By: Seraphina Quinn
The eyewear industry continues to be a key market player, enjoying steady growth and momentum. Grand View Research reported that the value of the eyewear industry was $183.36 billion in 2022 and is expected to grow until 2030. According to the same report, increased brand awareness is a key contributing factor driving its increasing popularity. This brand awareness can be attributed to the efforts of leading market players to introduce new designs and expand their stores to attract new consumers.
Global optical leader EssilorLuxottica has introduced several innovations and efforts that contribute to its market expansion, which can be seen in its strong performance at the start of the year. The eyewear giant reported an increase of 5.5% in consolidated revenue for the first quarter of 2024 compared with last year, hitting €6,335 million (around $6.880 million) at constant exchange rates. This solid start to the year can be attributed to the conglomerate’s recent efforts to drive brand visibility. Below, we take a closer look at EssilorLuxottica’s expansion, growth, and more.
Growing presence
EssilorLuxottica, home to several luxury eyewear brands, has been enjoying consistent growth thanks to the distribution powers of retailers under the eyewear conglomerate’s umbrella. Take Canadian glasses retailer Clearly, which houses affordable and premium specs brands like Main And Entrance and Oakley and is increasing its number of brick-and-mortar stores to provide consumers with better access to eye care services. In 2022, company CEO Arnaud Bussieres announced plans to open around 12 to 15 stores across Canada within the next two years, including Ottawa, Edmonton, and Mississauga. The expansion marks a significant increase from the previous number of four physical shops in the country and is one example of how steps are being taken to further solidify EssilorLuxottica’s status as a leader in the global optical market.
Technological expansion
In the digital age, various industries are investing in technology to improve their services, such as the multinational retail company Walmart, which is automating its stores to streamline the processing of e-commerce orders. Similarly, EssilorLuxottica has also integrated tech into eyewear, capturing the e-commerce and brick-and-mortar markets and developing smart products. Early this year, EssilorLuxottica showcased the Ray-Ban Meta smart glasses and a prototype of its new Nuance Audio glasses at the Consumer Electronics Show in Las Vegas. These Nuance Audio specs provide advanced hearing solutions for people with mild to moderate hearing impairment through a built-in microphone that picks up and amplifies sounds in speakers that are hidden in the frame stems.
Strengthened partnerships
On top of store growth and tech expansion, EssilorLuxottica is poised to further boost its market performance and global presence, especially with strengthened partnerships with high-end eyewear companies. In February this year, luxury brand Michael Kors renewed its licensing agreement with EssilorLuxottica. This enables the eyewear giant to oversee the development, production, and worldwide distribution of the Michael Kors brand. In March, EssilorLuxottica also renewed a 16-year licensing agreement with Italian luxury fashion house Dolce & Gabbana. Through these licensing agreements, more consumers can continue to enjoy collaborative innovations that drive EssilorLuxottica’s market sales and brand visibility worldwide.
Through store extensions, technological innovations, and renewed licenses with top-tier brands, EssilorLuxottica has been enjoying solid growth as a leading player in the industry. These developments can all contribute to the eyewear market’s expansion in the coming years.
Published by: Khy Talara
