FILE PHOTO: The Luxottica name is reflected in a pair of sunglasses in this photo illustration taken in Rome February 4, 2016. REUTERS/Alessandro Bianchi/File Photo
PARIS (Reuters) – Spectacles company EssilorLuxottica abandoned its previous financial guidance on Friday, as the maker of Ray-Ban sunglasses takes a hit to its business from the coronavirus crisis, but added that it could not yet assess the fallout.
“At present, the company has insufficient visibility to provide an assessment of the full scope of COVID-19 impact, as the situation remains volatile,” it said in a statement.
EssilorLuxottica it was adopting a contingency plan, including cost and cash control measures, putting on hold non-crucial investment initiatives and adjusting global capacity to meet current demand.
Reporting by Sudip Kar-Gupta; Editing by Clarence Fernandez