Luxottica
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| Type | Società per azioni |
|---|---|
| Traded as | BIT: LUX, NYSE: LUX |
| Industry | Fashion, manufacturing, retail |
| Founded | Agordo, Italy, in 1961 |
| Headquarters | Milan, Italy |
| Area served | Worldwide |
| Key people | Leonardo Del Vecchio (Founder and Chairman), Andrea Guerra (CEO) |
| Products | Sunglasses, spectacle frames |
| Services | Opticians, sunglass retail |
| Revenue | €5.798 billion (2010)[1] |
| Operating income | €712.2 million (2010)[1] |
| Profit | €402.2 million (2010)[1] |
| Total assets | €7.994 billion (end 2010)[1] |
| Total equity | €3.269 billion (end 2010)[1] |
| Employees | 61,980 (2010)[1] |
| Website | www.luxottica.com |
Luxottica Group S.p.A. is the world's largest eyewear company.[2] Its best known brands include Ray-Ban, Persol and Oakley, Inc.. It also makes sunglasses and prescription frames for a multitude of designer brands such as Chanel and Prada, whose designs and trademarks are used under license. Luxottica also makes sunglasses branded Burberry, Polo Ralph Lauren, Stella McCartney, Tiffany, Versace, Vogue, Miu Miu, Tory Burch and Donna Karan.[3] Its prime competitor is the Safilo Group S.p.A.
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[edit] History
Leonardo Del Vecchio started the company in 1961,[4] in Agordo north of Belluno, Italy; today the company is headquartered in Milan.
Del Vecchio began his career as the apprentice to a tool and die maker in Milan, but decided to turn his metalworking skills to making spectacle parts. So in 1961 he moved to Agordo in the province of Belluno, which is home to most of the Italian eyewear industry.[5] The new company was Luxottica s.a.s., a limited partnership with Del Vecchio as one of the founding partners.[5] 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.[6]
Convinced of the need for vertical integration, in 1974 he acquired Scarrone, a distribution company.[5] In 1981 the company set up its first international subsidiary, in Germany, the first in a rapid period of international expansion.[5] The first of many licensing deals with a designer was struck with Armani, in 1988.[7]
The company listed in New York in 1990,[8] and in Milan in December 2000,[9] joining the MIB-30 (now S&P/MIB) index in September 2003.[10] The listing raised money for the company and allowed it to use its shares to acquire other brands, starting with Italian brand Vogue in 1990, Persol and US Shoe Corporation (LensCrafters) in 1995, Ray-Ban in 1999 and Sunglass Hut, Inc. in 2001.[5] Luxottica later increased its presence in the retail sector by acquiring Sydney-based OPSM in 2003, Pearle Vision and Cole National in 2004.[11].
The company also acquired Oakley in a US$2.1bn deal in November 2007,[12] and in August 2011 Erroca for €20 million.[13]
[edit] Brands
Luxottica's two main product offerings are sunglasses and prescription frames. The company operates in two sectors: manufacturing & wholesale distribution, and retail distribution.[14]
The house brands include:[15][16]
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The company also creates eyewear under license for designer labels such as:[15][16]
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The most recent deal was with Tory Burch. These brands are sold in the company's own shops, as well as to independent distributors such as department stores, duty-free shops and opticians.
[edit] Retail
Luxottica Retail has 7.000 retail locations in the United States, Canada, China, Australia, New Zealand, South Africa, Israel and the United Kingdom.[17] The headquarters of the retail division is in Mason, Ohio.[11] Their retail banners include: Sunglass Hut International, LensCrafters, OPSM, Laubman & Pank, Budget Eyewear, Bright Eyes, Pearle Opticians, Pearle Vision, Surfeyes, Sears Optical, Target Optical, BJ's Optical, Cole Vision Care, ICON, Optical Shop of Aspen and ILORI.[14] They also own EyeMed Vision Care, a managed vision care organization in the United States.[18]
[edit] Financial performance*
| Year | Net sales (K€) | Operative income (K€) | Net income (K€) |
|---|---|---|---|
| 2010 | 5,798,035 | 712,159 | 407,258 |
| 2009 | 5,094,318 | 571,085 | 299 |
| 2008 | 5,201,611 | 731,693 | 397,872 |
| 2007 | 4,966,054 | 833,264 | 498,199 |
| 2006 | 4,676,156 | 768,853 | 437,439 |
* data retrieved from Luxottica website
[edit]
The list of Luxottica shareholders with more than 2% of holdings, represented by voting shares at April 28, 2011.[19]
• Delfin S.A.R.L. 66.98%
• Giorgio Armani 4.87%
• Treasury Share 1.39%
• Other shareholders < 2% 26.76%
[edit] References
- ^ a b c d e f "Annual Report 2010". Luxottica. http://luxottica.com/export/sites/default/shared/files/investors/2010_12_31_Luxottica_Group_-_Annual_Report.pdf. Retrieved 13 September 2011.
- ^ "Luxottica to Buy a U.S. Sunglasses Maker". in The New York Times June 21, 2007. http://www.nytimes.com/2007/06/21/business/21glasses.html?ref=luxotticagroupspa.
- ^ Brett Arends, "Are Designer Sunglasses Worth the Price?", Wall Street Journal, July 22, 2010.
- ^ "World's Billionaires Leonardo Del Vecchio". Forbes March, 2011. http://www.forbes.com/profile/leonardo-del-vecchio.
- ^ a b c d e "Luxottica Past and Present". Luxottica Group S.p.A.. http://www.luxottica.com/en/company/history. Retrieved 2009-11-02.
- ^ Borsa Italiana 2003 Review
- ^ "The Armani Group and the Luxottica Group announce expiration of licence agreement". in Pambianco News November 21, 2002. http://www.pambianconews.com/The-Armani-Group-and-the-Luxottica-Group-announce-expiration-of-licence-agreement/.
- ^ "Luxottica Group S.p.A.". NYSE, New York Stock Exchange. http://www.nyse.com/listed/lux.html.
- ^ "Luxottica". Borsa Italiana. http://www.borsaitaliana.it/borsa/azioni/ipo/ultime-societa-ammesse-dettaglio.html?ndg=491&lang=en.
- ^ "Luxottica Group Added to MIB 30 Index". Highbeam September 22, 2003. http://www.highbeam.com/doc/1G1-131656041.html.
- ^ a b "Luxottica Facts and Figures". Luxottica Group S.p.A.. http://www.luxottica.com/en/retail/facts_figures/. Retrieved 2011-08-10.
- ^ "Luxottica, Oakley sign 2.1 bln usd final merger deal". in Forbes, 2007. http://www.forbes.com/feeds/afx/2007/06/21/afx3842822.html.
- ^ "Luxottica buys Erroca sunglasses chain for €20m". in Globes September 13, 2011. http://www.globes.co.il/serveen/globes/docview.asp?did=1000671153&fid=1725.
- ^ a b "Luxottica S.p.A". Bloomberg Businessweek. http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=326054. Retrieved 2011-08-10.
- ^ a b "Luxottica Group S.p.A". in Reuters. http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=LUX. Retrieved 2011-08-10.
- ^ a b "Luxottica House Brand". Luxottica Group S.p.A.. http://www.luxottica.com/en/brands/house_brands/index.html#ray-ban. Retrieved 2011-08-10.
- ^ "Luxottica Retails distribution". Luxottica Group S.p.A.. http://www.luxottica.com/en/activities/retail_distribution/. Retrieved 2011-12-12.
- ^ "Our Position in the Industry". EyeMed Vision Care. http://www.eyemedvisioncare.com/about/position.html. Retrieved 2011-08-10.
- ^ "Luxottica". Borsa Italiana. http://www.borsaitaliana.it/borsa/azioni/profilo-societa-dettaglio.html?isin=IT0001479374&lang=en.
