The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
MILAN, Italy — Luxottica Group SpA said co-chief executive officer Adil Mehboob-Khan resigned, to be replaced by founder Leonardo Del Vecchio, as the board of directors approved a simplification of its structure, the company said in a statement late Friday.
Adil Khan, a former Procter & Gamble Co. executive, took the helm of the world's largest maker of eyeglasses in October 2014, after the company had lost its second chief in little more than a month. Massimo Vian will continue in his role as CEO for product and operations while Del Vecchio assumes the role of executive chairman.
“At the end of February, Adil Khan is leaving his role as CEO for markets and board member of Luxottica after a productive year,” the company said. Luxottica, which reiterated that the choice was taken without conflict, added that Khan’s profile and international experience enabled him to contribute to excellent 2015 financial results and to the simplification process started across businesses and geographies in late 2014. Khan is to be paid a redundancy incentive equal to a gross total amount of 7 million euros ($7.6 million).
Luxottica, maker of Ray-Ban glasses, also reported sales figures. Revenue for 2015 rose 4.3 percent to 8.84 billion euros, trailing an average 8.94 billion-euro estimate.
By Daniele Lepido; editors: Jerrold Colten and Nick Turner.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.