Third Point LLC, the U.S. hedge fund that has pushed for changes at companies ra...
FILE PHOTO: Sunglasses from Ray-Ban are on display at an optician shop in Hanau, Germany, March 18, 2016. REUTERS/Kai Pfaffenbach/File Photo
Third Point has met with Del Vecchio, who is now EssilorLuxottica’s executive chairman and owns about a third of the company, according to two of the sources. Details of the meeting and on Third Point’s exact stake could not be learned. Tensions surfaced last November, when Del Vecchio appeared to tap his right-hand man and Luxottica Chief Executive Francesco Milleri as the next CEO.
In May, the two sides agreed to end their legal feud. Del Vecchio and Sagnieres made Milleri and Laurent Vacherot, EssilorLuxottica’s current CEO, jointly responsible for overseeing the integration process and define strategy. GrandVision, whose chains include Vision Express in Britain and For Eyes in the United States, would give EssilorLuxottica control of more than 7,000 outlets across the world where it already sells brands including Varilux lenses and Ray-Ban sunglasses. Other EssilorLuxottica brands include Oakley, Persol and Oliver Peoples.
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