EXECUTIVE SUMMARY

• The death of the founder-entrepreneur-reference shareholder has shaken the control of the capital, the steering of the company, and the definition of the corporate project.
• The ownership has not yet brought forward a new equilibrium, either within the family holdco or within the steering of EssilorLuxottica.
• So much so that the Essilor Luxottica combination is still looking for a project that goes beyond the founder.
• The dynamics are that of a conglomerate which is a threat to valuation.

CONFLICTS OF INTEREST

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