13 Biggest Eyewear Companies in the World
In this article, we will take a look at the 13 biggest eyewear companies in the world. If you want to see more companies in this selection, go to the 5 Biggest Eyewear Companies in the World.
According to Grandview research, the size of the global eyewear industry stood at $157.8 billion at the end of 2021. The industry is set to experience a compound annual growth rate (CAGR) of 8.4% during the 2022 to 2030 period. The higher adoption of luxurious accessories into the lifestyles of millennials and the increased awareness about eye health are highlighted as potential catalysts for the strong growth outlook. In the eyewear industry, the luxury eyewear segment is monopolized by the presence of EssilorLuxottica. The Charenton-le-Pont, France-based vertically integrated eyewear giant, was created in October 2018 following the merger of French Essilor with the Italy-based Luxottica. Essilor acquired Luxottica for $24 billion and became a business with a strong presence in eyeglasses, frames, lenses, and retailing segments. Luxottica has had a rich history of acquisitions since its inception in 1961. The company owns luxury eyewear brands like Ray-Ban, Prada, and Oakley. However, due to the strong demand for affordable product offerings, numerous luxurious eyewear brands have started to roll out affordable options to cater to a wider audience. For instance, Luxottica developed a street-style eyewear brand Arnette for the Indian market in 2021. The brand claims that 70% of its offerings are eco-friendly and economical.
The eyewear companies are coming up with the latest designs and patterns to remain relevant to the changing fashion trends and maintain the attraction of their target audience. Furthermore, the behemoths of the industry are constantly working on attracting new customers into their fold while retaining the current customer pool. The enhancement of customer experience is also playing a significant part in the expansion of the eyewear industry. Eyewear companies are doing this by offering new facilities or launching innovative products. Numerous companies have launched mobile applications that allow the user to conduct an initial screening at home before opting for a complete eye examination by an expert. Now, users have the option to conduct standard eye tests at home without going to the store. The mobile application even provides a prescription for the customer to buy glasses or contact lenses for vision correction.
An Expanding E-Commerce Segment
Like all the other consumer industries, the eyewear industry has also benefitted from the rise of e-commerce and social media during the COVID-19 pandemic. The e-commerce segment contributed 21% to the top line of the eyewear industry in 2020. The leading eyewear companies in the world, such as Alcon Laboratories, Inc (NYSE:ALC), EssilorLuxottica SA, and GrandVision, are constantly pushing and advertising their products and services over social media to attract customers. Social media is aiding these companies in understanding their customers more intimately. Furthermore, the COVID-19 pandemic restricted movement due to restrictions and lockdowns; this caused people to spend time at home and thus increased the time consumed by TV and smartphones. The increase in screen time is causing customers to opt for anti-fatigue and vision correction glasses, increasing the demand for blue light-canceling lenses.
It must be noted that the eyewear industry is led by the spectacles segment, which accounted for more than 55% of the sales in 2021. Meanwhile, the contact lenses segment contributed 33% to the top line of the eyewear industry. The outlook of the contact lenses segment is also strong as product advancements are expected to impact demand positively. Modern contact lenses are now light-adoptive and multifocal toric lenses. These ultra-edge lenses can change according to the lighting conditions, lowering dryness and irritation, which is often a side effect of wearing contact lenses.
Photo by CHUTTERSNAP on Unsplash
In this article, we will go through the 13 biggest eyewear companies in the world. We have looked at the extensiveness of these companies’ operations across the world and have ranked them in ascending order of the number of employees as of 2022. The list includes both private and public limited companies.
Biggest Eyewear Companies in the World
13. Marchon Eyewear
Number of Employees: 2700
Marchon Eyewear is a New York, United States-based producer and designer of sunglasses and eyewear. The company has a number of licensed and house brands in its portfolio.
In September 2022, Marchon Eyewear and Eastman announced a new partnership that will see Marchon's own and licensed brand frames featuring Eastman's Tenite Renew starting in January 2023. The first Marchon-licensed brand to use Eastman's Titan Renew to create eyeglass frames and sunglasses will be Nautica. Tenite Renew is an Eastman-powered sustainable material that uses more than 60% sustainable components manufactured from recycled content. Marchon Eyewear is also working on strengthening its leadership team to aid the company’s expansion plans.
12. Warby Parker Inc. (NYSE:WRBY)
Number of Employees: 3074
Warby Parker Inc. (NYSE:WRBY) is a New York City-based retailer of contact lenses, sunglasses, and prescription eyewear. Although Warby Parker Inc. (NYSE:WRBY) was initially launched as an online marketplace, it currently sells its products mainly through around 160 physical retail sites spread out across the United States and Canada.
With Warby Parker's "Home-Try-On program," clients may choose five frames from the company website, receive them, and try them on for free over the course of five days. Through the business's smartphone app, clients can also upload photos and virtually try on frames. The business imports its own raw materials, such as acetate, from Italy before producing frames in the same Chinese factories as rivals like Luxottica. A Warby Parker Inc. (NYSE:WRBY) customer often places many orders a year and purchases 1.5 units per order on average. Warby Parker offers monocles with prescription lenses in addition to spectacles, sunglasses, and contact lenses.
Here's what Baron Funds said about Warby Parker Inc. (NYSE:WRBY) in its Q2 2022 investor letter:
“Health care related company Warby Parker Inc. (NYSE:WRBY) is responsible for about a quarter of the relative shortfall in the period. Shares of eyewear brand Warby Parker were down for the period held due to difficult market conditions for newly public companies as well as weaker-than-expected quarterly results owing to heightened COVID-related disruptions early in the year.”
11. De Rigo
Number of Employees: 3300
De Rigo is a market pioneer in the development, manufacturing, and marketing of high-end prescription eyeglasses and sunglasses. Through 18 firms and over 100 independent distributors, the Group's products are sold in almost 80 different countries.
In December 2022, the Italian eyewear firm announced its decision to acquire the eyewear division of Rodenstock. The transaction's financial details were not made public. De Rigo claimed that the acquisition is a part of the company’s strategic plan to support its global expansion in the high-end eyewear market. Additionally, the acquisition would strengthen De Rigo's distribution network in Germany and throughout central Europe, which the eyewear company claims offer solid development prospects.
10. Safilo Group S.p.A.
Number of Employees: 4,500
Safilo Group S.p.A. is a Padua, Italy-based designer, manufacturer, and distributor of various eyewear products like helmets, prescription frames, ski goggles, sports eyewear, and sunglasses. The company has a presence in 40 countries directly and is present in 70 other countries through its 50 partners. The distribution network of the entity reaches over 100,000 points of sale.
Safilo Group S.p.A. is on a favorable track as the North American business is expected to achieve the economic goals for 2024 by the end of 2022. The company has targeted annual sales of €1 billion along with an adjusted EBITDA margin of 9% to 11%. During the first half of 2022, Safilo Group S.p.A. posted a top line of €570.9 million. Meanwhile, adjusted EBITDA was reported at €62.6 million, reflecting a margin of 10.96%. At the current growth rate, Safilo Group S.p.A. anticipates surpassing the €1 billion revenue target set for 2024.
Number of Employees: 5,000
Lenskart is a New Delhi, India-based e-commerce portal for eyewear in India.
The Indian eyewear industry is set to compound annually at an average rate of 8.2% till 2027. India’s eyewear industry is highly fragmented and unorganized, with 80% of the market share belonging to unorganized players. The remaining share belongs to the formal sector, which is growing at a faster pace and taking away share from the unorganized sector. The direct-to-consumer (DTC) eyewear company is a unicorn as it has achieved a valuation of over $1 billion. Lenskart claims that it fulfills 100,000 orders monthly through its omnichannel presence and has catered to the needs of over 7 million customers since its inception.
8. CooperVision, Inc. (Owned by Cooper Companies Inc (NYSE:COO))
Number of Employees: 5404
Based in California, United States, CooperVision Inc. is a renowned producer of soft contact lenses. The business was established in 1980 as a division of The Cooper Companies, Inc. Today, the company's products are sold in over 100 nations.
The company makes use of Aquaform Technology in its premium contact lenses to provide natural moisture and comfort to users. CooperVision Inc.’s advanced technology attempts to make contact lenses an attractive option for people suffering from astigmatism. The company’s Optimized Toric Lens Geometry provides exceptional on-eye stability.
CooperVision's daily activities place a high emphasis on the environment and resource preservation. The company's New York, USA, sites run entirely on renewable energy sources. A water conservation initiative at CooperVision's production site has saved 63 million liters yearly and decreased the need for city-sourced water by 35%.
7. Bausch + Lomb Corporation (NYSE:BLCO)
Number of Employees: 12,800
Bausch + Lomb Corporation (NYSE:BLCO) is a Vaughan, Canada-based eye health organization that provides eye care products, contact lenses, and lens care products.
Experts believe that companies like Bausch + Lomb Corporation (NYSE:BLCO) will deliver strong growth in 2023 in the field of contact lenses, vision care, and ophthalmic pharmaceuticals. There are a few factors that could play a pivotal role in driving up the stock price of Bausch + Lomb Corporation (NYSE:BLCO) in the coming quarters. These factors are related to the timing of the company’s spinoff along with the approval, launch, and initial response of NOVO3 for the treatment of the dry eye. Furthermore, the transition of the management is also anticipated to play a part in the stock price performance.
6. Fielmann AG
Number of Employees: 22,640
Fielmann AG is a Hamburg, Germany-based eyewear company that is a designer, manufacturer, distributor, and optician of visual aid products. The company claims to have 27 million active customers through its stores and e-commerce presence as of 2022.
On December 20, Fielmann AG announced that it had agreed to acquire Spain-based Ibervision, Medop, and Elaboria for a sum of €70.8 million. These three entities are subsidiaries of Bilbao, Spain-based MFI Group. The acquisition will aid Fielmann AG in expanding its retail and e-commerce footprint in the Spanish eyewear market. Fielmann will take over 19 retail outlets through the acquisition. The retail outlets and e-commerce platform generated total revenue of €35 million and employed 285 staff members in 2021.
In addition to Fielmann AG, companies like Alcon Laboratories, Inc (NYSE:ALC), EssilorLuxottica SA, and GrandVision are also on our list of the 13 biggest eyewear companies in the world.
Click to continue reading and see the 5 Biggest Eyewear Companies in the World.
Disclosure: None. 13 Biggest Eyewear Companies in the World is originally published on Insider Monkey.