Luxottica Founder: Google Glass Would Embarrass Him

“The chairman of Google’s most important partner for Google Glass says it would “embarrass” him to wear the Web-connected eyewear, which now appears unlikely to be in consumers’ hands before next year,” goes the blog post in the Wall Street Journal’s Digits. “Leonardo Del Vecchio, founder and controlling shareholder of Luxottica, the largest eyewear maker in the world, criticized Google Glass in comments to the Financial Times [British sister publication of the WSJ] Tuesday. Luxottica is a key partner for Glass, since it plans to release versions of the smart eyewear attached to its iconic brands like Ray-ban and Oakley.”

“I have not used Google Glass,” Mr. Del Vecchio told the FT  in an interview. “It would embarrass me going around with that on my face. It would be OK in the disco, but I no longer go to the disco.”
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Guerra Gone from Luxottica/Almost Signs Deal with Essilor

"Italian eyewear company Luxottica Group S.p.A (LUX: Quote) said Monday that Andrea Guerra has stepped down as chief executive officer of the company after serving for almost ten years at the helm," according to RTT News. "According to media reports, Guerra has stepped down following differences with the company's founder and chairman, Leonardo Del Vecchio. Luxottica, the owner of the popular Ray-Ban and Oakley sunglass brands, said it has now introduced a new management structure based on a co-CEO model that will allow it to 'take advantage of opportunities in a competitive global market of growing complexity and changing competitive dynamics.' The new structure will see the founder take on a more active role at the company." Read more.

A Reuters post said the company had "looked at a possible deal with French rival Essilor but decided not to pursue it and is no longer considering it, Luxottica's new co-chief executive said on Monday. 'A deal with Essilor was explored, about a year and a half ago, but it was concluded that there were not the right conditions to go ahead,' Enrico Cavatorta told an analyst call. ...Cavatorta took over as new co-CEO of the world's largest eyewear maker by revenue on Monday, as long-standing CEO Andrea Guerra stepped down after falling out with Luxottica's key shareholder and Chairman Leonardo Del Vecchio." Read more.

Luxottica's Founder Sells 7-Percent Stake

"Delfin Sarl, the holding company that controls Italian luxury eyewear Luxottica Group SpA (LUX.MI), said Wednesday that up to [33] million ordinary shares in Luxottica have been put up for sale," reports Fox Business. "The shares put on sale corresponds to about 7% of the total outstanding ordinary shares in Luxottica and will be sold through an accelerated bookbuilt offering to institutional investors. The sale bookbuilding will start immediately, said Delfin, which will remain the majority shareholder in the company after the sale. person familiar with the matter said the decision of the holding company owned by Luxottica's founder Leonardo Del Vecchio--chairman of the board of directors of the eyewear company--is a direct response to market requests.
Mr. del Vecchio said the sale 'is intended to enhance the trading liquidity of Luxottica's listed shares in response to feedback from investors.'" Read more.