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EL - EssilorLuxottica SA News Story

€134.05 -0.3  -0.2%

Last Trade - 10:05am

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £50.89bn
Enterprise Value £55.27bn
Revenue £12.83bn
Position in Universe 18th / 847

BUZZ-EssilorLuxottica: SocGen cuts seeing lack of ESG strategy as shortcoming

Tue 19th January, 2021 8:45am
** Societe Generale cuts Ray-Ban maker EssilorLuxottica
 ESSI.PA  to "sell" from "hold" ahead of its long way to improve
environmental, social and corporate governance (ESG) practices
and approach to sustainability
    ** The broker points out the company is the only one in its
coverage that has not reduced its environmental footprint as a
share of revenues over the past five years, the sole exception
being water consumption
    ** As the post-merger agreement between former Essilor and
Luxottica draws to an end, SocGen notes the French-Italian group
remains in a transitional period with no ESG targets, revealing 
lack of internal harmonisation
    ** Given the new merger with Dutch optical retailer
GrandVision  GVNV.AS  is set to unfold in 2021, SocGen doesn't
expect ESG to top EssilorLuxottica's agenda before 2022
    ** This is a "material shortcoming for an industry leader",
it says
    ** The brokerage adds, though, the GrandVision deal could
act as a catalyst for organisational change needed to face the
dual structure and lack of integration of the glasses maker

 ((juliette.portala@thomsonreuters.com))
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