ESLOY Essilor Luxottica (PK)

By Olivia Bugault

Delfin, the holding company of Luxottica founder and EssilorLuxottica SA(EL.FR) Chairman Leonardo Del Vecchio, said Thursday that it has filed an arbitration request at the International Chamber of Commerce, asking it to verify the alleged violations of an agreement signed in 2017 with French optical-lens maker Essilor.

Delfin said the violations--which include the failure to comply with the duties of loyal cooperation and good faith laid out in a 2017 combination agreement--were committed by EssilorLuxottica vice-chairman Hubert Sagnieres and "EssilorLuxottica under Mr. Sagnieres's interference". Delfin is therefore looking to obtain an injunction enforcing compliance with the agreement.

In a release distributed last week, Delfin said some Essilor representatives are deliberately preventing Delfin from exercising its equal share of power, thereby violating a combination agreement signed in 2017 ahead of the merger in October last year.

Mr. Sagnieres, the chief executive of Essilor, said in response last week that the allegations were "serious and false."

Essilor and Luxottica merged last October, creating an eyewear giant that owns Ray-Ban and LensCrafters among its dozens of brands. The merger made Mr. Del Vecchio executive chairman of EssilorLuxottica, while Mr. Sagnieres became the new company's executive vice chairman. The two men would have equal powers to run the combined company, EssilorLuxottica said at the time.

Write to Olivia Bugault at olivia.bugault@dowjones.com

(END) Dow Jones Newswires

March 28, 2019 03:49 ET (07:49 GMT)

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