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Pretty fascinating piece. I had no idea they existed, much less that they own Ray-Ban, Lenscrafters, Pearle Vision, Sunglass Hut, Target Optical, Sears Optical, etc. etc. etc.
They're certainly capitalizing well on people's willingness to drop 200 bucks on a pair of sunglasses that cost....10 dollars to make?
60 Minutes on CBS News: Sticker shock: Why are glasses so expensive? - One factor: the world's largest eyewear company, the Italian firm Luxottica, controls a big chunk of the business
This post was edited by chris14 18 months ago
they are always listed as one of the top largest monopolies you've never heard of.
Your average UofM fan and I have something in common, neither of us went to UofM. Though we do share One major difference, I got Accepted.
Wow, didn't realize they owned all the optical stores too.
Crazy also that they basically crushed Oakley into submission so that they could buy them out.
This post has been edited 2 times, most recently by chris14 18 months ago
Actually I just looked it up and it wasn't actually an announcement but just Luxottica destroying Oakley by deemphasizing them once they bought out Sunglass Hut.
The Luxottica CEO is such a smooth evader that I'm surprised he isn't in politics.
That's the American way!
Bumped for future reference. I've always wanted to work for a monopoly, especially one that is willing to devastate any possible competition. Seems like good job security.
I don't think there's actually any way for a competitor to break the monopoly. Glasses and sunglasses are immune to the power of the Internet--there's just no way I'm willing to purchase either without actually trying them on first, which means there HAS to be a brick-and-mortar presence.
I must be crazy to be in a loony bin like this.
I felt like an old person watching 60 minutes, but it was amazing. They're like the old U.S. Steel - totally vertically and horizontally integrated.
We switched from Pearle Vision to CostCo about a year ago, and the frames are the same, but 40% cheaper. We couldn't figure out why - now we know.
The CEO sounded like a mafia don when talking about Oakley "They tried to compete. They failed. We bought them" aka "We made them an offer they couldn't refuse"
Yeah but he's in Italy right? He needs a sex scandal or something else to jump start his political career.
try them on at the store and then buy them online? I do that with furniture, shoes, mattresses, clothing, etc.
I respectfully disagree. I buy sunglasses the same way I buy a TV. I go to sunglass hut or best buy, decide what I want and buy that off the Internet and save a few bucks.
That's how I bought my pair and my wife's.
Best buy is hurting because of that.
Maybe it won't hurt this company, because unlike best buy, it also manufactures what it sells.
But I do not think brick and mortar and are guaranteed to be around.
jeebus.....surprised they don't own light......
"No one cares what you know, until they know how much you care." Mark Dantonio
I always felt that way too until this summer when I was unemployed and had no insurance. Went had had my eye exam and then went to http://www.39dollarglasses.com/ and got my prescription eyeglasses AND prescription sunglasses for $100 total including shipping and handling.
Both fit great and look good too.
I will never pay retail for prescription frames and lens again.
Shop online with 39DollarGlasses.com for discount prices on high quality prescription eyeglasses and sunglasses for men, women and kids.
There is an internet store that sends you 6 or so frames, you try them on, send back the ones you don't want, and then they can do the lenses.
The other answer is to shop at Wal-Mart and CostCo for your lenses and frames.
What if Best Buy was purchased by...
Just a thought.
More money to be made in a monopoly.
That dude was beyond smooth, you got the feeling he was debating whether or not he should crush the interviewer at all times. He even managed to make it sound like an American company that's no longer American is still American because it is.
They thought of everything, and then they thought of a ton more. Scary, yet impressive.
Yeah dude was pretty smooth and unflappable. For a minute I was thinking Ray Ban really were still built in the USA :)
I just bought a new pair this year and was surprised to see how expensive everything had gotten- the choices you have if you want to save a buck really drop down to lower quality and feel.
As long as they don't keep buying up the internet guys, then maybe there is some hope for a decent deal on a nice pair of frames.
The flaw in your reasoning there is that you still go to Sunglass Hut to try it on. If Sunglass Hut, owned by Luxottica, decides they don't like some upstart glasses brand trying to undercut them on pricing, then the consumer population basically won't know they exist.
Using the term "monopoly" loosely, last night's 60 Minutes segments were about
- a Chinese company with a telecom monopoly
- an Italian company with an eyeware monopoly
- a Detroit guy with a music monopoly that he has no clue about!
What monopoly does tRCMB have?!
Stupidity, moranic behavior, anal?
Here's wear to buy reasonably priced non Luxottica "eye wear" products
Vintage inspired eyewear crafted from the highest quality acetate frames and fit with anti-reflective prescription lenses - complete prescription eyeglasses for $95.
This post was edited by rob 18 months ago
"I think the world is run by C students"
It's a great film and his re-issues are must owns. Pretty wild to see him on 60 minutes.
Unless you get fired, then you're locked out of the market. I have a friend who was in management at Sunglass Hut. She had an issue with her boss and found herself out of a job and it took a long time to find a new retail gig.
Don't think -- it can only hurt the ballclub
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