The billionaire Italian family that until recently owned Brooks Brothers has been accused in a lawsuit of driving the retailer into bankruptcy instead of selling it, to avoid paying millions of dollars to an investor.
EssilorLuxottica is targeting a recovery in its business this year to levels seen before the COVID-19 crisis after the Oakley and Ray-Ban maker's fourth-quarter revenue showed further signs of improvement.
Luxottica will give employees a monitor that alerts them if they are not respecting social distancing rules and keeps track of contacts with people potentially at risk of coronavirus infection, it said on Thursday.
EssilorLuxottica is suspending its dividend due to the coronavirus pandemic, it said Monday, adding its annual shareholder meeting has been delayed and its Essilor chief executive officer, Laurent Vacherot, has retired.
The renewal of the exclusive worldwide agreement for the production and distribution of the Italian luxury label’s eyewear has strengthened the bond between the two groups, which first teamed up in 2006.
EssilorLuxottica expects continued profit growth this year after stronger 2019 results, saying the outbreak of coronavirus had not hit output at its Italian factories and its China production was becoming normal.