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After several difficult years for the Essilorluxotica, lens and optical equipment group, the beginning of an improvement in its share price seems to be confirmed. The latter intends to continue its progress and redefined on Monday a very precise strategy in order to finalize the acquisition of Grandvision.
It should be noted that the Essilorluxotica share can be considered as positive if it evolves above the support of 121 euros. At the beginning of February, through seven winning sessions over the last eight trading days, the share went from 117 to 132 euros. It is therefore no longer very far from its record at the beginning of 2020 (140 euros).
The Essilorluxotica share can thus aim for an initial target of 134 euros and if this is achieved, the next resistance is a little higher, at 142 euros. Conversely, if the share falls below €121, it is exposed to a fall of between €116 and €112.
It is now some time since the leader in ophthalmic optics announced its plan to acquire GrandVision for €7.2 billion. However, in the meantime the company has been disturbed by accusations about the group’s operations and management, which have led to legal action.
Last year, EssilorLuxottica published in a document the requests of the EU competition authorities for a green light for the acquisition of GrandVision, i.e. the divestment of the shops in France, Belgium, Italy and the Netherlands.
The group therefore submitted a proposal to the European Commission on Monday, as shown in a document published on the website of the EU executive.
And it was revealed on Tuesday that EssilorLuxottica has since succeeded in convincing the European Commission to limit its request to three countries, according to a source close to the dossier.
The final decision is expected by 12 April. Until now, analysts had predicted a divestment of around 15% of the 7,000 GrandVision shops to avoid antitrust strikes.
According to Luca Solca, luxury master at Bernstein, the GrandVision operation remains important for EssilorLuxottica, because “integration in downstream distribution is strategic” for the French-Italian.
At the same time, the Dutch courts must also decide on the terms of the buy-back agreement on appeal. Arbitration is also under way. But the parties have continued to affirm their willingness to move forward. GrandVision did so again on 22 January during the presentation of its 2020 revenues.
It is also interesting to know that EssilorLuxottica and CooperCompanies recently signed an agreement to create a 50/50 joint venture for the acquisition of the American company SightGlass Vision, which specialises in the development of innovative ophthalmic lenses aimed at reducing the progression of myopia in children.
The group is therefore determined to get back on track this year.
Read also > ESSILORLUXOTTICA : THE COURT REJECTS THE CLAIM ON GRANDVISION
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After taking over Tiffany, LVMH continues its jewellery conquest by offering itself the exclusive right to use the name of Vendôme, a town in the Loir-et-Cher, for “any creation of collections and products related to jewellery and watchmaking”, in return for 10,000 euros and jobs.
A world symbol of luxury jewellery for two centuries and an iconic place in Paris, the name Vendôme is already familiar to Louis Vuitton which inaugurated one of its finest boutiques there in 2017, replacing the Italian jeweller Buccellati, now owned by Richemont.
In addition, the world number one has long-standing links with the town. In September, its subsidiary Louis Vuitton opened a leather goods workshop there, in a former abbey in the Rochambeau district, restored by LVMH, which has invested several tens of millions of euros. On the outskirts, a second workshop is under construction for 2021 and has provided a total of 500 jobs.
This operation contributed to the approval of the city council for the brand/name transfer contract. “The town council approved the terms of the transfer contract (…). Out of 33 councillors, all sensitivities combined, there were only two votes against and two abstentions”, said Laurent Brillard, the mayor.
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After taking over Tiffany, LVMH continues its jewellery conquest by offering itself the exclusive right to use the name of Vendôme, a town in the Loir-et-Cher, for “any creation of collections and products related to jewellery and watchmaking”, in return for 10,000 euros and jobs.
A world symbol of luxury jewellery for two centuries and an iconic place in Paris, the name Vendôme is already familiar to Louis Vuitton which inaugurated one of its finest boutiques there in 2017, replacing the Italian jeweller Buccellati, now owned by Richemont.
In addition, the world number one has long-standing links with the town. In September, its subsidiary Louis Vuitton opened a leather goods workshop there, in a former abbey in the Rochambeau district, restored by LVMH, which has invested several tens of millions of euros. On the outskirts, a second workshop is under construction for 2021 and has provided a total of 500 jobs.
This operation contributed to the approval of the city council for the brand/name transfer contract. “The town council approved the terms of the transfer contract (…). Out of 33 councillors, all sensitivities combined, there were only two votes against and two abstentions”, said Laurent Brillard, the mayor.
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