Italy’s Luxottica and France’s Essilor are getting together to create a global eyewear powerhouse.<br /><br /> The all-share deal is one of Europe’s largest cross-border tie-ups. <br /><br /> Essilor is the leading lens manufacturer.<br /><br /> Luxottica is the world’s top glasses maker and and is best known for brands like Ray-Ban and Oakley. <br /><br /> With 7,800 shops in 150 countries, it was founded in 1961 by 81-year-old Leonardo Del Vecchio, who is now Italy’s second richest man. <br /><br /> Combined they are worth around 46 billion euros, with annual revenue of more than 15 billion euros.<br /><br /> Lens Company #Essilor to Merge with Ray-Ban Maker Luxottica to Create $49 Billion #Eyewear Giant: https://t.co/KKqifGaang pic.twitter.com/9l8cume8j5— EyeWireToday (@EyeWireToday) January 16, 2017<br /><br /> They will focus on expected strong demand for prescription spectacles and sunglasses due to an aging global population and increasing awareness about eye care.<br /><br /> The idea is that together they will be able to better cope with slowing sales growth, rising competition from cheaper rivals and the challenge of online distribution.<br />
