Spectacles group EssilorLuxottica to scrap dividend, cut costs

PARIS (Reuters) – EssilorLuxottica (ESLX.PA), the spectacles company whose brands include Oakley and Ray-Ban, said on Monday that it would scrap its dividend and would look to cut costs, in order to cope with the hit to its business from the coronavirus.

EssilorLuxottica said it would not submit a proposed dividend payment at its shareholders meeting in June, although it could propose a special dividend payment later in the year if its business staged a sufficient recovery.

The company added it would launch a 100 million euros ($109 million) fund to help staff impacted by the coronavirus.