Essilor Reports Global Revenue Growth in 2016 Year End
The Board of Directors of Essilor International approved and released financial statements for the fiscal year 2016 on February 16.
While overall global revenue reached Euros 7.1 billion, a 5.9% increase, North America results lagged behind other regions, posting a modest 1.9% like for like revenue growth.
Specific comments regarding the Canadian results pointed to a fall in sales for Clearly™ offset by good performances by both Nikon and Shamir. In Instruments, the company is looking to the acquisition of AXIS Medical to accelerate distribution of refractive instruments within Canada.
On the mega-merger, Huber Sagnières, Essilor International Chairman and CEO, said, “ the proposed combination with the Luxottica group would enable the integration of lenses, frames and distribution to open up particularly exciting new prospects”. The merger is planned to close in the back half of 2017.
Consumer media spend for brand building among consumers, along with innovation and partnerships will continue in 2017. In 2016, consumer brand building expenditures were €209 million. Heavy consumer brand expenditures are expected in 2017 with many new product extensions in the works.