World Markets

Third Point confirms EssilorLuxottica stake in investor letter

Billionaire investor Daniel Loeb said on Thursday his hedge fund owns a $700 million stake in Ray-Ban maker EssilorLuxottica SA and is urging the company to "accelerate leadership transitions".

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)

((svea.herbst@thomsonreuters.com; +617 856 4331; Reuters Messaging: svea.herbst.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest World Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More