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The eyewear industry has not kept pace with the rest of the fashion industry, but change is happening as a wave of independent brands impact the market with innovative ideas, new technologies and a commitment to inclusivity.
M&A activity also picked up, a sign of more turbulent times.Kering Eyewear announced yesterday that it plans to acquire Lindberg, a Danish luxury eyewear brand known for its high-tech titanium optics and bespoke features, signaling its intention to grow in the field.After delays and legal wrangling, French-Italian eyewear maker EssilorLuxottica finally completed its €7.3 billion acquisition of Dutch eyewear retailer Grandvision on July 1.Another sign of momentum: U.S. omnichannel glasses specialist Warby Parker just filed for an IPO — a date to be determined.
The eyewear industry has long been dominated by a handful of names, such as EssilorLuxottica and Italy’s Safilo.Fashion houses such as Bulgari, Prada, Chanel and Versace all rely on these major players to produce their often licensed eyewear collections.Launched in 2014, Kering Eyewear designs, develops, markets and distributes eyewear in-house for the Kering brand as well as Richemont’s Cartier and Alaïa and sportswear brand Puma.Manufacturing is still largely outsourced to local suppliers: the hub has established a €600 million wholesale revenue business.But new eyewear specialists who design, manufacture and distribute are creating new dynamism in the market.And, despite EssilorLuxottica’s dominance, some fashion houses are looking to learn from the success of independent eyewear brands.Names to watch: South Korea’s Gentle Monster, a brand with themed brick-and-mortar stores that look like art galleries, high-profile collaborations, and cool designs.LVMH bought a 7 percent stake in 2017 for $60 million.Others lean towards innovation and inclusivity.
The eyewear industry will rebound strongly in 2021, with the industry expected to grow 7% to $129 billion, according to Euromonitor International.The recovery will be driven by the easing of restrictions on brick-and-mortar retail imposed by the pandemic, as well as accrued demand, as eyewear is primarily purchased in-store.Analysts say the reopening of retail will drive 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 turned to companies like EssilorLuxottica to manufacture and distribute the products.In 1988, Luxottica signed the first licensing agreement with Giorgio Armani and “a new category called ‘glasses’ was born”, as Federico Buffa, Director of R&D, Product Style and Licensing at Luxottica Group, said.
EssilorLuxottica’s acquisition of GrandVision has indeed created a very large player.”The emergence of a new eyewear giant is finally ready,” Bernstein analyst Luca Solka said in a note. “Now that post-merger integration efforts can begin in earnest, there is a lot to do, including… … the integration of logistics and sales processes and infrastructure, the integration of lens cutting and coating facilities, the correct adjustment and rationalization of the retail network and the acceleration of digitalization.”
But it may be smaller brands that influence the future of luxury eyewear.Available at Nordstrom and about 400 optical stores, American brands Coco and Breezy put inclusivity at the forefront of each collection.”Our product is genderless,” said founders Corianna and Brianna Dotson, African-American and Puerto Rican identical twin sisters.”When we first entered the market, people always said: ‘Where’s your men’s collection? Where’s your women’s collection? We’re creating eyewear for people that are always overlooked by [traditional manufacturers].’”
That means creating glasses for different nose bridges, cheekbones and face shapes.”For us, the way we create glasses is really by doing market research and doing our best to create [frames] that are universal to everyone,” the Dotson sisters said.They recall the impact of being the only black-owned eyewear brand to attend Vision Expo, the eyewear trade show.”It’s very important for us to show that luxury doesn’t just look like Europe. Luxury looks all the way,” they said.
Korean brand Gentle Monster was launched in 2011 by founder and CEO Hankook Kim to produce frames exclusively for Asian consumers, but after reaching a global audience, the brand has now created a line of inclusive eyewear.”In the beginning, we didn’t really think about going global,” said David Kim, Gentle Monster’s director of customer experience.“At the time, oversized frames were a trend in the Asian market. As we grew, we found it wasn’t just the Asian region that was interested in these frames.”
The inclusive design, like all good eyewear, is both stylish and functional.”We needed to be able to blend trend, fashion and function,” says Kim.“The result is a wider choice and more flexibility in the way we design. We will have a frame architecture design, but we will have a variety of sizes to accommodate this. The bottom line is to do as much as possible without sacrificing design. Possibly inclusive.” Kim says a small company like Gentle Monster can do a good job of trying out the market, receiving direct feedback from consumers, and incorporating that feedback into the next product iteration.Unlike typical eyewear manufacturers, Gentle Monster is not driven by eyewear statistics or data.It has grown into a key innovator by focusing on customer feedback and technological innovation.
For Berlin-based Mykita, which sells to retailers in 80 countries, research and development is at the heart of its business.Moritz Krueger, CEO and creative director of Mykita, said the eyewear industry isn’t growing.According to Krueger, their diverse consumers and facial features must be clearly understood.”We’ve been building our collection based on a thorough analysis of various face types, as well as different prescription needs,” Kruger said.”[We] have a very complete product portfolio that allows our end customers on a global scale to really make the right choice…to find the personal partner that really fits.”
The research and development process is at the heart of eyewear specialist Mykita, who has created more than 800 SKUs.All of its frames are handcrafted at Mykita Haus in Berlin, Germany.
There are many good reasons why these small brands may have a disproportionate impact on the market.”As in every category, there’s a newcomer who ultimately succeeds because they have the right product, the right communication, the right quality, the right style, and they connect with the consumer,” Luxury Francesca Di Pasquantonio, head of products, equity research at Deutsche Bank.
Luxury fashion houses want to join.Gentle Monster works with brands like Fendi and Alexander Wang.In addition to the fashion house, they have also collaborated with Tilda Swinton, Blackpink, World of Warcraft and Jennie of Ambush.Mykita has collaborated with Margiela, Moncler and Helmut Lang.”Not only do we offer hand-finished products, but our R&D, design expertise and distribution network are integrated into each project,” Krueger said.
Expertise remains critical.”It’s going to be very challenging for a luxury brand to really have a professional proposition for the entire fitting, testing, etc. That’s why we think the eyewear experts will continue to play a role. Where luxury can play a role is in the design aesthetics and the collaboration with these experts.”
Technology is another tool driving change in the eyewear industry.In 2019, Gentle Monster teamed up with Chinese tech giant Huawei to release its first smart glasses, allowing consumers to make and receive calls through the glasses.”It was an investment, but we made a lot of money out of it,” Kim said.
Gentle Monster is known for its innovative eyewear collections, grand retail displays and high-profile collaborations.
An emphasis on innovation has become an integral part of Gentle Monster’s identity.Consumers are drawn to the uniqueness of brands, Kim said.Technology is incorporated into the Gentle Monster store and throughout the marketing message.”It attracts consumers. People who hadn’t even considered buying glasses were drawn to stores by our robots and displays,” Kim said.The Gentle Monster flagship store is transforming the eyewear retail experience with limited collections, robots and innovative displays.
Mykita has experimented with 3D printing, developing a new material called Mykita Mylon, which won the prestigious IF Material Design Award in 2011.Mykita Mylon — made from fine polyamide powder fused into a solid through 3D printing technology — is extremely durable and allows Mykita to control the design process, Krueger said.
In addition to 3D printing, Mykita has also formed a rare partnership with camera manufacturer Leica to create one-of-a-kind unique lenses for Mykita glasses.The exclusive partnership has been in development for more than three years and allows Mykita to receive “optical-grade quality sun lenses directly from Leica with the same functional coatings as its professional camera lenses and sports optics,” Krueger said.
Innovation is good news for everyone in the eyewear industry.”What we’re starting to see now is an industry where more innovation is happening, both in terms of formats and omni-channel formats and the way it serves consumers. It’s more seamless and more digital,” Balchandani said.”We’re seeing more innovation in this area.”
The pandemic has forced eyewear brands to find new ways to reach consumers.Cubitts is using Heru, a face-scanning technology, to change the way consumers buy eyeglasses and allow users to try on glasses at home using 3D technology.”The Cubitts app uses scans (fractions of a millimeter) to turn each face into a unique set of measurements. We then use those measurements to help choose a frame that works for you, or create one from scratch to achieve Your precise and accurate size,” said Tom Broughton, founder of Cubitts.
Through in-depth research and analysis, Bohten is creating sustainable eyewear products that make decent people in Africa comfortable.
The UAE’s largest online eyewear retailer, Eyewa, which recently raised $21 million in a Series B round, also plans to increase its digital offerings.”We are exploring the integration of new hardware technologies into future collections, such as audio-inducing frames,” said Anass Boumediene, co-founder and co-CEO of Eyewa. “Leveraging our technology and omnichannel through our flagship retail store experience, we will make great strides in bringing more markets online.”
Innovation also extends to sustainability.It’s not just worth it.Co-founder Nana K. Osei said, “Many of our customers prefer to use different sustainable materials, whether it’s plant-based acetate or different wood materials, because the comfort and fit are so much better than metal frames.” , co-founder of African-inspired eyewear brand Bohten.Next step: Extend the life cycle of the glasses.Regardless, independent brands are leading the new future of eyewear.
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Post time: Jan-17-2022