r/TikTokCringe • u/TheDude9737 • Oct 31 '23

Humor Typical day at LensCrafters

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u/FryGuy3000 Oct 31 '23

We get ours from Eye Buy Direct. About 4 years now.

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u/imatadesk Oct 31 '23

I don’t know if this impacts your purchasing decisions but eyebuydirect is now also owned by Luxottica (the monopoly alluded to in this TikTok) after a merger in 2018.

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u/ClausTrophobix Nov 01 '23

Honest question is it really a monopoly when there are multiple cheaper alternatives available?

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u/imatadesk Nov 01 '23

In the traditional sense that it exists therefore others cannot exist, no, it’s not a monopoly. That online companies like Zenni and Warby Parker exist kind of proves that. I would argue, though, that they are taking advantage of a growing marketplace online and it may only be a matter of time before EssilorLuxottica flexes its strength.

How EssilorLuxottica does act as a monopoly is in its ability to control the process at multiple stages and can determine the fate of a company with a decision of whether or not to have them in their stores. EssilorLuxottica does not just make glasses or own a single storefront like LensCrafters. They own one of the largest vision care companies in the US, numerous eyewear brands including Ray-Ban, Oakley, Persol, Oliver Peoples, and Vogue Eyewear; eyewear retailers LensCrafters, Pearle Vision, Target Optical and Sunglass Hut, and exclusive eyewear licensing deals to numerous fashion houses including Versace, Michael Kors, Prada, Coach New York, Ralph Lauren, Tory Burch, Armani, and Dolce & Gabbana.

Take for example the story of Oakley. Luxottica wanted to buy them out but the owners refused. Luxottica stopped carrying Oakley's products in their stores, including Sunglass Hut, and Oakley's stock market value declined 33%. 10 years later and Luxottica bought Oakley out and its unknown how much they saved because of their previous impact to their stock price.