The acquisition campaign of the Italian-French group EssilorLuxottica continues. After acquiring, in early April, a significant stake in the Thai retail chain Top Charoen, the group led by Francesco Milleri completes another targeted operation, this time at the heart of the production chain: the entry into the capital of the Venetian Faro.
THE FARO DEAL AND THE INDUSTRIAL LOGIC
The announcement came on April 23. EssilorLuxottica acquired Faro, an Italian company active for over twenty years in the development of high-precision machinery for the eyewear industry and, partly, jewelry. Financial details were not disclosed, but control of the company is already fully held by the group, indicating that integration has effectively been completed.
For Milleri, Faro is “a unique excellence in precision engineering” and will allow the expansion of skills and manufacturing capabilities, accelerating the development of new machines for frames and lenses. In the background is a strengthening of a model that aims to increasingly control phases of the supply chain.
WHAT FARO DOES
Faro was founded in 2003 and is based in Santa Maria di Sala, in the Venetian area, within the Italian eyewear district. The activity revolves around computerized industrial machines but also includes design, production, and development of technological solutions for industrial production.
The specialization is in high-precision CNC (computer numerical control) machinery for milling and diamond cutting, used in the processing of components for glasses and jewelry. Systems that integrate hardware and software and allow complex processing on various materials. A field linked to increasingly customized and fast productions.
Alongside the industrial activity, there is also technological development. Over the years, the company has invested in advanced management systems and research activities, including a patent for a structure that isolates processing, increasing safety and control in production processes, with international extensions underway.
SIZE AND FIGURES OF THE VENETIAN COMPANY
Faro remains a small-sized company: at the end of 2025 it had 11 employees. However, the numbers show high margins. In 2024, revenues stood at 5.95 million euros, down from 7.2 million in 2023. The production value is 6.03 million, against costs of 4.65 million, with an operating margin of about 1.38 million. Net profit approaches 1.02 million, after 1.28 million the previous year.
Equity amounts to 4.5 million against 8.1 million in assets. Current assets are significant, over 7.1 million, with receivables of about 3.7 million and cash and financial assets exceeding 3 million in total.
In 2024, the company also strengthened its industrial base by purchasing a portion of a warehouse for about 275 thousand euros, bringing investments in plants and structures to over 300 thousand euros. Financial investments also grew, exceeding 490 thousand euros.
In short, it is a small, highly specialized company with high margins relative to revenues and a balanced equity structure.
A PIECE IN ESSILUX’S STRATEGY
The operation fits into an increasingly integrated industrial model. EssilorLuxottica is present in over 150 countries, with more than 200,000 employees, about 600 plants, 300,000 optical customers, and 18,000 stores.
In 2025, the group recorded revenues of 28.5 billion euros. The scope ranges from lens technologies to global eyewear brands such as Ray-Ban and Oakley, to a widespread retail network with banners like Sunglass Hut and LensCrafters.
The group covers the entire value chain, from research – with a global network of over 50 R&D centers – to production and distribution. In this context, Faro’s entry strengthens a less visible but strategic segment: production technologies.
FIRST QUARTER 2026 RESULTS AND GROWTH DRIVERS
The operation comes at a time of expansion. In the first quarter of 2026, EssilorLuxottica recorded revenues of 7.127 billion euros, up 10.8% at constant exchange rates (+4.1% at current exchange rates). This is the third consecutive quarter of double-digit growth.
The growth is widespread: North America grows by 12.5% and the EMEA area by 9.5%, while China records double-digit increases. Driving growth are especially smart glasses and the Ray-Ban brand, as well as myopia management solutions, which increase by 26%.
On the product front, the good start of the Optics models of Ray-Ban Meta smart glasses is confirmed, while technologies for myopia management continue to expand. A sign of a shift towards more technological and healthcare solutions.
Milleri and Deputy CEO Paul du Saillant speak of “robust results in all geographic areas and all businesses,” claiming continuity of growth. Among the expansion factors, the strengthening of retail presence in Thailand with Top Charoen is also highlighted, adding about 2,000 stores to the global network.
BETWEEN GROWTH AND INDUSTRIAL RELATIONS
Alongside economic results, the group has defined the performance bonus for Italian employees related to 2025. The base amount is 3,090 gross euros and can rise to about 3,700 euros, reaching over 4,000 euros if converted into welfare benefits.
The bonus, agreed with the unions, comes at a time of widespread growth. For the group, it is the “result of the solid system of industrial relations built over the years” and an “important support for workers in Italy,” while the group increasingly pushes into med-tech.
In this framework, the acquisition of Faro is not so much a scale operation as a strengthening of production skills.
