Often, these inspections are merely a way for police to perform a full on drug raid without the hassle of obtaining a search warrant. Tactical units in Orlando recently raided a series of black owned barbershops under the premise of an occupational licensing inspection. Once inside, they then scoured the businesses, customers and employees for illicit drugs, mostly coming up empty.
The all share deal is one of Europe largest cross border tie ups and brings together Luxottica, the world top spectacles maker with brands such as Ray Ban and Oakley, with leading lens manufacturer Essilor.two products which are naturally complementary namely frames and lenses will be designed, manufactured and distributed under the same roof, Luxottica 81 year old founder Leonardo Del Vecchio said in a statement on Monday. ET), with Essilor up 12.2 percent at 114.60 euros.The merger between the top players in the 95 billion eyewear market is aimed at helping the businesses to take full advantage of expected strong demand for prescription spectacles and sunglasses due to an aging global population and increasing awareness about eye care.Jefferies analysts estimate that the market is growing at between 2 percent and 4 percent a year, while Luxottica and Essilor say that at least 2.5 billion people in the world still suffer from uncorrected vision problems.The deal also removes for now at least uncertainty over succession at Luxottica, which has lost three CEOs since 2014 because of rifts with Del Vecchio.strategic rationale is strong, JPMorgan Cazenove analysts said in a note, adding that the deal defuses the risk of growing competition between two groups that had been encroaching on each other areas of expertise in recent years, with Essilor buying online retailers and Luxottica investing in lens manufacturing.Luxottica third quarter results had showed revenue from its online platforms grew by 18 percent, with the company stating that e commerce had been targeted as an area for accelerated growth in 2017. The third quarter e commerce growth far exceeded that for overall sales, which rose by 1.4 percent at constant exchange rates.The merger is expected to boost operating profit by up to 600 million euros in the medium term, the companies said.It will also leave smaller rivals lagging even further behind.Though advisers on the deal have presented it as a merger of equals, Del Vecchio will be the biggest shareholder of the combined group with a stake of between 31 percent and 38 percent through his family holding company Delfin.