The eyewear industry is dominated by a single company, Luxottica, which owns several popular brands, including Ray-Ban and Oakley, as well as the largest eyewear retail chains in the US, such as LensCrafters and Sunglass Hut. Luxottica also owns the second-largest vision care plan in the US, EyeMed. This dominance allows Luxottica to set high prices for its products, which can cost up to 20 times what they cost to make. The company's CEO argues that the high prices are justified by the quality and design of the products, but critics argue that the lack of competition and Luxottica's control of the market allow it to charge artificially high prices. As a result, consumers have limited options and are often unaware that they are buying products from the same company, creating an illusion of choice.
Here are the key facts extracted from the text:
1. Luxottica is the biggest eyewear company in the world.
2. Luxottica started as a small tool shop in Italy in 1961.
3. Luxottica made 65 million pairs of sunglasses and optical frames last year.
4. Luxottica does not make prescription lenses.
5. Luxottica owns several brands, including Ray-Ban, Oakley, and Oliver Peoples.
6. Luxottica also owns the largest eyewear retail chain in North America, LensCrafters.
7. Luxottica owns Sunglass Hut, the largest sunglass chain in the world.
8. Luxottica owns several other retail chains, including Target Optical and Sears Optical.
9. Luxottica also owns the nation's second-largest vision care plan, IMed.
10. Luxottica's CEO is Andrea Guerra.
11. Luxottica is listed on the New York Stock Exchange.
12. Luxottica's revenue was $8 billion last year.
13. Ray-Ban was originally made by Bausch and Lomb for the US Army.
14. Luxottica bought Ray-Ban in 1999 and refurbished the brand.
15. Oakley was a competitor to Luxottica, but Luxottica eventually bought the company in 2007.
16. Luxottica's dominance in the eyewear market allows it to set prices high.
17. The average cost of a pair of frames and lenses at LensCrafters is around $300.
18. Luxottica's markup on some glasses can be up to 20 times the cost of production.
19. Luxottica designs glasses for many other brands, including Prada, Chanel, and Dolce & Gabbana.
20. Luxottica's frames are made in Italy and shipped to countries around the world, including the US, China, India, and Brazil.