Leonardo Del Vecchio: a Strong Euro Could Be an Oportunity

Corriere della Sera, the president of Luxottica, Leonardo Del Vecchio, sees the revaluation of the single currency as an opportunity: to gain new market shares, to force companies to be more efficient, and for anyone intending to acquire new companies.

This is precisely why the Agordo group has decided, Del Vecchio explained, to accelerate a new acquisition 'in the dollar zone'. He doesn't say whether it's in distribution or production, only that 'it's an eyewear company'.

So the eyewear giant isn't anxious about the weakening dollar, which from certain aspects could turn in the company's favor: 'The effect of the dollar has a weight of about 20%, but in actual fact the impact will be less as Luxottica has many costs in America and a weak dollar will be an advantage for us. In the US, for example, we have 30 thousand employees who now cost us less'.

According to the number one of the Agordo Group we'll continue to have a super-euro until the middle of 2004, which will require greater commitment and creativity by businessmen: 'But healthy and efficient companies', he concluded, 'are not afraid of competition from anyone, whether it be American, Japanese or Chinese'.