The key companies are increasing their investment in research & development to innovate and add new features in the sunglasses which is expected to boost the growth of the market further. In addition, the companies’ strategic initiatives including expansion to new markets that have significant growth potential, entering into long-term contracts and agreements with domestic and international raw material suppliers, mergers and acquisitions, and technological innovation & incorporation in the manufacturing facilities are used by different players in the market to strengthen their presence in the market.
Moreover, the competitors in the sunglasses industry must incorporate sustainable materials and production techniques to capitalize on the trend of increasing demand for environment-friendly products across the globe.
One of the key business strategies deployed by the sunglasses industry to gain a competitive advantage among the competitors is increasing investment in niche profitable sub-segments. Also, strategic partnerships with new startups and small-scale manufacturers augment the production capacity to meet the increasing demand for various sunglasses types in the market.
EssilorLuxottica the group develops, designs, and manufactures ophthalmic lenses, frames, and sunglasses. In 2018, Essilor International SA (France) and Luxottica (Italy) have been merged and have been named EssilorLuxottica in the eyewear industry. The company has two complementary competence that is one is advanced lens technologies, and the other one is distinctive eyewear. The company has 70 manufacturing plants for frames and 85 manufacturing plants for the lens. In 2021, the company GrandVision officially became part of EssilorLuxottica. Grand Vision distributes its range of optical products through Omni-sales channels in around 40 countries.
The brand portfolio that the company owns is Alain Mikli, Armani Exchange, Arnette, Barberini, Bolon Eyewear, Burberry, BVLGARI, Chanel, COACH, Costa Del Mar, Dolce & Gabbana, Emporio Armani, Foster Grant, Michael Kors, Molsion Eyewear, Oakley, Oliver Peoples, Persol, Polo Ralph Lauren, PRADA, Ray-Ban, Tiffany & Co., Tory Burch, Versace, and Vogue Eyewear.
Safilo Group S.P.A (Safilo) is a manufacturer and designs sunglasses & optical frames, helmets, goggles, and sports glasses. The company manufactures its products through well-established production facilities and has also a wide range of designs studio and showrooms across the global markets including Hong Kong, Milan, Padua, etc. Further, the company handles its operations through its 40 subsidiaries which are located in around 40 countries across the world that house a network of qualified partners.
The company has a brand portfolio with more than 30 brands, the portfolio covers all consumer segments, from Fashion Luxury with Boss, Carolina Herrera, Jimmy Choo, Isabel Marant, Missoni, PORTS, Moschino, Lifestyle with Carrera, Chiara Ferragni, Dsquared2, Eyewear by David Beckham, Marc Jacobs, Levi’s, Tommy Hilfiger, Tommy Jeans, kate spade new york, Banana Republic, Fossil, HUGO, Juicy Couture, Liz Claiborne, Love Moschino, M Missoni, Pierre Cardin, and rag&bone, and Sports & Outdoor includes Smith and Under Armour, Mass Cool segment which covers Blenders, Havaianas, Polaroid, Privé Revaux and Seventh Street
Recent Develpoment
On Jun.27, 2023, Tommy Hilfiger, an American fashion brand owned by PVH Corp., announced its renewed global eyewear licensing agreement with the Safilo Group. Under the renewed arrangement, Safilo will continue to design, manufacture, and distribute Tommy Hilfiger sunglasses and optical eyewear collections till Dec.31, 2030. The long-term partnership With Tommy Hilfiger has allowed Safilo to witness dynamic growth across diverse markets, continuously reinterpreting the brand's classic, American, cool heritage in a relevant way for today's consumers.
On Jan.18, 2023, Revo, a global performance eyewear brand, announced a partnership with the Golf Business Network (GBN) as their official sunglass partner. The new deal with a trusted golf networking company will enable this leading polarized sunglass brand to receive exclusive benefits for in-shop and tournament & event needs.
As Revo expands its golf outreach globally, the partnership with GBN will bring its industry-leading lens technology to this prestigious group of clubs and resorts. Revo is known for its best-in-class lenses offering unmatched protection from the sun's harmful rays on and off the course. Revo's premier quality and performance sunglasses demonstrate the type of product GBN seeks.
On August 25, 2022, Nreal, a Chinese AR headset maker, announced that it has raised $15 MN from IICOMBINED, the parent company of Korean eyewear fashion brand Gentle Monster, which has been making an aggressive global expansion. By partnering with the eyewear fashion brand, Nreal hopes to expand the augmented reality headsets space beyond the techy demographic and drive it into the mainstream. This single-investor capital infusion marks a step toward a strategic partnership. The funds will enable Nreal to drive its global expansion plan and double the company's consumer business in the US.
Virgin Voyages offer a wider retail experience, including the Virgin Vinyl record store and offerings from many luxury brands, such as Vivienne Westwood, Bvlgari, and MAC Cosmetics.
On April 07, 2022, Coral Eyewear, a sustainable brand making designer sunglasses using regenerated ocean waste, announced a new partnership with Virgin Voyages and launched a store on board its first cruise ship, Scarlet Lady. Coral Eyewear's sunglasses come in 30 styles and color combinations. Its best-selling mirrored-polarized sunglasses have been engineered to reduce glare and enhance color perception.
