Glasses maker EssilorLuxottica has closed all its factories in France due to the outbreak of the new coronavirus. The French-Italian company, which carries well-known brands such as Ray-Ban and Oakley, further states that its previously expressed expectations for 2020 can go into the trash.

EssilorLuxottica says sales in January and February showed solid growth. But as the virus spread further around the world in March, the company saw sales drop rapidly. This decline is expected to continue for the time being, which will also affect profitability. It is still too early for a new annual forecast.

Despite the closure of the French factories, production continues. The company has production facilities around the world. The factories in China, for example, are now at full speed again and have spare capacity available.

EssilorLuxottica is the intended new owner of the optical company GrandVision, listed on the Amsterdam stock exchange, which operates chains such as Pearle and Eyewish. But that takeover is still to come. The European Commission is conducting an in-depth investigation into the effects on competition in the eyewear market.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Trump sent Goodyear shares down with a single tweet

American president Donald Trump calls for a boycott of Goodyear Tire & Rubber, an Ame…