It rains news in the optical industry these days. The GrandVision IPO and the departure of Andrea Guerra were first of all interesting for investors and financial markets. Today’s news marks another development which could become important for everyone selling (sun)glasses. The Kering Group decided to dismantle its eyewear licenses (with yearly royalties of about 50 million euro) and start an own eyewear division. First of all they agreed with Safilo to end the Gucci license earlier as planned and there is certainly more to follow as the Kering Group owns a range of brands like Balenciaga, Stella McCartney, Bottega Veneta, Saint Laurent, Boucheron, Alexander McQueen, Puma and many others. The eyewear of all these brands will become part of the new division, only the production of the (sun)glasses will be outsourced. Kering and Safilo already signed a new contract for the production of Gucci eyewear until 2021. Sales and marketing will be done by the Kering Group itself and the own stores of all the brands as well as their other points of sale will be much more involved in sales and marketing as they are now. Quite an interesting development originated by former Safilo CEO Roberto Vedovotto who, with his team, will be a shareholder in this new Kering division. The Kering Group recognized the double-digit growth in the eyewear business worldwide and expects a bright future for eyewear of which it wants to profit as much as possible. Interesting to see how other major groups like LVMH will look at this development. Vision-Today keeps you posted!
