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Universita' Degli Studi Di Padova UNIVERSITA’ DEGLI STUDI DI PADOVA DIPARTIMENTO DI SCIENZE ECONOMICHE ED AZIENDALI “M.FANNO” CORSO DI LAUREA MAGISTRALE IN BUSINESS ADMINISTRATION TESI DI LAUREA “MERGERS AND ACQUISITIONS AS A WAY TO CREATE VALUE: ANALYSIS OF THE ESSILOR-LUXOTTICA CASE AND HOW THE EYEWEAR INDUSTRY IS CHANGING” RELATORE: CH.MO PROF. ANDREA FURLAN LAUREANDA: FRANCESCA MARTINI MATRICOLA N. 1132489 ANNO ACCADEMICO 2017 – 2018 Il candidato dichiara che il presente lavoro è originale e non è già stato sottoposto, in tutto o in parte, per il conseguimento di un titolo accademico in altre Università italiane o straniere. Il candidato dichiara altresì che tutti i materiali utilizzati durante la preparazione dell’elaborato sono stati indicati nel testo e nella sezione “Riferimenti bibliografici” e che le eventuali citazioni testuali sono individuabili attraverso l’esplicito richiamo alla pubblicazione originale. Firma dello studente ________________ Un ringraziamento speciale va alla mia famiglia, per avermi supportato e permesso di arrivare fin qui, sempre sostenendomi e credendo in me, se oggi sono riuscita a raggiungere questo traguardo è grazie a loro. In particolare ringrazio mia madre per la forza e la determinazione che mi ha trasmesso nei momenti in cui mi stavo perdendo, il suo appoggio è stato fondamentale in questo percorso. Vorrei inoltre ringraziare il Professor Furlan Andrea, relatore di questa tesi, per avermi guidata nel percorso di stesura di questo lavoro, permettendomi di appassionarmi all’argomento giorno dopo giorno. Table of contents INTRODUCTION ..................................................................................................................... - 5 - CHAPTER 1:DIFFERENT WAY TO GROW ...................................................................... - 7 - 1.1 STRATEGIES TO CREATE VALUE ..................................................................................... - 7 - 1.2 RATIONALES FOR MERGERS AND ACQUISITIONS ............................................................. - 9 - 1.2.1 The synergy theory ................................................................................................ - 9 - 1.2.2 The transaction cost and vertical integration theory ............................................ - 10 - 1.2.3 The resources dependency theory........................................................................ - 11 - 1.2.4 Pure diversification theory................................................................................... - 12 - 1.2.5 The resource based theory ................................................................................... - 13 - 1.3 CLASSIFICATION OF MERGER AND ACQUISITIONS ......................................................... - 13 - 1.3.1 Horizontal merger ................................................................................................ - 13 - 1.3.2 Vertical merger .................................................................................................... - 15 - 1.3.3 Conglomerate merger .......................................................................................... - 17 - 1.4 MERGERS AND ACQUISITIONS WAVES.......................................................................... - 19 - 1.5 QUANTIFY MERGERS AND ACQUISITIONS VALUE GENERATION ..................................... - 23 - 1.5.1 Determinants of abnormal returns ....................................................................... - 25 - 1.6 STAGES OF MERGERS AND ACQUISITIONS.................................................................... - 26 - 1.6.1 Analysis and strategic evaluation ........................................................................ - 26 - 1.6.2 Deal structuring and Negotiation ......................................................................... - 29 - 1.6.3 Post merger or acquisition integration ................................................................. - 33 - 1.7 CHALLENGES AND FAILURES OF M&A ........................................................................ - 37 - 1.8 ALTERNATIVES TO MERGERS & ACQUISITIONS ........................................................... - 39 - CHAPTER 2:THE GLOBAL EYEWEAR INDUSTRY AND ITS PERFORMANCE ... - 43 - 2.1 EYEWEAR INDUSTRY GROWTH FACTORS ...................................................................... - 43 - 2.2 EYEWEAR MARKET’S TRENDS ...................................................................................... - 45 - 2.2.1 The Italian Bellunese District .............................................................................. - 47 - - 1 - 2.3 THE PRODUCTS ............................................................................................................. - 51 - 2.4 THE PLAYERS ............................................................................................................... - 52 - 2.4.1 The big five ......................................................................................................... - 52 - 2.4.2 Components Producers ....................................................................................... - 55 - 2.4.3 Comparison of the Italian big four ...................................................................... - 55 - 2.5 PORTER’S FIVE FORCES ANALYSIS OF THE EYEWEAR INDUSTRY ................................... - 58 - 2.6 EYEWEAR INDUSTRY IS CHANGING ............................................................................... - 60 - 2.6.1 Kering internalization ......................................................................................... - 60 - 2.6.2 Merger between Luxottica and Essilor ............................................................... - 61 - 2.6.3 The joint-venture between LVMH and Marcolin ............................................... - 62 - 2.6.4 De Rigo new business model .............................................................................. - 63 - CHAPTER 3:THE BIG DEAL .............................................................................................. - 65 - 3.1 LUXOTTICA .................................................................................................................. - 65 - 3.1.1 History ................................................................................................................. - 66 - 3.1.2 Business Model ................................................................................................... - 69 - 3.1.3 SWOT Analysis .................................................................................................. - 77 - 3.2 ESSILOR ........................................................................................................................ - 79 - 3.2.1 History ................................................................................................................. - 79 - 3.2.2 Essilor’s core businesses ..................................................................................... - 83 - 3.2.3 Essilor’s strategy ................................................................................................. - 87 - 3.2.4 Swot Analysis ..................................................................................................... - 88 - 3.3 ECONOMIC AND FINANCIAL ANALYSIS......................................................................... - 90 - 3.3.1 Luxottica ............................................................................................................. - 90 - 3.3.2 Essilor.................................................................................................................. - 92 - 3.4 DREAMS COME TRUE: LUXOTTICA AND ESSILOR TO MERGE ......................................... - 93 - 3.4.1 Deal rationales..................................................................................................... - 94 - 3.4.2 The combination of two profitable players ......................................................... - 98 - 3.4.3 Structure of the deal .......................................................................................... - 101 - 3.4.4 Leadership, governance and structure of the new entity ................................... - 103 - 3.4.5 Antitrust’s approval........................................................................................... - 103 - 3.4.6 Market reaction ................................................................................................. - 105 - - 2 - 3.4.7 The beginning .................................................................................................... - 105 - 3.4.8 Post merger integration ...................................................................................... - 106 - 3.4.9 Risks of the transaction ..................................................................................... - 107 - CHAPTER 4:BUSINESS MODEL CHANGES IN THE EYEWEAR SECTOR ........... - 109 - 4.1 INTRODUCTION .......................................................................................................... - 109 - 4.2 EYEWEAR INDUSTRY’S BUSINESS MODEL IS CHANGING ............................................ - 111 - 4.2.1 EssilorLuxottica ................................................................................................. - 111 - 4.2.2 The joint Venture between LVMH and Marcolin ............................................. - 114 - 4.2.3 Kering internalization ........................................................................................ - 116 - 4.3 UNDERSTANDING THE INDUSTRY’S EVOLUTION ........................................................
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