EssilorLuxottica

EssilorLuxottica is a Franco-Italian multinational corporation and the world's largest eyewear company, formed on October 1, 2018 through a merger-of-equals between Essilor, the French ophthalmic lens giant founded in 1972, and Luxottica, the Italian eyewear frame and sunglasses powerhouse founded in 1961 by Leonardo Del Vecchio. The merger, valued at approximately €48 billion, created a vertically integrated behemoth that controls every stage of the eyewear value chain: from lens and frame design and manufacturing to wholesale distribution and retail sales.

The company owns an unparalleled portfolio of house brands including Ray-Ban, Oakley, Persol, Oliver Peoples, and Vogue Eyewear, and holds licenses for dozens of fashion houses such as Giorgio Armani, Burberry, Chanel, Coach, Dolce & Gabbana, Ferrari, Michael Kors, Prada, Ralph Lauren, Tiffany & Co., and Versace. Its retail network spans over 150 countries and includes chains like LensCrafters, Sunglass Hut, Pearle Vision, Target Optical, and OPSM. In 2021, the company completed its €7.1 billion acquisition of GrandVision, adding major European optical chains to its portfolio.

EssilorLuxottica employs approximately 150,000 people globally and reported revenue of roughly €25.4 billion in fiscal year 2023. Its market capitalization as of 2024 stands around €90-100 billion, making it one of the largest companies in Europe. The company is legally headquartered in Charenton-le-Pont, France, with dual operational hubs in Milan, Italy, and Paris. It is publicly traded on Euronext Paris under the ticker EL.[edit]

EssilorLuxottica's stated mission is to help people see more and be more by improving vision and eye health globally. The company's Vision for Life strategic plan aims to provide access to vision care for one billion people by 2050, through philanthropic programs, partnerships with organizations like the World Health Organization, and sustainable business practices.[edit]

EssilorLuxottica was born from the October 2018 merger of two industry giants. Essilor was created in 1972 through the merger of Essel (founded 1849) and Silor (founded 1931), becoming a global leader in ophthalmic lenses with brands like Varilux and Crizal. Luxottica was founded in 1961 by Leonardo Del Vecchio in Agordo, Italy, initially producing parts for the eyewear industry before moving into complete frame manufacturing and later acquiring iconic brands like Ray-Ban (1999) and Oakley (2007). The merger, announced in January 2017 and completed the following year, created a vertically integrated powerhouse with combined annual revenues exceeding €16 billion at the time.

The integration process faced challenges, including cultural differences between the French and Italian halves and regulatory scrutiny. In 2021, the company acquired GrandVision for €7.1 billion, significantly expanding its European retail footprint. Leonardo Del Vecchio passed away in June 2022, leaving a leadership vacuum that was filled by Francesco Milleri as chairman and Paul du Saillant as CEO. The company launched its Vision for Life strategic plan in 2022, focusing on sustainability and access to vision care.

In 2023, EssilorLuxottica partnered with Meta to launch the second generation of Ray-Ban Meta smart glasses, integrating cameras, speakers, and AI features. The company continues to invest in digital eye exam technology and online prescription services, while facing ongoing antitrust scrutiny over its market dominance.[edit]