(Reuters) -Eyewear maker EssilorLuxottica has been involved in the sale process for its Italian competitor Marcolin, but it does not consider the asset as strategic, the group's chief executive told shareholders on Tuesday.
"I don't want to comment on Marcolin because it is an ongoing process," EssilorLuxottica CEO Francesco Milleri said.
"We have been part of the discussion, we will see what happens but for us it is not strategic," added Milleri, replying to a shareholder's question during the group's annual meeting in Paris, as confirmed by a company spokesperson.
EssilorLuxottica's shareholders voted in favour of a new term for Milleri and of the company's compensation policy, the spokesperson said. The board is expected to confirm Milleri as CEO and chairman later on Tuesday.
WHY IT IS IMPORTANT?
Marcolin's main shareholder PAI Partners earlier this year hired Goldman Sachs (NYSE:GS) to explore a merger or a sale. The sale process has drawn interest from big players such as Gucci-owner Kering (LON:0IIH) and Ray-Ban parent EssilorLuxottica, sources told Reuters in April.
Earlier this month leading shareholder advisory group ISS said shareholders of EssilorLuxottica should vote against the proposed remuneration package for Milleri. It added it had concerns over the fact that Milleri was both chairman and CEO.
BY THE NUMBERS
Italy's Marcolin reported a 26% jump in adjusted core profit for 2023 to 78 million euros ($84 million) last year. Sales rose 2% to 558 million euros.
($1 = 0.9323 euros)