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CHARENTON-LE-PONT, France—EssilorLuxottica (ISIN: FR0000121667) said yesterday it has launched a share buyback program, saying that it reflected "the Group's confidence in its value creation and long-term prospects." To implement this share buyback program, EssilorLuxottica has granted a mandate to an investment services provider for the purchase of up to 3,000,000 EssilorLuxottica shares, depending on market conditions, over a period which started on March 17, 2020 and will last until May 27, 2020. The shares acquired are intended to be awarded or transferred to employees and corporate directors of EssilorLuxottica and affiliated companies, especially in the context of profit-sharing plans, bonus and performance share awards, stock option plans, and employee share ownership plan, the company said.

A description of EssilorLuxottica’s share buyback program, as approved by the annual general meeting of Nov. 29, 2018 is available in section 5.2.3 of its 2018 Registration Document and is viewable here. 

In 2019, EssilorLuxottica had over 150,000 employees and consolidated revenues of €17.4 billion.