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May 11, 2021May 19, 2026

EssilorLuxottica: Q1 Revenue Shows Solid Return to Growth

EssilorLuxottica announced that consolidated revenue for the first quarter of 2021 totalled Euro 4,060 million, representing a year-on-year increase of 7.3% compared to the first quarter of 2020 (+14.3% at constant exchange rates). Consolidated revenue grew by 1.9% at constant exchange rates compared to the first quarter of 2019.

“EssilorLuxottica had a strong start to the year. While the pandemic continued to put up a fight, we fought harder, delivering significant revenue growth that surpassed pre-pandemic levels and met the structural need for good vision. Our passionate employees were not deterred by the adversity – they remained agile and focused on improving the unique journey taken by our customers and consumers.

In the first quarter, we successfully capitalized on the rebound in the US and China, while leveraging our brands, product innovation, distribution and digitalization everywhere in the world.

Our integration gained further momentum and we made good progress in several areas, while continuing to make new bolt-on acquisitions. Our sustainability, social impact and inclusive business agendas remained at the heart of our mission and business model.

The position we’re in today gives us greater confidence in our ability to outperform the industry.” said Francesco Milleri and Paul du Saillant, respectively CEO and Deputy CEO of EssilorLuxottica.

Operational and financial highlights

• Revenue grew at constant exchange rates, both compared to the first quarter of 2020 (+14.3%) and of 2019 (+1.9%). Momentum accelerated towards the end of the quarter.

• First quarter revenue also improved sequentially compared to the growth of 1.7% at constant exchange rates achieved in the fourth quarter of 2020.

• By activities, the optical business, which accounts for around 75% of revenue, continued to drive the performance with sound prescription sales and optical retail. Sun demand bounced back in North America, with Sunglass Hut posting double digit comparable store sales in March compared to 2019.

• E-commerce was up 61% versus 2019 (and +47% versus 2020) at constant exchange rates, with the proprietary mono-brand platforms as a whole doubling in revenue.

• In Lenses & Optical Instruments, the solid ramp-up of all new launches highlighted the success of EssilorLuxottica’s market activation initiatives: Stellest lenses in the myopia control category, Varilux Comfort Max progressive lenses, Ray-Ban Authentic offer in sun and clear prescription; the roll-out of Transitions Signature GEN 8 photochromic lenses, of AVA lenses and of the associated Vision-R 800 measuring instrument also continued successfully.

• By geography, North America showed strong signs of demand recovery, visible across all of the Company’s channels.

• EssilorLuxottica signed several bolt-on acquisitions during the quarter. On February 3, 2021, it announced that it had entered into an agreement with CooperCompanies to create a 50/50 joint venture for the acquisition of SightGlass Vision. And on March 25, 2021, it announced that it had entered into an agreement to acquire US based lab network Walman.

• EssilorLuxottica ended the quarter with Euro 9.3 billion in cash and short-term investments and a net debt of Euro 2.6 billion (including leases liabilities).

Click HERE for the full press release.

May 11, 2021May 11, 2021

Safilo and Dsquared2 Announce New Eyewear Licensing Agreement

Safilo and Dsquared2, the fashion brand founded in 1995 by Dean & Dan Caten, announce their 5-year global licensing agreement for the design, manufacture and distribution of Dsquared2 branded eyewear.

The first optical and sunglass collections – both for men and women – will be presented for the 2022 spring/summer season, hitting the market in January 2022.

“We are very satisfied about starting this new partnership with Dsquared2,” says Angelo Trocchia, CEO of Safilo Group. “Dean and Dan Caten’s great stylistic talent, combined with the high market appreciation of this very distinctive brand will ensure excellent results over the years, thanks to the synergy of Safilo’s unique capabilities and Dsquared2’s unconventional and innovative style.”

“Eyewear is a very important product category for Dsquared2,” declare Dean and Dan Caten, founders and creative directors of the brand. “We are very happy to start this new partnership with Safilo.”

Click HERE for the full press release.

ISS and Glass Lewis Recommend Shareholders of New Look Vision Vote FOR Proposed Plan of Arrangement

New Look Vision Group today announced that both Institutional Shareholder Services Inc. (ISS) and Glass Lewis and Co have recommended that holders of Class A common shares of New Look Vision vote FOR the proposed plan of arrangement with NL1 AcquireCo, an entity created by a group composed of funds managed by FFL Partners, LLC, a San Francisco-based private equity firm, Caisse de dépôt et placement du Québec or one of its affiliates (“CDPQ”), and the Dr. H. Doug Barnes Family. ISS and Glass Lewis are independent proxy advisory firms who provide voting recommendations to institutional shareholders.

Under the Arrangement, Shareholders will receive $50.00 in cash per Share, other than certain shareholders who will receive, in respect of certain of their Shares, common shares of the Purchaser.

ISS noted: “The cash consideration will provide shareholders certainty of value and immediate liquidity at a premium, allowing shareholders to exit their investment at an all-time high share price. At the beginning of 2019, the board and management determined that additional financing is required for the company to continue its medium- and long-term growth plans. Following a rigorous search and review process conducted by the Special Committee and the independent financial advisors, it appears that the going-private transaction represents the best path forward.”

Glass Lewis’ report states that: “Given what we consider to be a thorough and reasonably measured sale process and what appears to be a rather compelling takeover price, we consider there is suitable cause for investor support at this time. Accordingly, we recommend shareholders vote FOR this proposal.”

Click HERE for the full press release.

Vision Expo Extends Free Registration in Response to Strong Momentum in Attendee Registration

The Vision Council and Reed Exhibitions, organizers of Vision Expo, announce that free registration for Vision Expo East 2021, taking place June 2-5 in Orlando, Florida, will be extended indefinitely. The decision to extend the free registration deadline is based on the recent, notable spike in attendee registration. Additionally, given the recent announcements regarding new industry supporters, new exhibitors, and details on the programming planned for The Seen, including the EYE2EYE Series, Innovation Stage and the Career Zone, the extended deadline also reflects an effort by the Show organizers to give the community time to make their plans based on these new Show details.

“Due to restrictions on international travel, we always knew that Vision Expo East 2021 would look a little different than a typical, international Vision Expo East in New York City. Given these realities, it has been truly thrilling to have our expectations exceeded again and again – by the response from the industry, the enthusiasm from exhibitors and the momentum in attendee registration,” said Mitch Barkley, Vice President of Trade Shows and Events at The Vision Council, co-owner of Vision Expo.

More than 200 exhibiting companies, of which more than 60 are new to Vision Expo, have committed to Vision Expo East.

“What’s so exciting about Vision Expo East Orlando is that we are expecting a comparable ratio of attendees to exhibitors as a typical Show, just on a smaller scale,” said Fran Pennella, Vice President, Vision Expo, Reed Exhibitions. “While we won’t have as many exhibitors or attendees given the international travel restrictions, the density of exhibitors and attendees is still on-track to be the same as a typical Show.”

Vision Expo East’s educational program, together with OptiCon®@Vision Expo, will open Wednesday, June 2 and exhibits will open Thursday, June 3.

Click to register.

Click HERE for the full press release.

May 7, 2021May 7, 2021

SILMO Paris: Let’s Enjoy Real Contact Again

Last Thursday, April 29, the French government announced a plan to progressively release the country’s lock-down measures. This officially confirms what we have been anticipating: that trade fairs, conferences and exhibitions will be able to open.

Beginning on June 30th, there will be no maximal capacity for such events, as long as the health measures still in force are observed. The benefits of worldwide vaccination campaigns and their widespread acceleration, the loosening of international travel conditions, the establishment of a European health pass, and the obvious eagerness of professionals to reunite enable us today to confirm that SILMO Paris 2021 will take place.

“After two years without any major international assemblies, the reunion of optical and eyewear industry professionals will only be more intense. The whole team of SILMO Paris is hard at work to prepare this recovery edition, and we are looking forward to seeing you! We can’t wait to enjoy the delight of discovery, the opportunity for encounters and the conviviality of discussions. It is clear that all the technology in the world will never replace the power and emotion of a physical event…” Amélie Morel, Chairwoman of SILMO Paris

SILMO Paris will be held at Paris Nord Villepinte, September 24 to 27, 2021.

Discover the SILMO galaxy here.

Click HERE for the full press release.