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Franco-Italian eyewear manufacturer EssilorLuxottica (OTCPK:ESLOF) announced an extension of its partnership with Italian luxury fashion house Armani and confirmed 2026 financial targets on Wednesday.
During the company’s capital markets day, executives indicated that the deal with Armani has been ironed out for the next 15 years. The deal extends a partnership that has been in place for more than 30 years.
Elsewhere, Italian daily business paper Il Sole 24 Ore quoted CFO Stefano Grassi as confirming financial targets through 2026, aiming for between €27B and €28B in revenue by that time.
The paper also quoted CEO Francesco Milleri as saying that lockdowns in China have “less and less impact on the production structure” of the company as time goes on. He explained that moves to increase flexibility during the pandemic have paid dividends.
"At the beginning of the pandemic, when our huge Chinese production machine stopped while other countries were open, it was tough,” he said. “We had to reconfigure the systems, but you saw the numbers, during the pandemic they were great.”
Milleri also pointed to smart glasses as a source of growth moving towards the company’s longer term targets.