Who's behind the "Australian" retail giant that is OPSM? And for that matter what about other "Australian" businesses like Laubman & Pank, Budget Eyewear, Kays Optical, Precision Eyewear and Sunglass Hut?
The answer is one company, and it's certainly not a 100% Australian-owned and operated company.
They're the world's biggest eyewear company, the Italian-owned Luxottica. Their founder, Milan-based Leonardo Del Vechhio is worth over $10 billion.
So, how do you feel about continuing to send over your hard-earned Aussie dollars to line Leonardo's pockets?
Luxottica had global sales of over A$7 billion in 2006. They "absorbed" Australia's OPSM in a $530 million deal in March 2005 and have been acquiring Aussie businesses since then. And it looks like they might swallow up Merringtons next.
They're as close to a monopoly as you can get in Australia. They dominate the little guys.
"Nobody can touch Luxottica now," said Gianluca Pacini, an analyst with Caboto Equity Research in Milan. "It's the industry's No. 1 player, with the sports brands, luxury brands and optical retailers."
Can you do anything to help Aussie glasses businesses? Here's a few tips when you next go to buy your prescription glasses:
- Avoid the Italian-owned stores mentioned in this post
- Avoid the following brands - Killer Loop, Persol, Ray-Ban, Revo, Steroflex, Vogue, Bvlgari, Chanel, Dolce & Gabbana, D&G, Donna Karan, DKNY, Moschino, Prada, Ralph Lauren, Sergio Tacchini and Versace (list not ehaustive!)
- Buy your prescription glasses online with an Australian-owned and operated business!
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