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EssilorLuxottica expects growing demand to drive profits

EssilorLuxottica SA expects the growing global demand for corrective vision wear to lift the sales of its eyewear brands such as Ray-Ban and Oakley through 2023, according to a Sept. 25 investor presentation.

The France-based optical wear producer expects synergies in its supply chain, technology and manufacturing to generate cost savings of up to €600 million by 2022-2023.

The company forecasts mid-single-digit sales growth up until 2023 at constant exchange rates. Adjusted net profit through 2023 is expected to reach 1.0X to 1.5x sales growth.

EssilorLuxottica SA is embroiled in a leadership spat as Luxottica Group SpA founder Leonardo Del Vecchio accused Essilor CEO Hubert Sagnieres of attempting to take undue control of the combined company.

Activist investor Daniel Loeb, through his hedge fund Third Point LLC, is reportedly pushing for governance changes in the company.