Management Turmoil Doesn’t Slow Luxottica

MILAN — North America drove record net profits and sales in 2014 for eyewear giant Luxottica Group SpA. The company saw 2014 net income of 687 million euros, or $771 million at current exchange rates, on total adjusted net sales of 7.7 billion euros, or $8.6 billion. Adjusted net income climbed faster than net sales, which rose by 11.4 and 6.7 percent, respectively, at constant exchange rates compared with 2013. The strong results came despite a year of turmoil at the company, which saw chief executive officer Andrea Guerra leave in September after clashing with chairman Leonardo Del Vecchio, and the naming of co-ceos. But the first named, Enrico Cavatorta, left after only a month in that role, and Del Vecchio had to step in as interim ceo until eventually naming Massimo Vian and Adil Khan to the roles. Luxottica enjoys a dominant position in the prescription eyewear market, owning brands such as Ray-Ban, Oakley, Vogue Eyewear, Persol, Oliver Peoples, Alain Mikli and Arnette. It also holds licenses for designer labels Giorgio Armani, Bulgari, Burberry, Chanel, Coach, Dolce & Gabbana, Donna Karan, Michael Kors, Paul Smith, Polo Ralph Lauren, Prada, Starck Eyes, Tiffany, Tory Burch and Versace. Roughly 73,000 employees work for Luxottica, which

Follow WWD on Twitter or become a fan on Facebook.

Read More...