Luxury Eyewear in Spain

PROSPECTS

Fashion influencers shape sales, especially amongst younger consumers

Luxury eyewear continued to see current value growth in 2019. In line with trends seen over the review period, sales of luxury eyewear are being driven by fashion factors, with influencers and micro influencers (those with fewer but more loyal followers) shaping sales.

Low-cost competition should not hamper growth

Traditionally in Spain, the acquisition of luxury eyewear was linked to aspirational shopping. Purchases were driven by the middle-classes, the majority of whom could not afford most luxury goods, yet aspired to a lifestyle similar to wealthy people who can afford to purchase such products.

Growth set to be hampered by experiences and the slower economy

The better economic situation towards the end of the review period resulted in Spaniards taking better care of their eyesight once again. As a result, the number of eye tests grew, and along with this, sales of eye care products.

COMPETITIVE LANDSCAPE

Luxottica Ibérica maintains its lead with well-known global brands

Luxottica and Essilor merged at a global level towards the end of the review period, but they continue to operate as separate entities at a local level. In 2018, luxury eyewear therefore continued to be led by Luxottica Ibérica in value terms.

More luxury players expected to control their own eyewear in the future

Kering took back control of its Gucci brand in 2017, and in 2018, Thélios, the eyewear 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 reached 1.

Counterfeits will continue to hamper growth if not addressed

Despite the fact that luxury sunglasses is likely to continue to record strong value growth, the category has to overcome the problem of counterfeits, which remain one of the biggest threats to growth in luxury eyewear. Most players operating in the category face the challenge of fakes, and will need to deal with this threat in the forecast period.

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