The maker of Ray Ban is merging with a rival in a '50 billion deal

(Reuters) - Italian eyewear maker Luxottica and French corrective eye lens maker Essilor have agreed on a 50 billion ($53.16 billion) merger.The deal will make Luxottica's founder, Leonardo Del Vecchio, the largest single shareholder in the combined company with about a 30% stake.Luxottica, founded by Del Vecchio in 1961, owns iconic sunglasses brands such as Ray Ban and Oakley and also has the license for brands such as Burberry and Ralph Lauren. It owns the retail chain Sunglasses Hut.The BBC quotes Del Vecchio, Italy's richest man, as saying in a statement confirming the merger: "The marriage between two key companies in their sectors will bring great benefits to the market, for employees and mainly for all our consumers."(Reporting by Rama Venkat Raman in Bengaluru; Editing by Peter Cooney)SEE ALSO:Here's what the stylish guys of Warby Parker ' the $1.2 billion eyewear startup ' wear to workJoin the conversation about this story
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