The closure of bricks and mortar stores during the first quarter of 2020 due to the onset of the pandemic saw eyewear companies put more effort into sales via e-commerce platforms in order to achieve growth. As a result, over 200 brands in luxury goods entered Tmall luxury platforms: Tmall Luxury Pavilion and Tmall Luxury Soho.
Due to ongoing travel restrictions and the closure of travel retail, consumers are returning to domestic channels to buy luxury sunglasses, with these normally purchased in duty-free stores when travelling. Brands are also adjusting their prices which is helping to reduce the gap between domestic and foreign prices with the government also improving its duty free shop policy.
The COVID-19 pandemic was most severe in China during the first quarter of 2020 with recovery starting from late March and early April. As sunglasses are usually purchased during the summer season, this category was not as heavily impacted by store closures and lockdown as other types of luxury eyewear such as luxury spectacle frames.
Since the merger of Essilor and Luxottica was completed towards the end of 2018, the ensuing company Marchon Eyewear Hong Kong Ltd became the largest eyewear company in the world. Luxottica (China) Investment Co Ltd was the second largest player in the Chinese luxury eyewear category in 2019, behind Marchon Eyewear Hong Kong Ltd, which includes Calvin Klein in its luxury eyewear portfolio.
Luxury brands will continue to eye younger generations in China, including millennials and Generation-Z. In order to reach this audience, brands will put more effort in both product design and marketing.
Vogue and Oakley notably launched their eyewear products in the Chinese market on the major e-commerce platform, JD.com, with Kering opening its first online flagship store in China on JD.
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Understand the latest market trends and future growth opportunities for the Luxury Eyewear industry in China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Luxury Eyewear research and analysis database.
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