1621 GMT - EssilorLuxottica's reliance on the U.S. market exposes it to potential import tariffs, UBS analysts say in a note. Around 43% of sales of the Franco-Italian eyewear giant come from the U.S., with the majority of the product imported, they say. UBS assumes 18% of sourcing from China, and 2% from Mexico. The potential 25% tariff on Mexico imports is bad news, as the company just opened a large production site in the country to service the U.S. market, they say. The eyewear market meanwhile is growing due to an increasing population, ageing demographics and increased screen time, they say. UBS downgrades its rating for EssilorLuxottica to neutral from buy. Shares are down 1.3% at 277.80 euros. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
December 03, 2024 11:21 ET (16:21 GMT)
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