EssilorLuxottica: Opportunities in Championing Eye Health, Style and Fashion

February 2019

As the newly merged entity EssilorLuxottica is set to solidify its spot as the top global player in eyewear, it is poised for new growth opportunities. In its mission statement, the company states that it will strive to be a powerful advocate for the vision cause. It will be championing both eye health and style. Which markets are likely to respond well? Euromonitor International investigates.

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Key Findings

It’s not either health or style. It’s both: health and style

The newly formed eyewear market leader EssilorLuxottica acknowledges that when it comes to eyewear, both health and style aspect are important for consumers and  announces plans to focus on both.

Strong pre-merger positions in eyewear might prove to be tailwind for success

Eyewear industry is heavily reliant on spectacles as its main value generator and sunglasses are set to post the fastest growth to 2023. This means that EssilorLuxottica already operates in the two biggest and fast growing categories.

EssilorLuxottica commands close to a quarter of eyewear industry

In 2017 Essilor and Luxottica respectively accounted for 14% and 10% of global eyewear market by retail value. As EssilorLuxottica is set to solidify its spot as the top global player in eyewear, it is poised to look for new opportunities for growth.

Eye health is not just vision correction. It is also protection from sunrays and harmful blue light

Different markets offer various opportunities in the wider area of vision protection and care. In markets like Russia it still looks best to focus on essential vision correction. Other markets, like South Korea and Middle East should be ready for products offering benefits beyond essential vision correction.

Aesthetic dimension of eyewear is equally important for consumers worldwide

Comfort and perfect fit appears to be universally regarded as a must-have eyewear product feature, whilst strong brand seems to appeal more to consumers in emerging markets. Personal style appears to be more important than trendiness.

Top 10 key markets for combined “eye health + style”

Brazil, China, South Korea and Middle East seem to be markets for eyewear promoting vision health aspect and design features, whilst Colombia, India, Indonesia, Mexico, Russia and Turkey are those to emphasise on aesthetics more.

China tops the list of most attractive markets of the future

China leads the Market Opportunity and Attractiveness Index. It offers high potential given the rapidly ageing profile of the Chinese population, combined with growing disposable income levels and improved access to eye care.

Introduction

Scope
Key finding

EssilorLuxottica

From Essilor and Luxottica to EssilorLuxottica
Why does it matter for eyewear industry?
What does it mean for competitive landscape in eyewear?
How complimentary are the two businesses?

Eye Health

Championing eye health
Essential vision correction
Protection from sunlight…
…And awareness of harmful effects of sunlight
Protection from harmful blue light
Markets to focus with eye health agenda

Style and Fashion

Championing style
Brand equity in fashion
Private label acceptance as an indicator of brand value
Comfort rules…
…And it has to work with my “look”…
…And be on-trend
Markets to focus on aesthetics in eyewear

Global Hotspots

Today’s top ten markets for combined “eye health + style” approach
Future market opportunity and attractiveness
Top markets for vision correction and eyewear fashion to 2023

Appendix

Definitions
Competitor Analytics and Passport Connector Tools
Information about Euromonitor’s syndicated survey methods
Overview of Lifestyles survey
Overview of metrics for Eyewear Market Attractiveness Index
Value behind different metrics groups
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