In an announcement on Monday, Italian glasses company Luxottica revealed that its US$24 billion merger with lens manufacturer Essilor is still on track. The merger, once competed, will be the largest player in the eyewear industry combining the largest manufacturer of lenses and contact lenses, with brands such as Ray-Ban and Oakley and retail outlets such as Sunglass Hut and Lens-Crafters.
The announcement came with the news that Luxottica’s first-half profits were above forecasts and that the Italian company expects all regulatory hurdles to be crossed smoothly by the end of the year.
Since the merger announcement in January, the company’s sales have increased in Europe, but fallen slightly in North America and in China due to efforts to limit discounts and combat counterfeiting.
Full Content: The New York Times
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