Luxottica Group SpA history, profile and corporate video
Luxottica Group SpA engages in the production and sale of sun and prescription eyewear. The company operates through three divisions: Wholesale distribution, Retail network and Oakley. The Wholesale Distribution division is covering 130 countries across five continents, has 18 distribution centers and over 40 commercial subsidiaries providing direct operations in key markets. The Group is currently seeking to penetrate emerging markets and is exploring new channels of distribution such as department stores, airports and railway stations. The Retail Distribution division operates through retail brands, which include, LensCrafters, Sunglass Hut, Pearle Vision, OPSM, Laubman & Pank, Bright Eyes, Oakley ‘O’ Stores and Vaults, David Clulow, Multiopticas and Licensed Brands (Sears Optical and Target Optical). The Oakley division provides sports channel through a chain of flagship ‘O’ stores. In these stores, the Group offers a variety of Oakley-branded products, like clothes, footwear, backpacks and other accessories. Oakley-branded products include men’s and women’s apparel, footwear and accessories designed for surf, winter sports, golf, motorcycling, cycling and other athletic lifestyles. Luxottica Group was founded by Leonardo Del Vecchio in 1961 and is headquartered in Milan, Italy.“
“Luxottica Group History
Leonardo Del Vecchio started the company in 1961, in Agordo north of Belluno, Italy; today the company is headquartered in Milan.
Del Vecchio began his career as the apprentice to a tool and die maker in Milan, but decided to turn his metalworking skills to making spectacle parts. So in 1961, he moved to Agordo in the province of Belluno, which is home to most of the Italian eyewear industry. The new company was Luxottica s.a.s., a limited partnership with Del Vecchio as one of the founding partners. In 1967, he started selling complete eyeglass frames under the Luxottica brand, which proved successful enough that by 1971 he ended the contract manufacturing business.
Convinced of the need for vertical integration, in 1974, he acquired Scarrone, a distribution company. In 1981 the company set up its first international subsidiary, in Germany, the first in a rapid period of international expansion. The first of many licensing deals with a designer was struck with Armani, in 1988.
The company listed in New York in 1990, and in Milan in December 2000, joining the MIB-30 (now S&P/MIB) index in September 2003. The listing raised money for the company and allowed it to use its shares to acquire other brands, starting with Italian brand Vogue in 1990, Persol and US Shoe Corporation (LensCrafters) in 1995, Ray-Ban in 1999 and Sunglass Hut, Inc. in 2001. Luxottica later increased its presence in the retail sector by acquiring Sydney-based OPSM in 2003, Pearle Vision and Cole National in 2004.
The company also acquired Oakley in a US$2.1 billion deal in November 2007, and in August 2011 Erroca for €20 million.
In March of 2014, it was announced that Luxottica would partner with Google on the development of Google Glass and its integration into Luxottica’s eyewear.”
In March 2018, the merger of Essilor and Luxottica received formal clearance from the United States Federal Trade Commission and European Trade Commission without qualifying or prerequisite conditions. A new holding company, EssilorLuxottica, was formally created on 1 October 2018.
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “Essilor USA“