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{{short description|Italian eyewear company}}
{{Use dmy dates|date=March 2018}}
{{advert|date=September 2024}}
{{Infobox company
| name = Luxottica Group S.p.A.
| logo = Luxottica.svg
| type = [[Public company|Public]] (1990–2017)<br/>[[Subsidiary]] (2018–present)
| traded_as = {{NYSE was|LUX}} (1990–2017)<ref>{{Cite web |date=June 16, 2017 |title=NYSE DELISTING FAQ |url=https://www.luxottica.com/en/investors/archive/nyse-delisting-faq |access-date=July 6, 2023 |website=Luxottica}}</ref><ref>{{Cite web |title=Experience real-time quotes, in-depth charts, and analyst ratings |url=https://www.webull.com/quote/nyse-lux |access-date=2023-07-06 |website=Webull}}</ref>
| foundation = {{Start date and age|df=yes|1961}}<br/>([[Agordo]], Italy)
| founder = [[Leonardo Del Vecchio]]
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| location_country = [[Italy]]
| area_served = Worldwide
| key_people = [[Francesco Milleri]]<br />([[Deputy Chairman]] and [[Chief Executive Officer]])<ref>{{cite web |url=https://fashionunited.uk/news/people/francesco-milleri-replaces-massimo-vian-as-the-new-ceo-of-luxottica/2017121927330|title=Francesco Milleri replaces Massimo Vian as the new CEO of Luxottica|date=19 December 2017 |access-date=23 January 2018}}</ref>
| industry = [[Eyewear]] [[manufacturing]], [[luxury goods|luxury]], eyewear manufacturing and [[wholesaling|wholesale distribution]], eyewear [[retail]]ing
| products = [[Sunglasses]], spectacle frames, prescription frames
| services = [[Optician]]s, optical retail, sun retail
| revenue =
| revenue = [[Euro|€]] 9.493 billion <small>(2019)</small><ref name="EssilorLuxottica - AR2019">{{cite web |url= https://www.essilorluxottica.com/sites/default/files/documents/2020-05/ESSI_DEU_2019_UK_29052020_MEL_0.pdf|title=EssilorLuxottica - Annual Report 2019|language=en|access-date=10 June 2020}}</ref>▼
| operating_income =
| assets =
| equity =
| num_employees =
| divisions = [[Ray-Ban
▲|
| subsid =
| homepage = {{URL|luxottica.com/en}}
}}
'''Luxottica Group S.p.A.''' is an Italian [[glasses|eyewear]] [[multinational corporation]] headquartered in [[Milan]]
Luxottica was founded in [[Agordo]] by [[Leonardo Del Vecchio]] in 1961 as a sunglasses manufacturer selling and branding under its own name. Del Vecchio quickly acquired numerous businesses in the pursuit of vertical integration, buying distribution companies rapidly and signing its first designer licensing agreement with [[Giorgio Armani]]. In 1990, the company listed [[American depositary receipt]]s on the [[New York Stock Exchange]] where it traded until 2017.
Luxottica retails its products through stores that it owns, predominantly [[LensCrafters]], [[Sunglass Hut]], [[Pearle Vision]], [[Target Optical]], and Glasses.com. It also
In January 2017, Luxottica announced
== History ==
{{For|post-2018 history|EssilorLuxottica#History}}
=== Foundings of Luxottica ===
[[File:Luxottica Carlos.jpg|thumb|Luxottica Carlos sunglasses, produced by Luxottica prior to its licensing deals with fashion houses]]
[[Leonardo Del Vecchio]] started the company in 1961,<ref>{{cite news|url=https://www.forbes.com/profile/leonardo-del-vecchio |title= World's Billionaires Leonardo Del Vecchio |publisher=Forbes March 2011}}</ref> in [[Agordo]] north of [[Belluno]], [[Veneto]]; today the company is headquartered in [[Milan]], Italy.<ref name="Grdn2018"/>
Del Vecchio began his career as the apprentice to a tool and diemaker in Milan, but he decided to turn his metalworking skills to making spectacle parts.
=== Vertical integration and acquisitions ===
Convinced of the need for [[vertical integration]]
The company listed in New York in 1990,<ref>{{cite web |url=https://www.nyse.com/listed/lux.html |title=Luxottica Group S.p.A. |publisher=NYSE, New York Stock Exchange |url-status=dead |archive-url=https://web.archive.org/web/20131226202920/http://www.nyse.com/listed/lux.html |archive-date=26 December 2013 }}</ref> and in Milan in December 2000,<ref>{{cite web|url= http://www.borsaitaliana.it/borsa/azioni/ipo/ultime-societa-ammesse-dettaglio.html?ndg=491&lang=en|title= Luxottica|publisher= Borsa Italiana|access-date= 13 September 2011|archive-date= 14 August 2012|archive-url= https://web.archive.org/web/20120814035207/http://www.borsaitaliana.it/borsa/azioni/ipo/ultime-societa-ammesse-dettaglio.html?ndg=491&lang=en|url-status= dead}}</ref> joining the MIB-30 (now [[FTSE MIB]]) index in September 2003.<ref>{{cite web|url=http://syndication.teleborsa.it/Nis/NisViewer.ashx?file=0491-56-2003.pdf&year=2003&filetype=comunicati |title= Luxottica Group Added to MIB 30 Index |publisher=Syndication Teleborsa 22, 2003}}</ref> The listing raised money for the company and allowed it to use its shares to acquire other brands, starting with Italian brand Vogue Eyewear in 1990, [[Persol]] and
▲Convinced of the need for [[vertical integration]], in 1974, he acquired Scarrone, a distribution company.<ref name="history" /> In 1981, the company set up its first international subsidiary, in Germany, the first in a rapid period of international expansion.<ref name="history" /> The first of many licensing deals with a designer was struck with Armani, in 1988.<ref>{{cite web|url=http://www.pambianconews.com/The-Armani-Group-and-the-Luxottica-Group-announce-expiration-of-licence-agreement/ |title= The Armani Group and the Luxottica Group announce expiration of licence agreement |work=in Pambianco News November 21, 2002|date= 21 November 2002 }}</ref>
Luxottica acquired [[Oakley, Inc.|Oakley]] in November 2007 for US$2.1 billion. Oakley had tried to dispute their prices because of Luxottica's large marketshare, and Luxottica responded by dropping Oakley from their stores, causing their stock price to drop, followed by Luxottica's [[Takeover|hostile take over]] of the company.<ref>{{cite web|url=http://syndication.teleborsa.it/Nis/NisViewer.ashx?file=0491-117-2007.pdf&year=2007&filetype=comunicati |title=Luxottica Group and Oakley complete merger |publisher=Syndication Teleborsa, 2007}}</ref>
▲The company listed in New York in 1990,<ref>{{cite web |url=https://www.nyse.com/listed/lux.html |title=Luxottica Group S.p.A. |publisher=NYSE, New York Stock Exchange |url-status=dead |archive-url=https://web.archive.org/web/20131226202920/http://www.nyse.com/listed/lux.html |archive-date=26 December 2013 }}</ref> and in Milan in December 2000,<ref>{{cite web|url= http://www.borsaitaliana.it/borsa/azioni/ipo/ultime-societa-ammesse-dettaglio.html?ndg=491&lang=en|title= Luxottica|publisher= Borsa Italiana|access-date= 13 September 2011|archive-date= 14 August 2012|archive-url= https://web.archive.org/web/20120814035207/http://www.borsaitaliana.it/borsa/azioni/ipo/ultime-societa-ammesse-dettaglio.html?ndg=491&lang=en|url-status= dead}}</ref> joining the MIB-30 (now [[FTSE MIB]]) index in September 2003.<ref>{{cite web|url=http://syndication.teleborsa.it/Nis/NisViewer.ashx?file=0491-56-2003.pdf&year=2003&filetype=comunicati |title= Luxottica Group Added to MIB 30 Index |publisher=Syndication Teleborsa 22, 2003}}</ref> The listing raised money for the company and allowed it to use its shares to acquire other brands, starting with Italian brand Vogue Eyewear in 1990, [[Persol]] and the [[United States Shoe Corporation]] (LensCrafters) in 1995, Ray-Ban in 1999 and Sunglass Hut, Inc. in 2001.<ref name="history" /> Luxottica later increased its presence in the retail sector by acquiring [[Sydney]]-based [[OPSM]] in 2003, [[Pearle Vision]] and Cole National in 2004.<ref name="facts and figures">{{cite web|url=http://www.luxottica.com/en/retail/facts_figures/ |title=Luxottica Facts and Figures |publisher=Luxottica Group S.p.A.|access-date=10 August 2011}}</ref> Luxottica acquired [[Oakley, Inc.|Oakley]] in November 2007 for US$2.1 billion. Oakley had tried to dispute their prices because of Luxottica's large marketshare, and Luxottica responded by dropping Oakley from their stores, causing their stock price to drop, followed by Luxottica's [[Takeover|hostile take over]] of the company.<ref>{{cite web|url=http://syndication.teleborsa.it/Nis/NisViewer.ashx?file=0491-117-2007.pdf&year=2007&filetype=comunicati |title=Luxottica Group and Oakley complete merger |publisher=Syndication Teleborsa, 2007}}</ref> In August 2011, Luxottica acquired Erroca for €20 million.<ref>{{cite web|url=http://www.globes.co.il/serveen/globes/docview.asp?did=1000671153&fid=1725 |title= Luxottica buys Erroca sunglasses chain for €20m |work=in Globes September 13, 2011}}</ref> In March 2014, it was announced that Luxottica would partner with Google on the development of [[Google Glass]] and its integration into Luxottica's eyewear.<ref>[https://web.archive.org/web/20140326060726/http://www.businessweek.com/articles/2014-03-25/google-to-de-dorkify-glass-in-partnership-with-ray-ban-maker-luxottica Google to De-Dorkify Glass in Partnership With Ray-Ban Maker Luxottica], ''Businessweek'', 25 March 2014</ref>
In August 2011, Luxottica acquired Erroca for €20 million.<ref>{{cite web|url=http://www.globes.co.il/serveen/globes/docview.asp?did=1000671153&fid=1725 |title= Luxottica buys Erroca sunglasses chain for €20m |work=in Globes September 13, 2011|date= 7 August 2011 }}</ref> In March 2014, it was announced that Luxottica would partner with Google on the development of [[Google Glass]] and its integration into Luxottica's eyewear.<ref>[https://web.archive.org/web/20140326060726/http://www.businessweek.com/articles/2014-03-25/google-to-de-dorkify-glass-in-partnership-with-ray-ban-maker-luxottica Google to De-Dorkify Glass in Partnership With Ray-Ban Maker Luxottica], ''Businessweek'', 25 March 2014</ref>
=== Reorganization and merger with Essilor ===
On 1 September 2014, a new organizational structure was announced, composed of two co-CEOs, one focusing on market development and the other overseeing corporate functions. After the exit of former CEO [[Andrea Guerra (business manager)|Andrea Guerra]], Enrico Cavatorta was appointed CEO of Corporate Function and Interim CEO of Market (until new and permanent appointment to this role).<ref>{{cite web|url=http://www.visionmonday.com/latest-news/article/luxottica-announces-new-governance-structure-for-coceo-model-guerra-to-leave-group-cavatorta-named-ceo-corporate-and-interim-ceo-markets-del-vecchio-moves-to-executive-chairman-1 |title= Luxottica sets new co-CEO model, Guerra to leave, Cavatorta named CEO Corporate, interim CEO Markets |publisher= Vision Monday}}</ref><ref>{{cite
In January 2017, the company agreed to a merger with [[Essilor]].<ref>{{Citation
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| publisher =[[Wall Street Journal]]
| url =https://www.wsj.com/articles/essilor-luxottica-to-merge-creating-49-billion-company-1484547562
| access-date =17 January 2017}}</ref> The deal also offered a succession plan for Leonardo Del Vecchio, the company's founder.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-38633306|title=Ray-Ban maker Luxottica agrees €46bn merger with Essilor|work=BBC News|date=16 January 2017}}</ref> Shortly before the merger completed, reporter Sam Knight wrote in ''[[The Guardian]]'', "in seven centuries of spectacles, there has never been anything like it. The new entity will be worth around $50bn (£37bn), sell close to a billion pairs of lenses and frames every year, and have a workforce of more than 140,000 people."<ref>{{Cite news|url=https://www.theguardian.com/news/2018/may/10/the-invisible-power-of-big-glasses-eyewear-industry-essilor-luxottica|title=The spectacular power of Big Lens {{!}} The long read|last=Knight|first=Sam|date=2018-05-10|work=The Guardian|access-date=2019-06-18|language=en-GB|issn=0261-3077}}</ref> On 1 October 2018 the new holding company [[EssilorLuxottica]] was founded, resulting in combined [[market capitalization]] of approximately €46.3 billion as of the date of the merger announcement.<ref>{{Cite news |
== Eyewear brands ==
[[File:Persol sunglasses.jpg|right|thumb|Persol sunglasses]]
[[File:
Luxottica's two main product offerings are sunglasses and prescription frames. The company operates in two sectors: manufacturing & wholesale distribution, and retail distribution.<ref name="bloomberg">{{cite web|url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=326054 |archive-url=https://web.archive.org/web/20121015073302/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=326054 |url-status=dead |archive-date=15 October 2012 |title=Luxottica S.p.A |publisher=Bloomberg Businessweek|access-date=10 August 2011}}</ref>
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* Scuderia Ferrari
* [[Philippe Starck|Starck Biotech Paris]]
* [[Swarovski]]<ref>{{cite web |url=https://www.essilorluxottica.com/en/newsroom/press-releases/swarovski-and-essilorluxottica-license-agreement/ |title=Swarovski and EssilorLuxottica announce a ten-year licensing agreement |date=6 December 2022 |access-date=25 September 2023}}</ref><ref>{{cite news |title=EssilorLuxottica: Swarovski and EssilorLuxottica announce a ten-year licensing agreement |url=https://finance.yahoo.com/news/essilorluxottica-swarovski-essilorluxottica-announce-ten-070000305.html?guccounter=1 |access-date=25 September 2023 |publisher=Yahoo! Finance |date=6 December 2022}}</ref>
* [[Tiffany & Co.]]
* [[Tory Burch LLC|Tory Burch]]
* [[Valentino SpA|Valentino]]<ref>{{cite web |url=http://wwd.com/accessories-news/eyewear/valentino-luxottica-license-eyewear-10365275/ |title=WWD: Valentino and Luxottica Sign Licensing Agreement |date=23 February 2016 |access-date=28 April 2017}}</ref>
* [[Versace]]}}
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* Spectacle Hut
* [[LensCrafters]]
* [[Clearly.ca]]
* [[Pearle Vision]]
* [[Target Optical]]
* [[OPSM]]
* [[Vision Express]]
* ILORI
* EyeMed Vision Care
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*Paris De Gaulle
*John Lewis Opticians (in Partnership with [[John Lewis & Partners|John Lewis and Partners]] department stores)
* Salmoiraghi e Viganò<ref>{{cite
* Óticas Carol
* VistaSì
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== Medical managed care ==
Luxottica also owns EyeMed Vision Care, a managed vision care organization in the United States.<ref>{{cite web|url=http://www.eyemedvisioncare.com/about/position.html |title=Our Position in the Industry |publisher=EyeMed Vision Care|access-date=10 August 2011}}</ref> As of 2014, it is the second-largest vision benefits company in the United States.<ref>[http://www.luxottica.com/en/activities/managed_vision_care/ "Activities: Managed Vision Care"], Luxottica website</ref><ref name="SIXTYMINUTES2012">{{cite news|title=Sticker shock: Why are glasses so expensive?|url=http://www.cbsnews.com/8301-18560_162-57527151/sticker-shock-why-are-glasses-so-expensive/|archive-url=https://web.archive.org/web/20121008062032/http://www.cbsnews.com/8301-18560_162-57527151/sticker-shock-why-are-glasses-so-expensive/|url-status=dead|archive-date=8 October 2012|newspaper=[[60 Minutes]]|publisher=[[CBS News]]|date=7 October 2012|access-date=19 October 2012}}</ref><ref>{{cite web |url=https://www.forbes.com/sites/agoodman/2014/07/16/theres-more-to-ray-ban-and-oakley-than-meets-the-eye/ |title=Forbes: There's More To Ray-Ban And Oakley Than Meets The Eye|website=[[Forbes]] |access-date= 31 March 2015}}</ref>
== Philanthropy ==
Luxottica is affiliated with the charitable organization OneSight, formed in 1988.<ref>{{Cite web |title=Charity Navigator - Rating for OneSight |url=https://www.charitynavigator.org/ein/311385607 |access-date=2022-12-24 |website=www.charitynavigator.org}}</ref> In August 2018, Luxottica restored [[Ponte dell'Accademia|Accademia Bridge]] in [[Venice]].<ref>{{Cite news |last=FashionNetwork.com |title=Luxottica completa il restauro del Ponte dell'Accademia a Venezia |language=it |work=FashionNetwork.com |url=http://it.fashionnetwork.com/news/Luxottica-completa-il-restauro-del-Ponte-dell-Accademia-a-Venezia,1009186.html#.W5dwrkYzbIU |access-date=2018-09-11}}</ref> In March 2022, EssilorLuxottica announced the launch of the OneSight EssilorLuxottica Foundation to unify the group's philanthropic efforts, primarily providing vision services to underserved communities.<ref>{{Cite web |title= |url=https://www.eyecarebusiness.com/news/2022/launch-of-the-onesight-essilorluxottica-foundation |access-date=2022-12-24 |website=www.eyecarebusiness.com}}</ref>
== Criticism ==
=== Monopolistic pricing practices ===
The company has been criticized for the high price of its brand-name glasses, such as [[Ray-Ban]], [[Oakley, Inc.|Oakley]], and several others. A 2012 ''[[60 Minutes]]'' segment focused on whether the company's extensive holdings in the industry were used to keep prices high. Luxottica owns not only a large portfolio of brands (over a dozen<ref name=forbes>{{cite web|url=https://www.forbes.com/sites/anaswanson/2014/09/10/meet-the-four-eyed-eight-tentacled-monopoly-that-is-making-your-glasses-so-expensive/#1d0205726b66|title=Meet the Four-Eyed, Eight-Tentacled Monopoly That is Making Your Glasses So Expensive|first=Ana|last=Swanson|website=[[Forbes]] }}</ref>) such as [[Ray-Ban]] and [[Oakley, Inc.|Oakley]] but also retailers such as [[Sunglass Hut International|Sunglass Hut]], [[Lenscrafters]] and [[Oliver Peoples]], the optical departments at [[Target (store)|Target]], and (formerly) [[Sears]], as well as key eye insurance groups including the second largest glasses insurance firm in the US, EyeMed. It has been accused of operating a complete monopoly on the optical industry and overcharging for its products; for example, temporarily dropping then-competitor Oakley from its frame design list, then, when the company stock crashed, purchasing the company, then increasing the prices of its Ray-Ban sunglasses. In addition, it has been argued that, by owning the vision insurance company EyeMed, it also controls part of the buyers' market as well.<ref name=SIXTYMINUTES2012 />
The company has said that the market is highly competitive, and that their frames account for ≈10% of sales worldwide and ≈20% in the United States.<ref name=snopes>{{cite web|url=https://www.snopes.com/fact-check/does-luxottica-own-80-of-the-eyeglass-industry/|title=FACT CHECK: Does Luxottica Own 80% of the Eyeglass Industry?|date=20 September 2016 }}</ref><ref name=forbes/> In 2017, their share of the prescription lens market was 41%.<ref name="merger_matters">{{cite web |last1=Pollock |first1=Ian |title=Why the merger of Essilor and Luxottica matters |url=https://www.bbc.com/news/business-38899892 |website=BBC News |access-date=23 October 2024 |date=16 February 2017}}</ref> Euromonitor International estimated that Luxottica's market share was 14% worldwide, with the second-largest company in the industry, [[Essilor]], holding a 13% market share. The third-largest player was [[Johnson & Johnson]], with a 3.9% market share. In October 2018, Luxottica and Essilor merged into a single company, EssilorLuxottica, which now occupies nearly 30% of the global market share and represents almost a billion pairs of lenses and frames sold annually.<ref>{{Cite news|url=https://www.theguardian.com/news/2018/may/10/the-invisible-power-of-big-glasses-eyewear-industry-essilor-luxottica|title=The spectacular power of Big Lens | The long read|first=Sam|last=Knight|newspaper=The Guardian |date=10 May 2018|via=www.theguardian.com}}</ref>
The HBO series ''[[Last Week Tonight with John Oliver]]'' has criticized the company as a prominent instance of corporate consolidation,<ref>{{cite web|url=https://youtube.com/watch?v=00wQYmvfhn4
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}}</ref> as has the [[TruTV]] series ''[[Adam Ruins Everything]]''.<ref name="HuffPo">{{Cite web |last=Cave |first=James |date=2016-09-14 |title=Turns Out A Single Company Controls Several Of The Outlets Where You Buy Eyeglasses |url=https://www.huffpost.com/entry/luxottica-monopoly_n_57d98fd4e4b0fbd4b7bce1d3 |access-date=2022-08-30 |website=Huffington Post}}</ref>
In 2019, [[LensCrafters]] founder E. Dean Butler spoke to the ''[[Los Angeles Times]]'', admitting that Luxottica's dominance of the eyewear industry had resulted in price markups of nearly 1,000%. In the interview, Butler noted "You can get amazingly good frames, with a [[Warby Parker]] level of quality, for $4 to $8. For $15, you can get designer-quality frames, like what you'd get from Prada." When told that some eyeglasses cost as much as $800 in the United States, Butler remarked, "I know. It's ridiculous. It's a complete rip-off."<ref>{{Cite web|url=https://www.latimes.com/business/lazarus/la-fi-lazarus-glasses-lenscrafters-luxottica-monopoly-20190305-story.html|title=How badly are we being ripped off on eyewear? Former industry execs tell all|last=Lazarus|first=David|website=[[Los Angeles Times]]|date=5 March 2019 |access-date=2019-06-18}}</ref><ref>{{Cite web|url=https://www.vox.com/the-goods/2019/3/6/18253555/eyeglasses-cost-lenscrafters-essilor-luxottica|title=Glasses can have a markup of 1,000%. Two former LensCrafters executives revealed why.|last=Lieber|first=Chavie|date=2019-03-06|website=Vox|access-date=2019-06-18}}</ref><ref>Engineering a Monopoly: How to not get ripped off on your next pair of eyeglasses https://interestingengineering.com/how-not-to-get-ripped-off-on-your-next-pair-of-eyeglasses</ref>
== Major shareholders ==
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== See also ==
*[[Essilor]]
*[[Safilo]]
{{Portalbar|Italy|Companies}}
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