as bit lux nyse lux industry eyewear manufacturing luxury eyewear manufacturing and wholesale distribution eyewear retailing founded agordo italy 1961 ; 55 years ago 1961 headquarters milan italy area served worldwide key people leonardo del vecchio founder and executive chairman gurvind singhceo product and operations products sunglasses spectacle frames prescription frames services opticians optical retail sun retail revenue 8.837 billion 2015 1 operating income 1.376 billion 2015 1 total assets 9.649 billion 2015 1 total equity 5.418 billion 2015 1 number of employees 79 000 2015 1 divisions lenscrafters opsm sunglass hut eyemed pearle vision sears optical target optical glasses.com onesight . website luxottica.com luxottica group s.p.a. is an italian eyewear company . based in milan italy it is the world s largest eyewear company . 2 as a vertically integrated company luxottica designs manufactures distributes and retails its eyewear brands including lenscrafters sunglass hut pearle vision sears optical target optical eyemed vision care plan and glasses.com . its best known brands are ray ban persol and oakley . luxottica also makes sunglasses and prescription frames for designer brands such as chanel prada giorgio armani burberry versace dolce and gabbana miu miu donna karan stella mccartney and tory burch . 3 4 contents 1 history 1.1 brands 1.2 retail 2 charity 3 medical managed care 4 criticism 5 financial performance 5.1 transfer pricing issues 6 major shareholders 7 references 8 external links history edit leonardo del vecchio started the company in 1961 5 in agordo north of belluno italy ; today the company is headquartered in milan . del vecchio began his career as the apprentice to a tool and die maker in milan but decided to turn his metalworking skills to making spectacle parts . so in 1961 he moved to agordo in the province of belluno which is home to most of the italian eyewear industry . 6 the new company was luxottica s.a.s. a limited partnership with del vecchio as one of the founding partners . 6 in 1967 he started selling complete eyeglass frames under the luxottica brand which proved successful enough that by 1971 he ended the contract manufacturing business . 7 convinced of the need for vertical integration in 1974 he acquired scarrone a distribution company . 6 in 1981 the company set up its first international subsidiary in germany the first in a rapid period of international expansion . 6 the first of many licensing deals with a designer was struck with armani in 1988 . 8 the company listed in new york in 1990 9 and in milan in december 2000 10 joining the mib 30 now ftse mib index in september 2003 . 11 the listing raised money for the company and allowed it to use its shares to acquire other brands starting with italian brand vogue eyewear in 1990 persol and us shoe corporation lenscrafters in 1995 ray ban in 1999 and sunglass hut inc. in 2001 . 6 luxottica later increased its presence in the retail sector by acquiring sydney based opsm in 2003 pearle vision and cole national in 2004 . 12 the company also acquired oakley in a us 2.1 billion deal in november 2007 after oakley tried to dispute their prices because of luxottica s large marketshare and luxoticca responded by dropping oakley from their stores thus causing their stock price to drop followed by luxottica s hostile take over of the company 13 and in august 2011 erroca for 20 million . 14 in march 2014 it was announced that luxottica would partner with google on the development of google glass and its integration into luxottica s eyewear . 15 on the 1st september 2014 a new organizational structure was announced composed of two co ceos one focusing on market development and the other overseeing corporate functions . after the exit of former ceo andrea guerra enrico cavatorta was appointed ceo of corporate function and interim ceo of market until new and permanent appointment to this role . 16 17 18 enrico cavatorta left the company 40 days after being appointed ceo . in 2016 it was reported that luxottica had lost its third chief executive in a year and a half as adil mehboob khan stepped down a year after he replaced cavatorta . 19 brands edit persol sunglasses ray ban sunglasses luxottica s two main product offerings are sunglasses and prescription frames . the company operates in two sectors manufacturing & wholesale distribution and retail distribution . 20 the house brands include the following 21 22 alain mikli arnette eye safety systems ess oakley oliver peoples persol ray ban sferoflex vogue eyewear the company also makes eyewear under license for the following designer labels 21 22 giorgio armani emporio armani a x armani exchange brooks brothers bulgari burberry chanel coach dolce & gabbana dkny michael kors miu miu polo ralph lauren paul smith spectacles prada ralph ralph lauren starck eyes tiffany & co. tory burch versace the most recent deal was with michael kors . these brands are sold in the company s own shops as well as to independent distributors such as department stores duty free shops and opticians . retail edit luxottica retail has more than 7 200 retail locations 1 in the united states latin america canada china australia new zealand south africa the united kingdom and united arab emirates . 12 the headquarters of the retail division is in mason ohio united states north america . 12 their retail banners include the following 23 sunglass hut international lenscrafters pearle vision sears optical target optical opsm ilori eyemed vision care optical shop of aspen laubman & pank gmo oliver peoples alain mikli oakley david clulow glasses.com econ pticas charity edit luxottica had three charitable programs named give the gift of sight pearle vision onesight foundation in north america and the i care community in australia . these three programs were founded in 1988 . luxottica came to a decision to unite all three charitable programs into one global foundation and called it one sight . medical managed care edit luxottica also owns eyemed vision care a managed vision care organization in the united states . 24 as of 2014 it is the second largest vision benefits company in the united states . 25 26 27 criticism edit the company has been criticized for the high price of its brand named glasses such as ray ban oakley and several others . a 2012 60 minutes segment focused on whether the company s extensive holdings in the industry were used to keep prices high . luxottica owns not only a large portfolio of brands such as ray ban and oakley but also retailers such as sunglass hut and oliver peoples as well as the optical departments at target and sears as well as key eye insurance groups . it has been accused of operating a monopoly on the optical industry and overcharging for its products for example quintupling the prices of rayban sunglasses after buying the company . in addition by owning the vision insurance company eyemed it controls a portion of the buyers side of the market as well . 26 financial performance edit amounts in thousands of euro year net sales k operating income k net income k net income attributable to luxottica group stockholders 2015 1 8 836 578 1 376 445 804 119 2014 28 7 652 317 1 157 613 642 596 2013 7 313 000 1 056 000 545 000 2012 7 086 142 982 049 541 700 2011 6 222 483 807 140 452 343 2010 5 798 035 712 158 402 187 2009 5 094 318 571 085 299 122 2008 5 201 611 731 639 390 167 2007 4 966 054 833 264 489 850 data retrieved from luxottica website transfer pricing issues edit in december 2013 luxottica group paid 33 million to the italian agency of revenue to settle transfer pricing issues that arose in 2007 . 29 major shareholders edit the list of luxottica shareholders with more than 2 % of holdings represented by voting shares at 23 december 2014 . 30 delfin s.a.r.l. 66.485 % deutsche bank trust company americas as adr depository 7.466 % giorgio armani 4.955 % in september 2012 delfin s.a.r.l. reduced its share of luxottica from 66 % to 62.1 % 31 but later increased its share to 66 % again . references edit a b c d e f g annual report 2015 pdf . luxottica . retrieved 29 april 2016 . luxottica to buy a u.s. sunglasses maker . the new york times reuters . 2007 06 21 . brett arends are designer sunglasses worth the price wall street journal july 22 2010 . eyewear brands may 1 2015 . world s billionaires leonardo del vecchio . forbes march 2011 . a b c d e luxottica past and present . luxottica group s.p.a. retrieved 2009 11 02 . santander research pdf . borsa italiana 2003 . the armani group and the luxottica group announce expiration of licence agreement . in pambianco news november 21 2002 . luxottica group s.p.a. . nyse new york stock exchange . luxottica . borsa italiana . luxottica group added to mib 30 index pdf . syndication teleborsa 22 2003 . a b c luxottica facts and figures . luxottica group s.p.a. retrieved 2011 08 10 . luxottica group and oakley complete merger pdf . syndication teleborsa 2007 . luxottica buys erroca sunglasses chain for 20m . in globes september 13 2011 . google to de dorkify glass in partnership with ray ban maker luxottica businessweek march 25 2014 luxottica sets new co ceo model guerra to leave cavatorta named ceo corporate interim ceo markets . vision monday . a management shake up at luxottica ray ban maker . the new york times . luxottica announces the implementation of a new governance structure based on a co ceo model . luxottica . loss of another luxottica chief is a concern for italy inc . the financial times . luxottica s.p.a . bloomberg businessweek . retrieved 2011 08 10 . a b luxottica group s.p.a . in reuters . retrieved 2011 08 10 . a b brands . luxottica group s.p.a. retrieved 2016 04 29 . annual review 2014 . retrieved june 12 2015 . our position in the industry . eyemed vision care . retrieved 2011 08 10 . activities managed vision care luxottica website a b sticker shock why are glasses so expensive . 60 minutes . cbs news . october 7 2012 . retrieved october 19 2012 . forbes there s more to ray ban and oakley than meets the eye . retrieved march 31 2015 . annual report 2014 pdf . luxottica . retrieved june 12 2015 . turra alessandra 10 december 2013 . luxottica group to settle up with italian revenue agency . wwd . retrieved 10 december 2013 . azionisti rilevanti di luxottica group spa . commissione nazionale per le societ e la borsa . retrieved 27 december 2014 . mesco manuela delfin cuts luxottica stake to 62.1 % from 66 % marketwatch sept. 6 2012 external links edit italy portal companies portal official website v t e ftse mib companies of italy a2a anima atlantia azimut banca mediolanum banca monte dei paschi di siena banca popolare dell emilia romagna banca popolare di milano banco popolare buzzi unicem campari cnh industrial enel eni exor fca ferrari finecobank finmeccanica generali intesa sanpaolo italcementi luxottica mediaset mediobanca moncler pirelli & c. prysmian saipem salvatore ferragamo snam stmicroelectronics telecom italia tenaris terna ubi banca unicredit unipol unipolsai ynap retrieved from https en.wikipedia.org w index.php title luxottica & oldid 744370679 categories companies listed on the borsa italianacompanies listed on the new york stock exchangeluxotticaeyewear retailersclothing companies of italyitalian brandsluxury brandsfashion accessory brandshigh fashion brandswarren county ohiocompanies established in 19611961 establishments in italycompanies based in milanmultinational companies headquartered in italyconglomerate companies of italy navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit