Luxury Eyewear in Spain

PROSPECTS

Luxury eyewear is a status symbol...

In Spain, sales of luxury eyewear benefited for years from the attitude that Spaniards had towards the ownership of branded sunglasses, in terms of considering them a status symbol. However, the tough economic crisis the country went through at the beginning of the review period and the arrival of cheap sunglasses brands owned and promoted by celebrities (such as the actress Paula Echevarría with a line of sunglasses with Hawkers) changed the luxury eyewear environment.

...although consumers are also following celebrities

However, celebrities and influencers in the country are increasingly mixing cheap ranges of brands, such as Northweek, Wolfnoir, Mr Boho and Carrighan, with traditional luxury eyewear brands. This is limiting the performance of luxury eyewear, as consumers mimic their favoured celebrities.

More experiences, fewer purchases of goods

The evolution of economic indicators is crucial in explaining the better performance of eyewear in 2018 relative to the previous year. The better economic situation in 2018, as already seen during the last years of the review period, resulted in Spaniards taking better care of their eyesight once again.

COMPETITIVE LANDSCAPE

Companies rising through the rankings

In 2018, Thélios, the joint-venture between LVMH and Marcolin, began the production of glasses under the brands Céline, Loewe and Fred in Italy. Although production in this year is expected to reach 1.

The leader maintains its dominance

Luxottica and Essilor merged at a global level, but they continue to operate as separate entities at a local level. Luxottica Iberica consolidated its leading position in value terms in 2017 and continued to dominate.

Threats to growth

Despite the fact that luxury sunglasses is likely to continue to record strong value growth, the category has to overcome the problem of counterfeits. In particular, according to the national association FEDAO – Federación Española de Fabricantes del Sector Optico – around 30% of sales of sunglasses in Spain are made through “top manta” (non-legal vendors of counterfeit brands).

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