Luxury Eyewear in France

PROSPECTS

Lower reimbursement cap and healthcare reform set to impact luxury eyewear

Sales of luxury eyewear have suffered since 2016, when the eye care reimbursement cap was lowered, prompting consumers to adjust their spending based on the health reimbursement threshold. The decline in current value spending on luxury spectacle frames seen since then continued in 2019, although the decline was slower.

Decline in luxury spectacle frames set to continue in the forecast period

Whilst luxury sunglasses continued to see current value growth in 2019, this was offset by the decline in luxury spectacle frames, as discussed above. In the forecast period, current value sales of luxury spectacle frames are expected to continue to decline.

Luxury sunglasses set to remain a popular fashion staple

As they are becoming increasingly fashionable, luxury sunglasses allow brands to attract new consumers in search of affordable luxury. As fashion models wear them during runway shows, their status has evolved from accessory to fashion staple.

COMPETITIVE LANDSCAPE

Luxottica and Safilo lead luxury eyewear, but see declining shares

Frames manufacturer Luxottica France was the undisputed leader in luxury eyewear in value terms in 2018; far ahead of the second largest player, Safilo France. Luxottica offers luxury brands such as Prada, Dolce & Gabbana, Armani, Chanel and Versace.

LVMH and Marcolin strengthen Thélios by expanding production capacity

Thélios, the joint venture created in 2017 by LVMH and Marcolin to bring the production of eyewear in-house, is accelerating its development, with the construction of a second factory in Italy. Whilst the initial site can produce up to 1.

Safilo reacts to new eyewear alliances

Faced with the rise of large luxury groups and their desire to take internal control of their lucrative eyewear activity, the second largest luxury eyewear manufacturer lost many key contracts in recent years. Safilo is preparing for another significant loss, as Dior is also set to switch to Thélios by the end of 2020.

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