![]() In January 2017, Luxottica announced a merger with Essilor, in which Essilor would buy Luxottica while Del Vecchio would become executive chairman of the combined company, as well as co-lead the company with then-Essilor CEO Hubert Sagnières. Luxottica's market power has allowed it to charge price markups of up to 1000%. In addition to licensing prescription and non-prescription sunglasses frames for many luxury and designer brands including Chanel, Prada, Giorgio Armani, Burberry, Versace, Dolce and Gabbana, Michael Kors, Coach, Miu Miu and Tory Burch, the Italian conglomerate further outright owns and manufacturers Ray-Ban, Persol, Oliver Peoples, and Oakley. It also owns EyeMed, one of the largest vision health insurance providers. Luxottica retails its products through stores that it owns, predominantly LensCrafters, Sunglass Hut, Pearle Vision, Target Optical, and. In 1990, the company listed on the New York Stock Exchange where it traded until 2017. ![]() Del Vecchio quickly acquired numerous businesses in the pursuit of vertical integration, buying distribution companies rapidly and signing its first designer licensing agreement with Giorgio Armani. Luxottica was founded in Agordo by Leonardo Del Vecchio in 1961 as a sunglasses manufacturer selling and branding under its own name. As a vertically integrated company, Luxottica designs, manufactures, distributes, and retails its eyewear brands all through its own subsidiaries. is an Italian eyewear conglomerate based in Milan which is the world's largest eyewear company. Ray-Ban, Essilor, Persol, Oakley, LensCrafters, OPSM, Sunglass Hut, Apex by Sunglasshut, Eyemed, Pearle Vision, Sears Optical,, Onesight, Target Optical
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