When the sun shines on Centre Court it’s time to get the shades out. One of our champions this year is EssilorLuxottica, a global leader in sunglasses, frames and lenses. They own iconic brands like RayBan, Persol, Oakley and many more. They are also a leading maker of lenses for vision protection and correction, with coatings that protect our eyes from harmful radiation, such as UV light from the sun and blue light from our screens. Long-term, the $100 billion eye care market is significantly underpenetrated for correction and protection, and there is a substantial growth opportunity for EssilorLuxottica to benefit from growth and gain market share. In the short-term, savings rates in the UK and elsewhere have gone through the roof and people cannot wait to go out this summer and enjoy themselves. Watch the sunglasses at Wimbledon this year. Many of them will be EssilorLuxottica’s and we expect the shares to be as much of a hit as their shades.
Christopher Rossbach, manager of the J. Stern & Co. World Stars Global Equity fund