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Allergan to Hold Special Meeting PDF
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Companies
Thursday, 18 September 2014

Allergan, Inc. announced that it has reached an agreement with Pershing Square Capital Management, L.P. ("Pershing Square") and Valeant Pharmaceuticals ("Valeant") under which Allergan will hold the Special Meeting of Stockholders (the "Special Meeting") on the originally scheduled date of December 18, 2014, without restriction, and Pershing Square and Valeant will dismiss their pending litigation before the Delaware Court of Chancery. In connection, Allergan has established an October 30, 2014 record date for stockholders entitled to vote at the Special Meeting.

Given the Special Meeting will be held on the same date Allergan already announced, this recent announcement eliminates the distraction and cost of unnecessary litigation over the Company's bylaws and underscores the Allergan Board of Directors' long-standing commitment to providing stockholders with a forum to express their opinion on the value proposition offered by Valeant. Allergan continues to believe that stockholders should have the opportunity to make decisions regarding their investment in the Company based on compliant, full and fair disclosures, and to ensure that any stockholders voting on corporate matters acquired their shares in accordance with the law. If Allergan's motion is granted, the injunction would prevent Valeant, Pershing Square, and William A. Ackman from voting their shares at any meeting of stockholders. 

 
Safilo To Launch Product School in 2015 PDF
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Friday, 12 September 2014

Safilo Product SchoolSafilo is set to launch its Product School offering 3 year Apprenticeships to up to 10 young professionals every year, starting from 2015.

On the occasion of its institutional 80th anniversary, Safilo recalls the importance of its product creation, design, development, and manufacturing capabilities, and its historical reputation of offering the very best of Italian tradition through eyewear apprenticeships dating back as far as 1878. High quality eyewear craftsmanship at the heart of modern globally integrated quality business management is core to Safilo's strategy aimed at long term sustainable profitable growth. Safilo announces, therefore, the establishment of the "Safilo Product School" to give young apprentices starting their professional lives the opportunity to build foundational mastery across all Product functions, and then begin Safilo's career path to form the new generations of Eyewear Product Directors.

Entry into the program based on selection is open to talents coming from technical institutes or universities, and builds on international apprenticeship best practice combining on-the-job learning and job rotation including an international assignment in Safilo's worldwide operations, coaching by experienced Safilo managers and experts, and regular classroom training.

The focus is on Product Creation, i.e. from design to product development, from prototyping to manufacturing, materials, quality, pricing, and product concept selling. Safilo's values – quality, durability, and timeless design – together with its unique technological innovation, that changed the history of the eyewear industry and that have been present from the very beginning in the collection of glasses bearing the company's name, will be the basis on which the courses will be built.

Additionally, the program also covers the development of managerial skills and behavioral competencies, inspired by the company's way of doing business guided by the its Values and Principles, as just renewed for its 80th Anniversary.

The formal training will be administered in collaboration with national and international partners, i.e. Universities, Technical and Optical Product Certification Institutes, and Safilo's customer and supplier network, supplemented by its own global management team. The School will enhance the legacy of Safilo's Calalzo di Cadore site, the company's first establishment that today hosts more than three thousand pieces of eyewear belonging to the company's museum, and a unique worldwide archive of over 250,000 pairs of eyewear from the late 19th century to today. Safilo's heritage in product creation and development dates back to 1878, when the very first production site was established, and afterwards was acquired (in 1934) to become the modern Safilo in today's incorporation.

The Safilo Product School counts on the support of its prestigious License partners, who will play an active role in qualifying the apprentices at the end of the program. One special award has already been confirmed, sponsored by Dior, the prestigious French Maison of highest selective standards, and long standing partner of Safilo.

 
Safilo Celebrates 80th Anniversary With Limited Edition Glasses PDF
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Monday, 08 September 2014

Peggy Guggenheim GlassesSafilo celebrates its 80th anniversary by launching a new limited edition inspired by the legendary glasses once worn by Peggy Guggenheim (1898-1979), renowned collector of 20th century European avant-garde art, who discovered some of the greatest American artists of her time.

The Safilo Group, in celebration of the brand's 80th anniversary, and of its bond with the world of art and with the breathtaking city of Venice, has joined the Intrapresæ Collezione Guggenheim, a group of leading Italian and international companies that are bywords for excellence and that support the Peggy Guggenheim Collection, promoting the educational potential of art with the conviction that art can inspire business to embrace change and to face global challenges.

Safilo, since it's founding in 1934, has promoted and enhanced eyewear as an art, as an expression of aesthetic beauty and creativity as well as an emblem of skilled craftsmanship and savoir-faire. Safilo's historic archive is the only corporate museum containing original artifacts, ancient optical instruments, eyeglasses, paintings and prints that testify to the long history of spectacles, spanning 700 years, and to their evolution through the centuries.

The friendship between the Safilo Group and the Peggy Guggenheim Collection dates back to 1994, when Safilo launched an edition inspired by of the iconic butterfly-shaped sunglasses created for Peggy Guggenheim by artist Edward Melcarth.

The revisited sunglasses stay close to the original design, giving them a more contemporary look, with their iconic blue butterfly-eye acetate frame comes with tone-on-tone mirrored lenses, with contrasting profiles in shades of brown, endowing them with romantic evocations of reflections on the Venetian lagoon.

 
Kering To Take Back Control of Eyewear Brands such as Gucci, Puma, and YSL PDF
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Thursday, 04 September 2014

KeringFamily-controlled listed company Kering, a world leader in apparel and accessories, has initiated a strategic move aiming at building in-house eyewear expertise for its Luxury and Sport & Lifestyle brands.

The global eyewear market for frames and sunglasses is significant and growing double-digit in the premium high-end segment. The current size of the Kering brands' business is roughly 350 million euros and makes Kering one of the top five players in this industry. The 11 Kering brands that are active in the Eyewear category, of which nine are managed through license agreements with five different partners, generate consolidated royalties of approximately 50 million euros. In order to maximize the extraordinary potential of its brand portfolio, the Group is setting up a new business model through which, together with its brands, Kering will fully control the Eyewear value chain, from design to product development and supply chain, and from branding and marketing to sales.

Kering’s objective is to better support its brands in accelerating their development in the Eyewear category, leveraging on the unique appeal of each of them, in full alignment with each brand’s strategy, positioning and potential. All brands will of course continue to control separately their creative process under the leadership of their respective Creative Director.

The project involves investing in a dedicated entity specialized in luxury, high-end and sport Eyewear managed by a skilled team of experienced professionals under the direction of Roberto Vedovotto, CEO, Kering Eyewear. Roberto Vedovotto and his team will be co-shareholders of this new entity.

As part of this strategic move, Kering and Safilo have agreed to evolve their 20-year-long partnership. They jointly intend to terminate the current Gucci license agreement two years in advance, i.e. by 31 December 2016, which will lead to a total compensation payment to Safilo of 90 million euros, in three instalments between 2014 and 2018. In order to benefit from Safilo's expertise and production capabilities in high quality Italian manufacturing, the two Groups have agreed to put in place a strategic product partnership agreement for four years, starting in January 2017, renewable upon mutual agreement. This agreement covers the product development, manufacturing and supply of Gucci eyewear products by Safilo, and is subject to the signing of long-form agreements by the end of the year.

"We are satisfied with furthering our partnership in a way that leverages the heart of Safilo's strengths in Eyewear product excellence", commented Luisa Delgado, CEO of Safilo Group. "We have a unique tradition in the market as strategic partner for those brands that consider Eyewear as strategic category. Through this agreement we confirm our capabilities as trusted partner".

Jean-François Palus, Group Managing Director, Kering, added: "We are satisfied to count on Safilo as a partner because their know-how in product development and manufacturing is important for the quality and craftsmanship that we want more than ever for our Eyewear business."

 
Luxottica Announces New CEO and Management Structure PDF
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Tuesday, 02 September 2014

LuxotticaLuxottica announced the introduction of a new management structure based on a co-CEO model; one focused on Markets and the other dedicated to Corporate Functions.

According to the company's press release, the evolution to a co-CEO leadership structure with distinct and complementary responsibilities will ensure stronger management of the Group, which has rapidly increased its size, complexity and global presence in recent years.

Enrico Cavatorta, current General Manager and CFO of the Group, was appointed CEO of Corporate Functions. He was also named as Interim CEO of Markets, pending the appointment of a permanent executive to this position. The search process for a CEO of Markets is on-going. Operations, led by Massimo Vian, will temporarily report to the Chairman, Leonardo Del Vecchio. An Executive Committee, led by the Chairman, will be created to support the efficient management of the Group during this new phase.

Following a period of debate with Chairman Leonardo Del Vecchio over the Group's future strategy and direction, Andrea Guerra leaves as Group CEO after a 10-year period of organizational consolidation and managerial growth.

This new organizational structure is set to support a new phase of development for Luxottica that is consistent with its strategic vision. Leonardo Del Vecchio, Chairman of the Board and the original inspiration behind the strategic vision of the Group, will ensure a smooth organizational transition, overseeing the Board and supporting further success.

 
Essilor Reports Strong Growth for 1H2014 and Appoints New COO PDF
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Companies
Friday, 29 August 2014

EssilorEssilor reports revenue amounted to €2,780.1 million in the first six months of 2014, an increase of 7.9% as reported and of 9.4% like-for-like including partnerships and acquisitions. 

Revenue growth in China reflected the solid performance by the Essilor network, healthy advances in anti-UV product sales by Essilor's partners, strong demand for Kodak® brand products and a recovery in exports. In India, the Varilux® and Crizal® brands raised their profiles and benefitted from new product launches. Essilor enjoyed sustained growth in Southeast Asia, led by strong demand in Thailand. Revenue in the region’s developed markets was slightly higher, with sales in Australia continuing to benefit from dynamic performances among independent eye care professionals.

Essilor also announced the appointment of Jean Carrier as Chief Operating Officer alongside Paul du Saillant and Laurent Vacherot, effective September, 1, 2014. In his new role, Jean Carrier will continue to oversee Essilor of America and will also be responsible for Research and Development, Intellectual property, Strategic marketing and for the Group's E-business activity.

 
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