Luxottica Dominates the Eyewear Market
Luxottica Group S.p.A., an Italian company, is the world’s largest eyewear company. Purchasing LensCrafters’ parent company, U.S. Shoe Corp., for $1.4 billion in 1995, Luxottica controls 80% of major brands in the $28 billion global eyeglasses industry. With over 7,000 stores worldwide under the Sunglass Hut retail brand, Luxottica holds a majority share of the eyewear market.
Eyewear Industry Insights
- Luxottica, the eyewear giant, owns 80% of eyeglass brands worldwide.
- The company dominates the $28 billion industry with its diverse portfolio and Sunglass Hut retail chain.
- Second-place Safilo Group focuses on luxury brands like Dior and Marc Jacobs.
- Classic aviator and wayfarer sunglass shapes are popular among celebrities.
- Luxottica leads the industry with brands like Ray-Ban and Oakley, facing minimal competition in the market.
Luxottica’s Influence and Competition
- Luxottica’s dominance in the industry has raised concerns about monopoly.
- The company’s extensive reach and ownership of key brands pose challenges for competitors.
- Upstart sellers like Warby Parker aim to disrupt the market but face hurdles due to Luxottica’s hold on patient data and market share.
- Despite facing supply disruptions, the sunglasses industry continues to grow, with Luxottica’s chains playing a significant role.
Historical and Market Insights
- Alessandro Spina, an Italian from the thirteenth century, is credited with inventing early spectacles.
- Popular 2020 styles include thick-framed, clear, and vintage-inspired glasses.
- Asia-Pacific emerges as the largest market for eyewear products.
- Costs for producing sunglass varieties can impact pricing, particularly for brands like Oakley.
- It is advisable to choose sunglasses with good UV protection for eye health.