Optical Prism July 2017 | Page 46

Glimpses MARCOLIN GROUP, RIVOLI GROUP SIGN JOINT VENTURE Marcolin Group has signed a joint venture agreement with Rivoli Group, one of the largest luxury retailers in the Middle East area. “The valuable long-term distribution agreement with Rivoli Group and the strong personal relationship and collaboration developed  during these years with Mr. Ramesh Prabhakar, our partner in the JV, have been further strengthened establishing this capital partnership in Middle East, which represents such a key market for the luxury, fashion and diffusion brands in our portfolio and for the future of our company,” says Giovanni Zoppas, CEO Marcolin Group. The JV, named Marcolin Middle East, is 51 per cent owned by Marcolin Group and its headquarters will be based in Dubai in the United Arab Emirates. It will distribute the eyewear collections of Marcolin’s brand portfolio: Tom Ford, Balenciaga, Ermenegildo Zegna, Montblanc, Roberto Cavalli, Tod’s, Emilio Pucci, Swarovski, Dsquared2, Diesel, Just Cavalli, Kenneth Cole, Timberland, Guess, Gant, Harley-Davidson, Marciano, Skechers and Web. ESSILOR SHAREHOLDERS APPROVE MERGER Essilor and Luxottica are to become one after a merger was approved by shareholders in May. Essilor International’s Special Meeting and Combined General Meeting at the Maison de la Mutualité in Paris, led by chair and CEO Hubert Sagnières and alongside Luxottica executive chair Leonardo Del Vecchio, saw the transaction finalized with widespread approval. Essilor’s shareholders approved all the resolutions proposed to the two meetings, including those concerning the planned combination of Essilor and Luxottica. “I am delighted with the outstanding support of Essilor shareholders for the planned combination between Essilor and Luxottica, which has just taken a decisive step forward,” said Sagnières. “With a presence across all segments of the optics industry, the new group will provide concrete and innovative solutions to the challenge of improving the world’s eyesight.” The passing of these resolutions marks a new and important step forward in the planned combination between Essilor and Luxottica, to create a leading global player in the optics sector, combining the two groups’ recognised and complementary skills. 44 Optical Prism | July 2017 The transaction will see contribution by Delfin (holding company owning approximately 62 per cent of Luxottica shares) of all its Luxottica shares to Essilor, the contribution of almost all Essilor’s activities and equity interests into a wholly-owned subsidiary and the issue of new shares in the context of the mandatory public exchange offer to be launched by EssilorLuxottica for the remaining Luxottica shares. It will also see the cancellation of double voting rights, with modified bylaws of Essilor and the future bylaws of Essilor- Luxottica including the new corporate name “EssilorLuxottica”, the update of the corporate purpose, the cancellation of double voting rights and a new voting cap provision. Essilor shareholders’ voting in favour of the merger followed unanimous “favourable opinions” of Essilor’s Central Works Council and European Works Council and clear support for the project from the employee share- holders in the Valoptec Association. The transaction is therefore proceeding according to the planned timetable, with final completion of the deal by Delfin of its Luxottica shares to Essilor expected to occur by the end of 2017.