssilorLuxottica acquired a 75% stake in the Dutch opticians group GrandVision, which owns Vision Express in the UK and For Eyes in the US, for €28 per share, valuing GrandVision at €7.2 billion.

Del Vecchio died in June 2022, leaving $350 million in shares to Milleri. In August 2022, Essilor bought the remaining 50% of Shamir Optical Industry and announced the acquisition of Israeli startup Nuance Hearing for an undisclosed amount. This was the company’s first major move into hearing technology.

The merger itself required approvals from competition authorities in the United States, the European Union, Brazil, Canada, and China. Luxottica delisted its American depositary receipts from the New York Stock Exchange after the announcement. Del Vecchio’s holding company, Delfin, held 62.42% of Luxottica and contributed that stake to EssilorLuxottica, becoming a plurality shareholder with 38.9% of the new group’s capital. The merger created a giant with over €16 billion in turnover and a €57 billion market capitalization. It also drew controversy: in late August 2023, Turkish authorities fined EssilorLuxottica €17 million for failing to meet antitrust obligations agreed to during the merger.

EssilorLuxottica is listed on the Euronext Paris stock exchange under the symbol “EL” and is part of the CAC 40 and the Euro Stoxx 50 indexes. In 2025, the company reported revenue of €28.491 billion.