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EssilorLuxottica to repurchase up to 2.5 million shares

Reuters
·1 min read
People try sunglasses in a Sunglass Hut store, a brand owned by EssilorLuxottica SA, in Manhattan, New York City

PARIS (Reuters) - EssilorLuxottica said on Friday it was launching a new share buyback programme for a maximum of 2.5 million shares, or around 0.6% of its capital.

The French-Italian eyewear giant, which has seen business bounce back since the pandemic, said in a press statement that the plan showed the group's confidence in its long-term prospects.

Shares can be purchased over a period starting Friday and running through Aug. 31, the group said.

Shares will be purchased for a price that does not exceed 200 euros apiece, according to a resolution approved in the company's annual shareholding meeting in May that allows a buyback programme for up to 10% of the company's capital, or up to 1.59 billion euros over the next 18 months.

EssilorLuxottica shares were up 2.9% to 138.10 euros at 0940 GMT.

(Reporting by Kate Entringer and Mimosa Spencer; Editing by Mark Potter)