French firm Essilor to buy Ray-Ban manufacturer Luxottica for €22.8bn

French lensmaker Essilor has agreed to buy Luxottica, the maker of Ray-Ban sunglasses, for about €22.8bn in shares, combining the largest manufacturer and retailer in eyewear.

Luxottica makes frames for luxury brands such as Armani, Chanel, and Prada, and is the biggest eyeglass retailer, with chains including Lenscrafters, Pearle Vision, and Sunglass Hut. Essilor is No 1 in lenses, and also has been expanding in eyewear retailing.

Leonardo Del Vecchio, who created Luxottica in 1961 and controls 62% of its stock, will be executive chairman and CEO of the combined business to be named EssilorLuxottica.