Leonardo Del Vecchio

Eyewear giant to emerge from tie-up of Luxottica, Essilor

A new European eyewear giant worth more than 50 billion euros ($52.5 billion) is set to emerge as Italy's Luxottica — owner of Ray-Ban and Oakley glasses — merges with French lens manufacturer Essilor.

Essilor International SA said Monday it had reached a share exchange deal with Luxottica's main shareholder, Delfin, to create a combined company making both frames and lenses.

Shares jumped in both Luxottica, which is based in Milan, and Essilor, headquartered near Paris.

The new company would have combined revenues of more than 15 billion euros ($16 billion), 140,000 employees and sales in more than 150 countries. Including Monday's share gains, the...

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