EssilorLuxottica: 2019 Capital Markets Day - EssilorLuxottica is uniquely positioned to transform and accelerate the industry...
25 Settembre 2019 - 7:00PM
EssilorLuxottica: 2019 Capital Markets Day - EssilorLuxottica is
uniquely positioned to transform and accelerate the industry
through its open business model
2019 Capital Markets Day
EssilorLuxottica is uniquely positioned
to transform and accelerate the industry through its open business
model
- Integration well under way with progress in several
areas and initial decisions taken to build a unified
company
- Long term revenue growth at mid-single digit excluding
strategic acquisitions and the currency effect thanks to the
balanced growth across all geographies and businesses along with a
growing contribution from Direct-to-Consumer activities and
Fast-Growing Markets1
- Adjusted2 operating and net profit at constant exchange
rates expected to grow faster than sales in the long
term
London, United Kingdom (September 25, 2019 – 7:00 pm
CET) – EssilorLuxottica, a global leader in the
design, manufacture and distribution of ophthalmic lenses, frames
and sunglasses, hosted its 2019 Capital Markets Day in London
today, presenting its strategic vision, integration progress and
long-term financial guidelines.
“This is a milestone moment for EssilorLuxottica
because we have successfully mapped out our go-forward strategy and
initiated the first concrete moves of the integration. The teams
are working well together, and we are fully energized about what
the future holds, not just for us, but for the entire industry,”
commented Francesco Milleri, Deputy Chairman – CEO of Luxottica
Group.
"We are very pleased to have shared the first
steps towards the unification of EssilorLuxottica today including
our strategic vision for the eyecare and eyewear industry, our
latest innovation and an update on our integration progress. I am
increasingly confident in our future each time I see the
dedication, talent and expertise of our strong teams around the
world. Together, we will take great strides to bring better vision
to the billions of people in need around the world,” added Laurent
Vacherot, CEO of Essilor International.
Strategic VisionIn a
presentation to investors, EssilorLuxottica shared its strategic
vision for the future, where combining the strengths of Essilor and
Luxottica will open up new avenues for growth and enable the
Company to achieve its purpose, “see more, be more, and live life
to its fullest”.
EssilorLuxottica’s plans to grow its business
and the broader industry are rooted in the following pillars:
- An open business model where eyecare and eyewear products are
accessible to everyone, everywhere. This will be made possible as
the Company shifts to a global network model made up of stores,
prescription laboratories, logistics hubs, R&D centers and
digital properties, all connected in real time and benefiting from
advanced analytics and data
- Accelerated Innovation that leverages both companies’ research
and development; supply chain advancement by combining frames and
lenses for the complete pair; revolutionizing the eye exam;
developing smart eyewear and new categories
- Reshaping the consumer journey from refraction exam, awareness
and storytelling to access and convenience to digitally enabled
stores
- Embedding sustainability at EssilorLuxottica’s core: from
responsible environmental practices to philanthropic initiatives to
employee shareholding
Progress
on the Integration During the first nine months of the
year, the Company put in place a structured process to drive
integration and deliver synergies. The net impact on adjusted2
operating profit of those synergies is expected to be in the range
of:
- Euro 300 to Euro 350 million in the period 2019/2021
- Euro 420 to Euro 600 million by 2022/2023
With the ultimate objective of building a
unified company, EssilorLuxottica has launched more than 20
priority work streams and 160 business initiatives that are being
implemented globally. This activity is under the leadership of more
than 40 key executives with the full commitment of dedicated teams
involving more than 800 employees across the two organizations.
First steps include:
- The creation of one single supply chain and prescription
laboratories network
- The integration of Costa in the Luxottica’s brand portfolio and
frame network
- The introduction of a Co-location model to systematically
review headquarters locations for EssilorLuxottica
- A pilot project in Italy to define one single IT platform to be
quickly rolled out across the Company’s organization
Building the foundations of a new common
cultureThe Company is building the foundations of a new
culture by combining the best of both worlds. This includes
Essilor’s employee shareholding culture and Luxottica’s welfare
traditions, to name a few examples. On September 26, the Company
will start campaigning its new global employee shareholding plan.
For the first time, the plan will include Luxottica’s employees in
Italy, paving the way for a full roll-out of the initiative within
EssilorLuxottica globally in the future. As of today, more than
46,000 Essilor employees are EssilorLuxottica
shareholders.
Guidelines on financial
targetsEssilorLuxottica will continue to rely on a strong
foundation for future growth, including state-of-the-art research
and development, strong brands, sustainable growth levers, and
powerful human capital.
In the long-term (up to 2023), the Company’s ambition on
financial targets, all of which exclude the impact of strategic
acquisitions and currency effect, is as follow:
- Sales: mid-single digit growth with a growing contribution from
Direct-to-Consumer activities and Fast-Growing Markets1
- Adjusted2 operating profit: 1.0–1.4x sales
- Adjusted2 net profit: 1.0–1.5x sales
Notes
1 Fast-Growing Countries or
Markets: include China, India, ASEAN, South Korea, Hong
Kong, Taiwan, Africa, the Middle East, Russia, Eastern Europe and
Latin America.2 Adjusted measures or figures:
adjusted from the expenses related to the combination between
Essilor and Luxottica and other transactions that are unusual,
infrequent or unrelated to the normal course of business as the
impact of these events might affect the understanding of the
Company’s performance.
EssilorLuxottica is a global leader in the
design, manufacture and distribution of ophthalmic lenses, frames
and sunglasses. Formed in 2018, its mission is to help people
around the world to see more, be more and live life to its fullest
by addressing their evolving vision needs and personal style
aspirations. The company brings together the complementary
expertise of two industry pioneers, one in advanced lens technology
and the other in the craftsmanship of iconic eyewear, to set new
industry standards for vision care and the consumer experience
around it. Influential eyewear brands including Ray-Ban and Oakley,
lens technology brands including Varilux® and Transitions®, and
world-class retail brands including Sunglass Hut and LensCrafters
are part of the EssilorLuxottica family. In 2018, EssilorLuxottica
had nearly 150,000 employees and pro forma consolidated revenues of
Euro 16.2 billion. The EssilorLuxottica share trades on the
Euronext Paris market and is included in the Euro Stoxx 50 and CAC
40 indices. Codes and symbols: ISIN: FR0000121667; Reuters:
ESLX.PA; Bloomberg: EL:FP.
CONTACTS
EssilorLuxottica Investor
Relations(Charenton-le-Pont) Tel: + 33 1 49 77 42
16(Milan) Tel: + 39 (02) 8633 4870E-mail:
ir@essilorluxottica.com |
EssilorLuxottica Corporate
Communications(Charenton-le-Pont) Tel: + 33 1 49 77 45
02(Milan) Tel: + 39 (02) 8633 4470E-mail:
media@essilorluxottica.com |
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