Management Turmoil Doesn’t Slow Luxottica

WWD

MILAN — North America drove record net profits and sales in 2014 for eyewear giant Luxottica Group SpA.

The company saw 2014 net income of 687 million euros, or $771 million at current exchange rates, on total adjusted net sales of 7.7 billion euros, or $8.6 billion.

Adjusted net income climbed faster than net sales, which rose by 11.4 and 6.7 percent, respectively, at constant exchange rates compared with 2013.

The strong results came despite a year of turmoil at the company, which saw chief executive officer Andrea Guerra leave in September after clashing with chairman Leonardo Del Vecchio, and the naming of co-ceos. But the first named, Enrico Cavatorta, left after only a month in that role, and Del Vecchio had to step in as interim ceo until eventually naming Massimo Vian and Adil Khan to the roles.

Luxottica enjoys a dominant position in the prescription eyewear market, owning…

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