Followed closely by DKNY in 2004 and Burberry in 2006. During the 2000s, luxury brands Prada and Versace were also added to the fast‑rising group's portfolio. In 1995, Luxottica became the first manufacturer in the optics industry to deliver their products directly to the customer, a feat they succeeded in achieving due to the acquisition of LensCrafters – the largest eyewear chain in North America at the time. This decade would also turn out to be where Luxottica marked its entry into the retail market. In 1990, the group bought out Vogue Eyewear, with Brooks Brothers, Persol, and Chanel following suit in 1992, 1995, and 1999, respectively. The 90s would mark a significant decade for Luxottica.

Then, in 1981, they made their debut in the international market by acquiring Avant‑Garde Optics in the United States. In 1974, the company acquired Scarrone, an Italian wholesale distributor. However, Luxottica's giant presence in the eyewear market is all thanks to this business strategy.

The eyewear manufacturer has often been criticized for its extensive hold over the eyewear industry, which results in overly priced brand‑name glasses, such as Oakley and Ray‑Ban. The ethics of this move are highly questionable and are something that Luxottica often comes under fire for. We see this in technology companies today, with tech giants such as Google, Facebook, Apple, and Tesla buying start‑ups that develop technologies that can be integrated with their products and operations. Luxottica used a successful strategy to grow its business by buying out its competitors. Luxottica's rapid expansion began during the 70s and 80s when it bought different brands and manufacturers. He wanted to control the entire pipeline of eyewear production, including component making to manufacturing the entire frame. However, he wanted more than just a small workshop where he could only produce the components. Luxottica's founder, Leonardo Del Vecchio, opened his first eyewear workshop in the early 1960s. The company started out small and became a dominant eyewear manufacturer in the second half of the 20th century. Progress happened throughout the years, with 1884 seeing the most significant rise in the creation of new eyewear industries and their rapid expansion. The first records of eyeglasses were found in the year 1268. To understand how Luxottica came to such a position of power in the optics industry, we must start from the beginning.

Manufacturing and wholesale distribution.

Luxottica has over 9,100 retail locations worldwide, operating in two sectors: In 2018, the merged entity EssilorLuxottica resulted in a combined market capitalization of approximately $70 billion. In this realm, the combined entity of Luxottica and Essilor commands over one‑quarter of the global value in sales. The two main offerings by the companies are prescription eyewear and sunglasses. Together, the two companies have a stronghold in the eyewear industry and are responsible for producing a large percentage of luxury designer eyewear. In January 2017, Luxottica merged with the French‑based optics company Essilor. Luxottica is a vertically integrated company, which means it owns and controls every step of the supply chain of its eyeglasses, including manufacturing, wholesale distribution, and retailing. The current CEO of the company is Francesco Milleri. Founded by Leonardo Del Vecchio in 1961, it is the largest eyewear company in the world. Luxottica Group PIVA is an eyewear company based in Milan, Italy. But how did Luxottica become large enough to own nearly all the top luxury eyewear brands and generate high income? About Luxottica This company alone generated revenue worth an impressive €9.4 billion in 2019. The name may not ring a bell in your head, but that does not diminish the importance of Luxottica in the world of eyewear. The Luxottica Group has monopolized the world of eyewear, specifically sunglasses, by taking advantage of glasses as a fashion accessory.

The answer lies in the primary economic term: Monopoly! Most frames we see in the market have a single manufacturing company named Luxottica.

Monopoly man eyeglass