Third Point confirms EssilorLuxottica stake in investor letter

BOSTON, Oct 24 (Reuters) - Billionaire investor Daniel Loeb said on Thursday his hedge fund owns a $700 million stake in Ray-Ban maker EssilorLuxottica SA ESLX.PA and is urging the company to "accelerate leadership transitions".

The hedge fund wrote in a letter to investors seen by Reuters that it had met with many company executives and expects EssilorLuxottica to increase earnings and free cash flow at mid-teens CAGR (compound annual growth rate) for several years.

(Reporting by Svea Herbst-Bayliss; editing by David Clarke)

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