One factor: the world's largest eyewear company, the Italian firm Luxottica, controls a big chunk of the business. Lesley Stahl reports.
Luxottica, and essilor- Not to mention venture capitalists buying manufacturing companies, in order to secure the market in the same fashion. I've worked this industry for 20 years. You're paying a 700% markup- because they can get away with it.
This is how everything is made, up the price on everything and candy coat it, mark it up and people pay! A coporate office up charges 100 percent only because they make a fansy name and charge whatever they want and people pay that price! The corporate's answer to why so expensive..well the people are stupid enough to pay it so let them!! 100 percent truth!!
Everything is answered in a sweet candy shell of lies! Its a miss direction, a smokesheild, an illusion!!
When I was growing up, I swore by Oakleys and yes, I paid at least $300 a pair. Now, I just shop around to find what looks good to me and it's cheap. Unless you have friends who would ask you what brand of sunglasses you have, you should care less.
this dude is a mofia boss bro fr
The ceo is the definition of evil look like.
This monopoly should be broken,, 100 dollar for a glass is so high.
Now I feel happy about ordering my glasses from Aliexpress. :)
Buy zenni on line save hundreds put moscott and other over priced company's out of businesses
I've watched this report numerous times since it debuted years ago. It always fascinates me how the consumer (Americans in particular) have lost control of paying reasonable prices, instead of inflated prices for acetate and/or metal frames.
me literally still buying ran bans even after watching this😭
If Prada or Gucci start selling artificial eyeballs with the brand tag , the so called rich people would surly like to replace their real eyeballs with the branded one. A aa $6000 per eyeball 😂😂
Government needs to legislate pricing
feed your vanity and these results to crazy prices... it's american so... expensive soooo what.... people buys it, great business!!!!
Shame On luxxutica
Where’s Theodore Roosevelt when you need a bull moose monopoly buster?
Thats it no more collecting of these over priced glasses.
It’s true it’s bit overpriced. But again, i would buy that overpriced Ray Ban because my insurance would cover the payment!
everything is worth what people are ready to pay....... The came to understand that life was better together. To say that we bought them is totally wrong, we merged. When you are given an offer you cant refuse, what options do you remain with? 🤔
Because companies now charge the MAXIMUM they can get possibly away with...instead of just a fair level of profit.
Rayban ,its an american brand, owned bij italians 🤣
Try $1,000 in 2021
I went to the eye doctor yesterday and left almost in tears from how much it cost
That CEO is extreemly smart .
"They understood life was better together" - CEO trying to hide his monopoly
Offsudden the expensive sunglasses I have feels cheap
I paid $200 for mine and the only consolation is it's got titanium in it and it looks good on me 🤦🏻♀️ i couldn't find anything cheaper at the stores
It's a f*cking monopoly.
She didn't hit on a lot that was controversial until 9 minutes in. If someone is personally dropping individual rhinestones into the temples or weaving something into them, that's definitely worth more. As for the markup, it will always need to be enough to cover overhead and wages - ideally fair wages. As someone whose worn glasses since I was 8, it's generally the lenses that drive up the cost for strong prescriptions, but it is true that most frames are overpriced if you don't go to Walmart or to an online site. And with the online sites, you don't get personalized fittings. As far as I'm concerned, the real controversy is why basic health insurance doesn't cover at least the basic costs involved in getting a pair of eyeglasses when it is medically necessary. I cannot function without corrective lenses. I certainly can't drive without them. It's ridiculous that the entire cost of a pair of eyeglasses is out of pocket.
OMG, the Luxottica boss sounds utterly evil.
I said it, Jordan's are not worth that much money.
today this is where China comes in, copy pastes everything and lowers the prices of all these sun-glasses. the glasses get shipped by alibaba and we all win.
AliExpress is the Key
I do not have a problem with Luxottica, but with cheap Chinese manufacturers which are making horrible glasses and not deliver what they are promising on the label. If the Chinese were just willing to invent their own stuff I would respect them much more.
Zenni Optical makes good glasses
In my lifetime I have spent over $18,500 on glasses to be able to see. My favorite brand is Flexon, as they were a game changer, they could withstand falls, and for the most part impact. But when titanium breaks, it's easier to buy a new earpiece than try to solder it back together. When you grow up poor, and your eyes change so much, you're always paying off glasses. Sort of like being in over your head on a car loan. When your glasses break, and you still owe on your old frames, the debt gets greater and greater.
The CEO is cool like Ray Ban 😎
That CEO was a bald creeper. A walking Amber Alert.
Some people paid because they don't know but some paid because they are able.
The Apple of Eyewear
Well I have a cap that fits my head for years and years, not 15 hours, and it's very cheap.
EXACTLY the opposite. B&L quality was WAY better on the Ray Ban brand. Luxottica is a giant bully.
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You having a stroke?
Quality Italians, Quantity China USA Walmart period
Godfather type of feelings by CEO 😁
I personally don't have an issue with Luxottica, some of their brands like Oliver peoples I find are actually worth the price they demand. My issue arises with the mas produced "luxury" ones, which are not luxury at all. Some have said Luxottica, gives the illusion of choice. It doesn't. There are growing amounts of smaller brands, which have in many ways almost become more popular due to their cleaver ways of advertising. I think there are some brands under Luxottica that are actually worth the money, as I said Oliver peoples being one of them. However across the range Luxottica targets the people who do not know what they are buying, and will pick anything with a popular brand name. You would be surprised. So to sum that all up, some expensive glasses are truly worth the money, the majority are not. For you to purchase the expensive glasses that are worth the money, you pretty much have to already be into fashion and eyewear a fair bit, to even know the brands worth the money. So to sum it up, don't feel bad or like an idiot for buying expensive Luxottica glasses, if you like em, spend the money. However do not think that spending your money will always get you a higher quality frame or lenses. Do not feel pressured into spending increased money on glasses. You could say what ever you want about Luxottica, but don't hate the player for winning hate the game. That is my opinion at least, call me a capitalist pig, but I like my Oliver peoples frames and lenses. Many independent makers will cost way more than you think as well, you get what you pay for from independent makers. However Luxottica does have mafia like business practices. However you have to question the reason why they where able to get to that point, rather than just hating them. No one hates what they have to do as long as they are the winner.
Gosh! no wonder I can’t afford glasses anymore...soon I going to have to use a stick to move around or a trained pet...che ingiusta! 👓
Look up Zenni Optical on Google. Their stuff is good quality and NOT price gouge-y.
Just buy Foster Grand Hugo glasses they look like Ray-ban way-farer only cost 30 dollars.
Actually it delisted already )
This lady is savage. I like how she confronts LensCrafters: "Mark you are not answering my question".
That is why I buy from Aliexpress
Now I know😭
Go on blame the communists
Actually the most profitable industry is glasses making, it cost about 5$ to make them and even cheaper in some places.
I regret buying ray-bans. Please support the other brand frames and stop this monopoly madness
People are not ready to pay, they have to pay since it's a way to correct their eye sights, but it's a common saying - one man's misery is another man's fortune.
Basically, Luxortia is the Mafia of the eyewear industry.
Lenscrafter sale fake sunglasses. I went to Lenscrafter for RX glasses and choose Rayban Sunglasses for hundreds $ several years ago. The Rayban logo faded and disappeared in a month.
Min of the UFO.. flying by 6:12👍next to the Ray. Band... Sign Awesome.... After my favorite actor Tom Cruise... 🙏
Make you an offer you can't refuse
Now you know
Humans are just too vain , so they'll pay for ridiculously expensive " brand" names.p.s.love Leslie Stahl.
If China does that what would happen? They would be investors or monopolist.?
Wow price control
DAMN THIS JOURNALIST IS 🔥🔥🔥🔥🔥🔥
The price of anything is determined on the amount of idiots who will pay it.
I have a question: Do this fancy pancy Luxzotica or whatever it is called make the cheap glass frames that we buy on roadside stalls too??
I can see the point in why it is that Oakley was bought out but I don't get what happened with Lenscrafters being bought out by Luxottica.
Luxottica ceo lied, not half a billion may be 3 billions wear Luxottica s glasses. Luxottica owns almost all brands
Oakley boss was right..if you can't beat them,join them - chinese proverb.
I get 2 pair at EyeMart for around $78. $19.99 frames and progressive lenses. I’ve never had a problem with these glasses. They offer 2 pair regular vision glasses (without bifocals) for $38. Again, u have to choose from the $19.99 frames collection.
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Dimplamatic answer is giving by exotica.😎✍🏻🇮🇱🇦🇪🇮🇳
I need glasses and now understand why is a lot money , because that Italian company has monopoly ! Not good for us we need glasses ,we can’t pay good glasses!!🥸that people make business and don’t think is a necessity !!pass 8 years but now is same !
The biggest markup besides drugs is glasses that probably cost them $10 and if I can't see I got to pay 150 dollars it is so ridiculous
Crazy how much glasses are in 2021 smh lux is just like amazon
I would love to see a report on how they’re doing now with lasik becoming so popular..maybe better now that everyone can wear the oakleys and ray bans and actually be able to see 😄
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This interviewer doesn't understand global economics. Stop trying to be Barbara Walters lady.
This shill program brought to you by Walmart and Costco...and people that don't understand glasses.
Ray bans at ross dress for less for 49.99
Why does it sound like she’s grilling him
because she was. Despite her smiling
Put Luxotica out of business by buying glasses from Warby Parker! Great company with great deals! Stop letting stickers on lenses make you feel special inside. At the end of the day your Ray Bans are no different than LensCrafters 😂
mODERN dAY MAFIA......VERY SAD....LEGAL CARTELS....PROTECTED CARTELS
Chanel 600€, wer Lagerfeld haben will, bezahlt lagerfeld eben, made in Germany halt.
Everything is worth what people are ready to pay
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Monopolies are evil. We are idiots for letting them continue.
That the “ great illusion of free market” Enjoy...!!!
Good journalism. If Trump owned Luxottica CBS couldn’t have kept their cool to do journalism.
Nice documentary.Now I know where all eye glasses come from.
Lesley Stahl is a FOX!
The Italian CEO definitely sounds sus
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This is pointless. Basically everything that has a Brand name on it has the same problem.
biggest con ever.