As if Oakley’s corporate parent Luxottica couldn’t get any larger, the company today announced that it has merged with French optics giant Essilor in a deal reportedly worth $49 billion, according to a story in the Orange County Business Journal.
The $49 billion deal, expected to close in the second half of the year, will create “EssilorLuxottica,” with total revenue of about $16 billion and more than 140,000 employees. Luxottica’s Executive Chairman Leonardo Del Vecchio will serve as executive chairman and chief executive, while Essilor Chairman and Chief Executive Hubert Sagnières will be appointed executive vice-chairman and deputy chief executive of the new entity.
Thanks to the new deal, Oakley is now siblings with Foster Grant as well as nearly every other eyewear brand and retail outlet on the planet. Guess they’ve got the entire spectrum covered now.
[Link: OCBJ]
