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EssilorLuxottica Unmasks $213 Million Fraud at Thai Factory

  • Ray-Ban maker working to recover funds, investigate incident
  • Eyewear giant struggling with culture clash since 2017 merger
Ray-Ban
Photographer: Chris Ratcliffe/Bloomberg
Updated on

EssilorLuxottica, the newly merged Italian-French eyewear conglomerate, said it was the target of a 190 million euro ($213 million) fraud at a factory in Thailand as a power struggle roils its headquarters.

The world’s leading lens maker is working to recover the lost funds, and employees associated with the incident, which occurred at an Essilor plant, have been fired, according to a statement. EssilorLuxottica said it has begun an investigation and filed complaints in Thailand and other jurisdictions.