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. In August 2011, Luxottica acquired Erroca for €20 million. 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 hostile take over of the company. Luxottica acquired Oakley in November 2007 for US$2.1 billion. Luxottica later increased its presence in the retail sector by acquiring Sydney-based OPSM in 2003, Pearle Vision and Cole National in 2004. 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 LensCrafters in 1995, Ray-Ban from Bausch & Lomb in 1999 and Sunglass Hut in 2001. The company listed in New York in 1990, and in Milan in December 2000, joining the MIB-30 (now FTSE MIB) index in September 2003. The first of many licensing deals with a designer was struck with Giorgio Armani, in 1988. In 1981, the company set up its first international subsidiary, in Germany, the first in a rapid period of international expansion. Ĭonvinced of the need for vertical integration, in 1974, he acquired Scarrone, a distribution company. 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. The new company was Luxottica s.a.s., a limited partnership with Del Vecchio as one of the founding partners.

So in 1961, he moved to Agordo in the province of Belluno, which is home to most of the Italian eyewear industry. ĭel Vecchio began his career as the apprentice to a tool and diemaker in Milan, but decided to turn his metalworking skills to making spectacle parts. Leonardo Del Vecchio started the company in 1961, in Agordo north of Belluno, Veneto today the company is headquartered in Milan, Italy. The merger with Essilor additionally gave Luxottica control of Foster Grant and Costa Del Mar, sunglasses brands acquired by Essilor prior to the merger.

On 1 October 2018, the new holding company EssilorLuxottica was born, resulting in combined market capitalization of approximately $70 billion. In March 2018, the European Commission unconditionally approved the merger of Essilor and Luxottica.

The combined entity would command more than one quarter of global value sales of eyewear. In January 2017, Luxottica announced a merger with Essilor, in which Essilor would buy Luxottica while Del Vecchio would become executive chairman of the combined company, as well as co-lead the company with then-Essilor CEO Hubert Sagnières. Luxottica's market power has allowed it to charge price markups of up to 1000%. In addition to licensing prescription and non-prescription sunglasses frames for many luxury and designer brands including Chanel, Prada, Giorgio Armani, Burberry, Versace, Dolce and Gabbana, Michael Kors, Coach, Miu Miu and Tory Burch, the Italian conglomerate further outright owns and manufacturers Ray-Ban, Persol, Oliver Peoples, and Oakley. It also owns EyeMed, one of the largest vision health insurance providers. Luxottica retails its products through stores that it owns, predominantly LensCrafters, Sunglass Hut, Pearle Vision, Target Optical, and. In 1990, the company listed on the New York Stock Exchange where it traded until 2017. 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. Luxottica was founded in Agordo by Leonardo Del Vecchio in 1961 as a sunglasses manufacturer selling and branding under its own name. As a vertically integrated company, Luxottica designs, manufactures, distributes, and retails its eyewear brands all through its own subsidiaries. is a Milan-based eyewear conglomerate which is the world's largest eyewear company. Ray-Ban, Essilor, Persol, Oakley, LensCrafters, OPSM, Sunglass Hut, Apex by Sunglasshut, Eyemed, Pearle Vision, Sears Optical,, Onesight, Target Optical

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