Luxury Eyewear in the US

PROSPECTS

Eyewear continues to grow amid eye health concerns

With the global health and wellness trend continuing to gain speed, luxury eyewear continued to record growth as affluent consumers increasingly turned to eyewear as not only a key fashion accessory, but also as a means to combat eye health issues. With consumers of all ages becoming increasingly dependent on digital devices for both work and play, digital eye strain, or the physical discomfort caused by extended use of digital devices, is a growing concern in the US.

Sunglass styles get larger and sportier

While small sunglasses, such as those popularised by cultural influencers including Kendall Jenner, were the prevailing eyewear trend in 2018, 2019 saw the return of larger and sportier sunglass styles. As a result of both the rapidly changing nature of fashion trends and consumers’ increasing prioritisation of health and wellness, consumers largely returned to styles that not only enabled them to participate in a range of outdoor activities, but also those that protected their eyes far better than the small sunglasses popular last year.

Independent local brands gain popularity

While eyewear giants Luxottica, Essilor, Safilo and Vision Service Plan Global continue to account for the lion’s share of sunglass sales in the US thanks to their wide portfolios of both owned and licensed brands, a number of local, independent brands are quickly gaining acclaim in the market, thanks in large part to their popularity among millennials and other affluent, young consumers. Independent sunglasses brands including San Francisco-based Westward Leaning, New Orleans-based Krewe and Los Angeles-based Garrett Leight, all of which have launched in the last few years, have been enjoying critical acclaim from local fashion media.

COMPETITIVE LANDSCAPE

Luxottica continues to lead sunglasses amid merger with Essilor

With its wide portfolio of prominent licensed designer brands, Luxottica US Holdings Corp continued to lead sunglasses in 2018. In addition to high sales from some of its largest designer brands including Chanel and Dolce & Gabbana, Luxottica benefited from the support of its other businesses, including its EyeMed Vision Care insurance and its large retail network under brands including Sunglass Hut and LensCrafters.

E-commerce grows but store-based retailers still dominate

E-commerce continued to be the fastest growing channel for luxury eyewear as both pure play e-commerce players and primarily store-based retailers expanded their eyewear offering available for sale online. The growing prevalence of e-commerce players offering free returns helped to further lift this growth, as free returns enable consumers to try on spectacles and sunglasses purchased online without committing to purchasing them.

Companies shift licensing model

As fashion brands continue to seek new strategies to improve both sales and margins, many are slowly moving away from the licensing model that has long dominated the eyewear industry. In 2014, French luxury group Kering SA made headlines for the establishment of its own Kering Eyewear group to bring the design, manufacture and distribution of its eyewear brands in-house.

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