Donald Bowers/WireImage for Luxottica via Getty Images(LONDON) — Italian eyewear giant Luxottica Group, which owns Ray-Ban, and French lens-maker Essilor have agreed to a massive merger.
Essilor would become the holding company in the deal and the two firms combined, under the new name of “EssilorLuxottica,” would be worth about $49 billion.
“The marriage between two key companies in their sectors will bring great benefits to the market, for employees and mainly for all our consumers,” Luxottica executive chairman Leonardo Del Vecchio said in a statement.
Luxottica is the world’s biggest maker of glasses. While owning Ray-Ban and Oakley, the eyewear designer’s licensed brands include Burberry, Coach, Michael Kors and Versace.
“By joining forces today, these two international players can now accelerate their global expansion to the benefit of customers, employees and shareholders as well as the industry as a whole,” Essilor CEO Hubert Sagnières said in a statement.
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