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The eyewear industry has not kept up with the pace of other fashion industries, but as a wave of independent brands impacts the market with innovative ideas, new technologies, and a commitment to inclusiveness, changes are taking place.
M&A activity has also picked up, which is a sign of a more turbulent period. Kering Eyewear announced yesterday that it plans to acquire Lindberg, a Danish luxury eyewear brand known for its high-tech titanium optical lenses and custom features, indicating its intention to develop in this field. After delays and legal complications, French-Italian eyewear manufacturer EssilorLuxottica finally completed the acquisition of Dutch eyewear retailer Grandvision for 7.3 billion euros on July 1. Another sign of momentum: Warby Parker, an omnichannel eyewear expert in the United States, has just filed for an IPO-to be determined.
The eyewear industry has long been dominated by a few names, such as EssilorLuxottica and Safilo in Italy. Fashion companies such as Bulgari, Prada, Chanel and Versace rely on these major players to produce eyewear collections that are usually licensed. Kering Eyewear was launched in 2014 and internally designs, develops, markets and distributes eyewear for the Kering brand, Richemont’s Cartier and Alaïa, and sports brand Puma. Manufacturing is still mainly outsourced to local suppliers: Fulcrum has established a wholesale revenue business of 600 million euros. However, new eyewear experts in the design, manufacture and distribution are creating new vitality for the market. Moreover, despite EssilorLuxottica’s dominant position, some fashion companies are seeking to learn from the success of independent eyewear brands. A name worth seeing: South Korea’s Gentle Monster, a brand with a themed physical store that looks like an art gallery, high-profile collaborations and cool designs. LVMH purchased a 7% stake in 2017 at a price of US$60 million. Others tend to be innovative and inclusive.
According to Euromonitor International, the optical industry will rebound strongly in 2021, and the industry is expected to grow by 7% to reach US$129 billion. Since glasses are mainly purchased in stores, the economic recovery will be driven by the relaxation of physical retail restrictions imposed by the pandemic and accumulated demand. Analysts said that the reopening of the retail industry will promote a double-digit recovery in some markets, including Hong Kong and Japan.
Historically, the fashion industry has never had the expertise to manufacture eyewear products, so it turned to companies such as EssilorLuxottica to manufacture and distribute products. In 1988, Luxottica signed the first license agreement with Giorgio Armani, “a new category called’glasses’ was born”, as Federico Buffa, Director of R&D, Product Style and Licensing of Luxottica Group, said.
EssilorLuxottica’s acquisition of GrandVision did create a very large player. Bernstein analyst Luca Solca said in a report: “The emergence of the new glasses giant has finally ushered in the stage.” “Now we can start the integration work after the merger in earnest. There are many things to do, including…integration of logistics and sales. Process and infrastructure, integrated lens cutting and coating facilities, retail network size adjustment and rationalization, and digital acceleration.”
However, smaller brands may affect the future development of luxury glasses. American brands Coco and Breezy have stocks in Nordstrom and about 400 optical shops, putting inclusiveness at the forefront of each collection. “Our products are genderless,” said African-American and Puerto Rican identical twin sisters Corianna and Brianna Dotson. “When we first entered the market, people always said:’Where is your menswear collection? Where is your womenswear collection? We are creating glasses for people who are always ignored by [traditional manufacturers].”
This means creating glasses suitable for different nose bridges, cheekbones and face shapes. “For us, the way we make glasses is actually by conducting market research and doing our best to create [frames] suitable for everyone,” said the Dotson sisters. They recalled the impact of participating in the Vision Expo as the only glasses brand owned by black people. “For us, it is very important to show luxury not only in Europe. There are many ways to look at luxury goods,” they said.
The Korean brand Gentle Monster, launched by founder and CEO Hankook Kim in 2011, began to produce frames exclusively for Asian consumers, but after attracting a global audience, the brand has now created a series of inclusive glasses. “In the beginning, we didn’t really think about going global,” said David Kim, director of customer experience at Gentle Monster. “At the time, in the Asian market, oversized frames were a trend. As we grew, we found that these frames were not only interested in the Asian region.”
Inclusive design, like all great glasses, is both stylish and practical. “We need to be able to integrate trends, fashion and functionality,” Kim said. “The result is that we have a wider choice and greater flexibility in our design. We will have a framework design, but we will have different sizes to adapt. The bottom line is to have as much as possible without sacrificing design. Inclusiveness.” Kim said that small companies like Gentle Monster can do a good job of market experimentation, get direct feedback from consumers, and integrate these feedback into the next product iteration. Unlike typical eyewear manufacturers, Gentle Monster is not driven by eyewear statistics or data. By focusing on customer feedback and technological innovation, it has grown into a key innovator.
Mykita is a Berlin-based brand that sells products to retailers in 80 countries, and R&D is at the core of its business. Moritz Krueger, CEO and creative director of Mykita, said that the eyewear industry has not yet developed. Krueger believes that its diverse consumer and facial features must be clearly understood. “We have been building our series based on a comprehensive analysis of various facial types and different prescription needs,” Kruger said. “[We have] a very complete product portfolio, which allows our end customers to truly make the right choice on a global scale…find this truly suitable personal partner.”
The development process is at the core of Mykita, an eyewear expert, who has created more than 800 inventory units. All its frames are handmade in Mykita Haus in Berlin, Germany.
These smaller brands may have a disproportionate impact on the market, and there are many good reasons. “Just like in every category, a new person will eventually succeed because they have the right product, the right communication, the right quality, the right style, and they have established a connection with the consumer,” the luxury executive Francesca Di Pasquantonio said, Deutsche Bank Equity Research.
Luxury fashion companies want to come in. Gentle Monster collaborates with brands such as Fendi and Alexander Wang. In addition to the fashion house, they also collaborated with Tilda Swinton, Blackpink’s Jennie, World of Warcraft and Ambush. Mykita collaborates with Margiela, Moncler and Helmut Lang. Krueger said: “We not only deliver hand-made finished products, but our R&D, design expertise and distribution network are integrated into each project.”
Professional knowledge is still crucial. Anita Balchandani, head of McKinsey Europe, Middle East and Africa Apparel, Fashion and Luxury Group, said: “For a luxury brand, it will be very challenging to truly have the entire professional proposition around fitting and testing.” This is why we believe that eyewear experts will continue to play a role. Where luxury goods can play a role lies in design aesthetics and cooperation with these experts.”
Technology is another tool to promote changes in the glasses industry. In 2019, Gentle Monster partnered with Chinese technology giant Huawei to release its first smart glasses, enabling consumers to make and receive calls through the glasses. “This is an investment, but we profited a lot from it,” Jin said.
Gentle Monster is known for its innovative eyewear collections, large retail displays and high-profile collaborations.
The emphasis on innovation has become an integral part of Gentle Monster’s identity. Kim said that consumers are attracted by the uniqueness of the brand. Technology is integrated into the Gentle Monster store and the entire marketing message. “It attracts consumers. People who haven’t even considered buying glasses are attracted to the store by our robots and displays,” Jin said. The Gentle Monster flagship store is changing the eyewear retail experience through limited series, robots and innovative displays.
Mykita tried 3D printing and developed a new type of material called Mykita Mylon, which won the prestigious IF material design award in 2011. Mykita Mylon-made of fine polyamide powder fused into a solid object using 3D printing technology-is durable and allows Mykita to control the design process, Kruger said.
In addition to 3D printing, Mykita has also established a rare partnership with camera manufacturer Leica to create unique and unique lenses for Mykita glasses. Krueger said that this exclusive partnership has been in development for more than three years, allowing Mykita to “get directly from Leica an optical-grade quality sun lens with the same functional coatings as professional camera lenses and sports optics.”
Innovation is good news for everyone in the glasses industry. “What we are starting to see now is an industry where more innovation is taking place, including in formats and omnichannel formats and the way it provides services to consumers. It is more seamless and more digital,” Balchandani said. “We have seen more innovation in this area.”
The pandemic has forced eyewear brands to find new ways to reach consumers. Cubitts is using Heru facial scanning technology to change the way consumers buy glasses, and allows users to use 3D technology to try on glasses at home. “The Cubitts app uses scanning (a fraction of a millimeter) to turn each face into a unique set of measurements. Then, we use these measurements to help choose a suitable frame, or create a frame from scratch to achieve accuracy And accurate size,” said Tom Broughton, founder of Cubitts.
Through in-depth research and analysis, Bohten is creating sustainable eyewear products suitable for people of African descent.
Eyewa, the UAE’s largest online eyewear retailer, recently raised US$21 million in Series B financing and also plans to increase its digital products. Anas Boumediene, co-founder and co-CEO of Eyewa, said: “We are exploring the integration of new hardware technologies into future series, such as audio sensing frameworks.” “Leverage our technology and omni-channels through our flagship retail outlets. Experience, we will make great progress in bringing more markets online.”
Innovation also extends to sustainability. It’s not just about being worthy. Co-founder Nana K. Osei said: “The reason why many of our customers like to use different sustainable materials, whether it is plant-based acetate or different wood materials, is because the comfort and fit are much better than metal frames. “, co-founder of Bohten, an African-inspired eyewear brand. Next step: Extend the life cycle of glasses. In any case, independent brands are leading the new future of glasses.
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Post time: Nov-10-2021