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EL - EssilorLuxottica SA News Story

€139.88 1.7  1.3%

Last Trade - 4:37pm

Consumer Cyclicals
Large Cap
Market Cap £51.96bn
Enterprise Value £55.01bn
Revenue £12.40bn
Position in Universe 18th / 850

UPDATE 1-Ex-Luxottica boss Guerra to head LVMH's hospitality, restaurant business -sources

Thu 30th January, 2020 11:33am
* Guerra stepped down from Eataly earlier this month
    * Was at the helm of Luxottica for a decade
    * Tipped for broad role at LVMH

 (Adds more on LVMH's hospitality ambitions)
    MILAN/PARIS, Jan 30 (Reuters) - Former Luxottica boss Andrea
Guerra is set to join LVMH  LVMH.PA  to head the French luxury
goods giant's hospitality and restaurant business, two sources
familiar with the matter said on Thursday.
    Earlier this month, Guerra, 54, stepped down from
operational responsibilities at Eataly, a high-end food retailer
where he became executive chairman after a decade at the helm of
Ray-Ban owner Luxottica. He also had a stint as a government
adviser on industry and business.*:nS8N29D0E0
    One of the sources said Guerra's role at LVMH would be a
broad one, overseeing all activities linked to hospitality and
restaurants, tapping into growing demand for top-notch travel
and food.
    Companies such as LVMH are increasingly turning to so-called
"experience" luxury - providing services and activities that
complement their core products.    
    LVMH - best known for its fashion and handbag brands like
Louis Vuitton and Christian Dior, and which also owns champagne
labels such as Moet & Chandon - has recently started bulking up
in the hotels business.  
    Its first major acquisition in this area was the $2.6
billion swoop in late 2018 for the Belmond group, which operates
hotels including Portofino's Hotel Splendido and train services
such as the Venice Simplon-Orient-Express.
    The group has developed its own high-end chains, under the
Bulgari and Cheval Blanc brands, including the five-star
boutique hotel part of the refurbished La Samaritaine department
store LVMH will reopen in Paris in the spring.    

 (Reporting by Valentina Za in Milan, Sarah White in Paris;
Editing by Elaine Hardcastle)
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