LensCrafters 2015 Annual Report Download - page 181

Notes to the separate financial statements as of December 31, 2015 Page 1 of 77
Luxottica Group S.p.A.
Registered office in Piazzale Luigi Cadorna, 3 – 20123 Milan (Italy)
Capital stock Euro 29,019,199.98
authorized and issued
NOTES TO THE SEPARATE FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2015
GENERAL INFORMATION
Luxottica Group S.p.A. (the "Company") is a corporation listed on the Italian Stock Exchange and on the New York
Stock Exchange, with its registered office located at Piazzale Cadorna 3, Milan (Italy).
The Company is organized under the laws of the Republic of Italy, has been incorporated with an indefinite term and is
controlled by Delfin S.à.r.l., a Luxembourg-registered company.
During the period, the Company carried on its business of marketing prescription frames, sunglasses and eyewear and
related products, through assuming and holding investments in other companies, as well as its activity of coordinating
the Group's companies and managing its brands.
Luxottica Group S.p.A. and its subsidiaries (the "Group" or the "Luxottica Group") operate in two industry segments,
from which the Group derives its revenue: (1) manufacturing and wholesale distribution and (2) retail distribution. Its
manufacturing and wholesale distribution operations position the Group as world leader in the design, manufacture and
distribution of house brand and designer prescription frames and sunglasses in the mid to premium segments of the
market, and of sports eyewear, with a product range extending from high-end sunglasses to sports masks and
prescription frames.
On January 19, 2015, the Board of Directors appointed Adil Mehboob-Khan as the Group CEO for Markets and
Massimo Vian as the Group CEO for Product and Operations. The appointment of Adil Mehboob-Khan and Massimo
Vian, and related assignment of all executive responsibilities, completed the Group's process of organizational change,
providing it with a governance structure, that by aligning the Group's organizational model with its strategic vision, is
more suited to the global competitive landscape and to capturing all the available opportunities for growth.
On April 16, 2015, the Company acquired the remaining 49% of the subsidiary Luxottica Nederland BV. The price paid
for the acquisition was Euro 19 million.
On May 14, 2015, Luxottica Group S.p.A. and Prada S.p.A. announced the renewal until December 31, 2025 of the
license agreement for the design, manufacture and exclusive worldwide distribution of prescription frames and
sunglasses under the Prada and Miu Miu brands.