CHARENTON-LE-PONT, France—EssilorLuxottica (Reuters: ESLX.PA) announced the launch of a share buyback program, a move that reflects the Group’s confidence in its value creation and long-term prospects. With a view to implementing this share buyback program, EssilorLuxottica has granted a mandate to an investment services provider for the purchase of up to 2 million EssilorLuxottica shares, depending on market conditions, over a period starting from Aug. 31, 2021, up until Oct. 29, 2021, according to an announcement from the company.

The shares in the program are intended to be awarded or transferred to employees and corporate directors of EssilorLuxottica and affiliated companies, especially in the context of profit-sharing plans, bonus and performance share awards, stock option plans, and employee share ownership plan, the company said in a statement.

EssilorLuxottica is launching this share buyback program in accordance to a resolution approved by its annual general meeting of May 21, 2021, during which the company was granted the right to purchase its own shares during the 18 months that followed the meeting, for an amount representing up to 10 percent of its share capital and for a price per share not exceeding €200.