Ray-Ban and Oakley Eyewear Brands Received Class Action Lawsuit for Fixing Price with Competitors to Inflate Prices by 1,000% in United States, $89 Billion World Largest Glasses & Frames Retailer EssilorLuxottica is Primary Instigator
21st July 2023 | Hong Kong
Ray-Ban and Oakley eyewear brands have received a class action lawsuit for fixing price with competitors to inflate prices by as high as 1,000% in the United States, with the world largest glasses & frames retailer EssilorLuxottica (Market Cap 21/7/23: $89 billion) named as the primary instigator. EssilorLuxottica (Ray-Ban and Oakley) and 20 other luxury eyewear makers had also been named in the lawsuit. In 2022 August, the late Italy 2nd richest billionaire & Chairman of EssilorLuxottica with $24 billion fortune Leonardo Del Vecchio had given his successor Francesco Milleri (now Chairman & CEO) $350 million in the shares of EssilorLuxottica. EssilorLuxottica is the world’s largest glasses & frames producer & retailer with brands including Ray-Ban, Oakley, Michael Kors & Sunglass Hut. More info below.
” Ray-Ban and Oakley Eyewear Brands Received Class Action Lawsuit for Fixing Price with Competitors to Inflate Prices by 1,000% in United States, $89 Billion World Largest Glasses & Frames Retailer EssilorLuxottica is Primary Instigator “
The Late Italy 2nd Richest Billionaire & Chairman of EssilorLuxottica with $24 Billion Fortune Leonardo Del Vecchio Gave Successor Francesco Milleri $350 Million in Shares, World Largest Glasses & Frames Retailer with Brands Including Ray-Ban, Oakley, Michael Kors & Sunglass Hut
4th August 2022 – The late Italy 2nd richest billionaire & Chairman of EssilorLuxottica with $24 billion fortune Leonardo Del Vecchio had given his successor Francesco Milleri (now Chairman & CEO) $350 million in the shares of EssilorLuxottica. EssilorLuxottica, with market value of $75 billion (4/8/22) is the world’s largest glasses & frames producer & retailer with brands including Ray-Ban, Oakley, Michael Kors & Sunglass Hut. Ansa News: “Del Vecchio’s will grants about 2.15 million EssilorLuxottica SA shares for Milleri, worth about 340 million euros ($350 million) at current prices. The donation is equal to about 0.5% of the eyewear giant’s stock.” Leonardo Del Vecchio had passed away on the 27th June 2022 (1935 – 2022).
Leonardo Del Vecchio (1935-2022)
Entrepreneur at heart, pioneer of the optical industry, Leonardo Del Vecchio was the main architect of the creation of the EssilorLuxottica group and its Chairman until his passing in 2022. Having started as an apprentice, he created Luxottica in 1961, beginning a unique industrial adventure. His life was guided by the desire for independence and integration of the entire industrial chain of eyewear from design to distribution. A visionary, he signed his
ating that eyeglasses would evolve from a necessary medical device into a desirable fashion accessory. By purchasing LensCrafters in 1995 and Ray-Ban in 1999, he became the first manufacturer to directly enter optical retail. Finally, by working to bring Essilor and Luxottica closer together, he created an integrated, world-leading group in his sector. Throughout his life, he demonstrated that determination, courage and the pursuit of perfection are key to establishing a leading group. His strong spirit, vision and human values are today hallmarks of the EssilorLuxottica Group.
Francesco Milleri
Francesco Milleri is Chairman and Chief Executive Officer (CEO) of EssilorLuxottica. He graduated with honors in Law at the University of Florence, where he worked as Assistant Professor of political economy, from 1984 until 1986. He later earned in 1987 an MBA in Business Administration with high merit at the school of management at the Bocconi University in Milan, followed by two years of specialization in Corporate Finance at the Stern School of Business at New York University as the assignee of the “Donato Menichella” scholarship from Banca d’Italia.
Francesco Milleri began his career as a business consultant for Italian groups and multinationals in 1988. He gained international experience working in a variety of industries, from mechanics to consumer goods, from financial institutions to pharmaceuticals. Alongside business consulting activities, he founded in 1996 and developed for about 20years a group of companies focused on technology and digital automation platforms. He is also Director of the Leonardo Del Vecchio Foundation and of IEO European Institute of Oncology. While maintaining his responsibilities at Luxottica, Francesco Milleri has been involved in the business combination between Essilor and Luxottica since January 2017. In close collaboration with Paul du Saillant and his teams, he has been actively working on advancing the integration and synergy plans of the two companies, most recently as co-executive delegate and currently as CEO of the Company.
EssilorLuxottica on 28th June 2022
EssilorLuxottica’s Board of Directors, met today and paid homage to Chairman, Leonardo Del Vecchio, who passed away peacefully yesterday morning. He will forever be remembered for his values, robust leadership, passion, exceptional character as well as his dedication toward the Company and its employees.
During the meeting, the Board of Directors appointed Francesco Milleri as its new Chairman for the remaining duration of his mandate. Francesco Milleri will also carry on assuming his term of office as Chief Executive Officer of EssilorLuxottica. The Board further decided to examine the benefits of appointing a lead director among its independent members. A final decision will be taken in this regard before year-end.
The Board further confirmed Paul du Saillant as Deputy Chief Executive Officer of EssilorLuxottica.
During the same meeting, the Board also co-opted Mario Notari as a new Director. Mario Notari is full Professor of Company and Business Law at Università Bocconi in Milan and member, Phd Board in Business Law at Università Bocconi. He is also founder and partner of “ZNR notai”, public notaries and lawyers in Milan. He was Director of Luxottica Group S.p.A. from 2015 to 2018 and is a Director of Delfin S.à r.l.
Mr Notari will be considered as a non-independent director on the Board of EssilorLuxottica. His appointment will be submitted to shareholders’ vote at the next Annual General Shareholders’ Meeting of the Company.
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