EssilorLuxottica acknowledges arbitration from HAL and GrandVision and carries on with legal proceedings against them
Charenton-le-Pont, France (July 30, 2020 – 6pm) – EssilorLuxottica has been informed by HAL and GrandVision of their intent to start arbitration proceedings against the Company.
EssilorLuxottica regards these arbitration proceedings as a surprising and obvious attempt by HAL and GrandVision to detract from GrandVision’s breaches under the Support Agreement and its failure to provide EssilorLuxottica with required information.
EssilorLuxottica is acting in full compliance with the Block Trade Agreement and the Support Agreement and any suggestion to the contrary is baseless.
The Company carries on with the summary legal proceedings it initiated in the Netherlands, to obtain information from HAL and GrandVision. A court hearing is scheduled on August 10, 2020.
To date, EssilorLuxottica is yet to receive the information it requested from GrandVision and HAL.
GrandVision and HAL’s reluctance to provide such information has increased the Company’s concerns about their motives and the extent to which GrandVision has breached its obligations.
EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. Formed in 2018, its mission is to help people around the world to see more, be more and live life to its fullest by addressing their evolving vision needs and personal style aspirations. The Company brings together the complementary expertise of two industry pioneers, one in advanced lens technology and the other in the craftsmanship of iconic eyewear, to set new industry standards for vision care and the consumer experience around it. Influential eyewear brands including Ray-Ban and Oakley, lens technology brands including Varilux® and Transitions®, and world-class retail brands including Sunglass Hut and LensCrafters are part of the EssilorLuxottica family.
In 2019, EssilorLuxottica had over 150,000 employees and consolidated revenues of Euro 17.4 billion.
The EssilorLuxottica share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices.
Codes and symbols: ISIN: FR0000121667; Reuters: ESLX.PA; Bloomberg: EL:FP.
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