Luxury Eyewear in the US

PROSPECTS

Influencers drive trends and sales

The growing purchasing power of millennials and generation Z, and the rising popularity of social media personalities that influence them, drove growth across luxury eyewear in 2018. Young consumers were increasingly interested in and able to purchase on-trend frames they discovered through social media.

Eyewear is seen as a preventative measure for eye health

As eye strain from overexposure to sunlight and devices emitting blue light alike is a growing issue, eye health advocates are increasingly touting eyewear as an important component of preventative health. As a result, some brands are expanding their offerings to include products such as protective eyewear, reading glasses and blue light-filtering glasses, in addition to prescription frames and plano sunglasses.

E-commerce grows despite prescription-related hurdles

Internet retailing saw the fastest growth in terms of distribution once again in luxury eyewear in 2018, with brands and retailers alike expanding their online presence as consumers became increasingly comfortable purchasing both valuable and highly personalised products over the internet. Whilst the service requirements of prescription eyewear hindered this growth, as prescription frames require a doctor’s prescription and often an adjustment to the glasses themselves before use, start-up companies and major players alike have been working to move these processes online, and astronomical growth is predicted for online sales of prescription eyewear if and when they are able to do so.

COMPETITIVE LANDSCAPE

Ray-Ban and Oakley continue to lead

Thanks to offering a lower price point than competitors, and the manufacturing and distribution prowess of their parent company, Luxottica, Ray-Ban and Oakley continued to lead luxury eyewear in 2017, maintaining their respective first and second brand share rankings despite seeing slight declines in retail value sales. As the two largest brands in Luxottica’s portfolio, Ray-Ban and Oakley benefit from a strong advertising presence, wide distribution and continuous promotions across Luxottica’s retail brands, including Sunglass Hut, LensCrafters and Ilori Optical.

Independent brands compete for attention

Whilst eyewear powerhouses Luxottica, Safilo and Marchon continued to account for the majority of value sales in luxury eyewear in 2017, 2018 saw the rising popularity of smaller, independent eyewear brands through trade press and social media, as many consumers demanded higher-quality craftsmanship, unique styles, and even US-made frames over mass-produced products. These brands included Los Angeles-based Dom Vetro and Chicago-based State Optical Co, both of which manufacture frames in their respective home cities, as well as New Orleans-based Krewe.

Licensing changes shake up the competitive landscape

The license model, which has long defined eyewear, is beginning to shift, as luxury brands are increasingly severing ties with the global eyewear companies that manufacture and distribute for them, such as Luxottica, Safilo, Marchon and Marcolin, in favour of the benefits of moving their eyewear businesses in-house. After the founding of its own Kering Eyewear brand in 2014, French luxury group Kering has been terminating its brand licenses, such as that with Safilo for Gucci in 2016, and with Marcolin for Balenciaga in 2018, in order to maintain control over the value chain for its eyewear activities and the development of its brand portfolio.

Files are delivered directly into your account within a few minutes of purchase.