EssilorLuxottica, Milleri: “Profits possible without subsidies”
Francesco Milleri, president and CEO of EssilorLuxottica, concluded 2023 with exceptional results, as told in an interview with Republic. “It’s the strength of the group we created,” declared Milleri, “we close with revenues growing by 7.1% to 25.4 billion, above our guidance. Profit rose by 9.4% to 2.94 billion, with cash generation of 2.4 billion.” These results, achieved despite significant investments in the company, are indicative of EssilorLuxottica’s promising future.
Milleri reflected on three intense years as CEO and now at the top of the board’s list. “It’s been an intense, incredible 3 years,” she said, “we never stopped running and looking forward. There was no shortage of obstacles: we experienced the loss of our founder and then the pandemic, geopolitical tensions, the digital and AI revolution. All this has made us bigger and stronger.”
Looking at the future, Milleri spoke about entering 2024 with the spirit of a great start-up and plans for med-tech, super glasses, smart lenses and more. “We want to consolidate our excellence in optics and push for innovation,” she said. “In the future I see an ecosystem of services and technologies built around eyewear, which represents the challenges I am most passionate about.”
On the topic of hearing aid glasses, Milleri talked about Nuance Audio, which integrate innovative technologies to improve the hearing experience. “The ambition is to merge two different industries,” she explained. “The convergence of the two worlds will create value for everyone.”
Regarding smart glasses, Milleri highlighted the success of Ray-Ban Meta, the second generation of smart eyewear, and the partnership with Meta. “The path is the right one,” she said. On the front of new licenses or acquisitions, Milleri spoke of focusing on strong collaborations and mentioned brands such as Cucinelli, Ferrari, Moncler and Swarovski, as well as the consolidation of relationships with existing partners.
Finally, on possible help from the industry, Milleri underlined that EssilorLuxottica has demonstrated that Italian factories can generate profits without subsidies, thanks to quality and innovation. “We produce here not to compete on price,” she said, “but because we are unique in quality, innovation and style.”
Finally, called to comment on the possible entry of Italy as a partner, Milleri declared that the decisions should favor development, not defend the nationality of the companies. “If the Italian government decides to do the same, it will always be welcome,” he added.