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.