Eyewear refers to anything that is worn to protect the eyes or help in correcting the vision. The people are now frequently having eye examinations and are increasingly becoming aware about their health. This has led to a rise in demand for corrective eyewear. Eyewear is also becoming an essential part of accessories of people. This has also increased the demand for eyewear. Luxury eyewear in order to make a fashion statement is gaining connotation. The market is segmented by luxury sunglasses and luxury spectacle frames. Some local luxury eyewear brands like Sticks & Sparrow are offering eco-friendly sunglasses, which are stylish and provide good protection from the sun. They are now becoming popular with rising concerns for the environment.
According to the market research report “Luxury Eyewear in Australia“, Australian economy remained stable and healthy throughout 2016. In 2016, the luxury goods market recorded a positive growth. The market has been expanding with the rise in disposable incomes as the people are now spending their incomes on luxury products like eyewear. The growing middle class in the country provides a wider consumer base for the industry. The luxury market is showing signs of growth in the coming years. One of the segments that is showing a huge growth potential is luxury wearables. Eyewear contributes a high share to the luxury goods market and is expected to grow their share in the future. Internet retailing remains the fastest growing channel and offers a huge potential due to the convenience to consumers.
The companies have been trying to adjust with the changing dynamics of the market.The luxury eyewear trends that are seen in social media platforms like Facebook and Instagram are preferred by the consumers. Luxury eyewear preferences of the consumer are often driven by the choices made by celebrities. The brands and styles that celebrities wear become a popular choice between their fan base and help in increasing sales of those brands. The luxury brands have recognised this opportunity and often engage in promoting their brands through popular celebrities by appointing them as brand ambassadors. Dior, a luxury eyewear brand, had collaborated with the popular songwriter and singer Rihanna to promote their range of Star Trek-inspired sunglasses, which became a hit among the people in 2016.A major challenge for the luxury eyewear industry, is the rapidly changing styles and the transformations in market dynamics.
Collaborations are now becoming increasingly common in the industry to build brand exposure. LVMH Moët Hennessy Louis Vuitton SE is a well-known luxury brand. A joint venture had been signed in February 2017 between LVMH and Marcolin wherein LVMH had bought a 10 percent stake in Marcolin, an Italian eyewear manufacturer. The company has the objective of tightening its control over its licensed brands. It marks one of the major events in the recent developments that are happening in the luxury eyewear market in order to cater to the growing demand. Luxottica and Essilor are two of the biggest names in the market. They signed a deal in January, which has a combined market value of €50 billion. In 2014, the licensing agreement between Kering and Safilo had been terminated by Kering, which then moved its eyewear brands in-house.
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