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ItalyEyewear Key Figures 2016
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General information 2016
➢ Population: 60.589.445 (-0,1% vs 2015)
➢ GDP per capita: 27.313€ (+1,7% vs 2015)
➢ Population over-40: 55% of population➢ Population over-65: 22% of population
➢ Population with visual defects: 61,5%
➢ Number of optical shops: 9.638 (-1,8% vs 2015)
➢ Population/shops: 6.178
Population data, GDP data: ISTAT - IMF Optical shops data: GfKOthers data: ANFAO
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High economic risks and political instability, which are closely
interconnected and tied in a cause-effect cycle, still prevail in the global
economic scenario.
Before the recession, GDP increased by 3.2% a year and trade by
6.8%. Now this is limited to 2.4% for the former and 1.8% for the
latter.
With this increasing turbulence worldwide, the Italian economy appears
to be weaker than expected. These recent developments have also
clearly revealed again the growing divide between Italy’s growth and that of
other European countries, whose performance on average has not been
brilliant either.
2016 overall situation
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This overall situation has also negatively affected the
performance of the Italian eyewear industry.
After posting two record years for exports, with double-
digit increases, 2016 closed on a positive note,
albeit on a different scale: an “ordinary” scale.
The same is true of the domestic market, which
remains positive but is not showing any signs of
being able to recapture pre-recession heights.
2016: “ordinary” year for Italian eyewear
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➢ 862 companies (-0,9% over 2015)
➢ 17.250 people employed (+0,0% over 2015)
➢ 3.697 millions euro production (+3,7% over 2015)
➢ 3.579 millions euro export (+3,6% over 2015)
➢ 1.007 millions euro domestic market (+2,2% over 2015 – sell-in value)
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Italian eyewear 2016: main figures
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In 2016, Italian eyewear production totaled 3,697 million Euros, up by 3.7%
over 2015.
This increase in production was lower than for the previous 2 years due to a lower rise
in exports and the sluggish domestic market.
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Italian eyewear industry: details of last years
Million € value Euro var.% Euro var.% Euro var.% Euro var.% Euro var.% Euro var.%
Output 2.659 8,6% 2.799 5,3% 2.898 3,5% 3.171 9,4% 3.565 12,4% 3.697 3,7%
Export 2.459 11,3% 2.622 6,6% 2.782 6,1% 3.064 10,2% 3.453 12,7% 3.579 3,6%
Import 808 5,8% 844 4,4% 885 4,9% 988 11,6% 1.146 16,0% 1.184 3,3%
Domestic
Mkt1.008 0,6% 963 -4,5% 941 -2,2% 932 -1,0% 985 5,7% 1.007 2,2%
20162015201420132011 2012
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The number of companies remained basically the same, with 862 businesses nationwide
(0.9% less than in 2015).
Employment levels also remained the same as in 2015: without taking other employment
contracts into account (approx. 500) there were 17,250 people employed at the end of 2016.
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Italian eyewear industry structure
YEAR
OUTPUT
(million €
value)
EMPLOYEES
(number)
FIRMS
(number)
INDUSTRIAL
FIRMS
(employment
contract:
industry)
2016 3.697 17.250 862 160
2015 3.566 17.245 870 158
2014 3.171 16.195 868 165
2013 2.898 15.830 869 166
2012 2.799 16.220 880 169
2011 2.659 16.120 903 172
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IMPORT-EXPORT
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Italian eyewear industry: 2016 export performance
Exports of frames, sunglasses and lenses, which account for almost 90% of production by theindustry, rose by 3.6% versus 2015, totaling 3,579 million Euros.
This increase was solely contributed by sunglasses, whereas frames lagged behind, confirmingthe trend that had already been posted in the last part of 2015.
In 2016, exports of sunglasses rose by 6.8%, amounting to approx. 2,465 million Euros.
Exports of frames instead, decreased by 2.8%, totaling approx. 1,045 million Euros.
This slowdown in growth is also reflected in imports which grew by 3.3% at almost 1,184 millionEuros.
However, the balance of trade for Italian eyewear continues to be largely in surplus (2,395million Euros in 2016), up by 4 percentage points versus 2015.
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As stated, 2016 was an “ordinary” year for Italian eyewear exports, and in line with the globalslowdown in trade and definitely lower economic growth, in both developed and emerging countries.In this situation, sunglasses and the geographical area of Europe were the keys to the positiveexport results posted by Italian eyewear in 2016.Italian eyewear exports to emerging countries were lackluster, both in well-established marketplacesfor eyewear imports and new markets.
➢ The main market for eyewear exports in 2016 continued to be Europe, with a share of almost 50% of totalItalian eyewear exports and rising by 7.1% (+12.2% for sunglasses, -1.3% for frames).
➢ The share of exports to America in 2016 was 30.2%, with exports of sunglasses-frames up by 2.7% over2015 (+3.9% for sunglasses, -0.5% for frames).
➢ In Asia, which accounts for 17.4% of Italian sunglass and frame exports, exports in 2016 fell by 1percentage point.
Italian eyewear export: 2016 geographical details
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The first 10 export markets count about for 73% of the total Italian exports of sunglasses and frames. S
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Italian eyewear export 2016: first 10 mkt and share
1 USA 26,8% 1 USA 21,5%
2 France 10,9% 2 France 17,5%
3 United Kingdom 7,2% 3 Germany 9,1%
4 Spain 6,6% 4 United Kingdom 7,2%
5 Germany 5,8% 5 Spain 5,9%
6 China 4,5% 6 China 4,0%
7 South Korea 2,8% 7 Netherlands 3,4%
8 United Arab Emirates 2,5% 8 Brazil 2,1%
9 Turkey 2,4% 9 Hong Kong 1,7%
10 Hong Kong 2,3% 10 Portugal 1,5%
Sunglasses Frames
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Italian eyewear export 2016: countries details
Percentage changes by value
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Italian eyewear export 2016: emerging countries
Percentage changes by value
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The Italian eyewear industry exported about 100.1 million pairs of glasses in 2016 up by 2.1% over 2015.
Of the more than 100 million glasses exported, 66.8 million were sunglasses (66.7%) and 33.3 million were optical frames (33.3%). More specifically, the number of sunglasses exported rose by 4.4% over 2015, with frames falling by 2%.
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Italian eyewear industry: 2016 export volume
100,1 million pairs
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DOMESTIC MARKET
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In 2016, the domestic market maintained the positive trend of the previous year,however, the positive result in terms of value (+2.2% for the sell-in) wasgenerally lower than what had been expected, in the hope of a greatermomentum that would close the divide which has been building up from 2007 on.
In terms of products, sunglasses (+3%) did better than frames (+1%),whereas for ophthalmic lenses (+0.5%), the best performers were stillprogressives (+3.8%).
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Main facts
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by value
2016 sell-in market share
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2011 2016
Frames and sunglasses sell-in: plastic and metal
2011 2016
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Frames and sunglasses sell-in: brands
2011 2016
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Frames and sunglasses sell-in: sales channel
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Single vision and progressive lenses share the lenses market.Pal represent 19,7% in term of volume, but count for about 53% of turnover.
About PAL position, Italy is recovering (ie 2016 vs 2010).
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Plastic lenses sell-in: geometry market share
volume value
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Photocromatic segment represent the 10,6% of total lenses in volume.In 2016 the market share slowly increased 2010’s level.
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Lenses sell-in: photocromathic segment
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Optical trade structure
Optical Shops 2011 2012 2013 2014 2015 2016
TOTAL POS 10.121 10.041 9.969 9.895 9.817 9.638
chain 756 817 821 829 810 801
groups and independent pos 9.365 9.224 9.148 9.066 9.007 8.837
TURNOVER PER POS 317.000€ 282.000€ 279.000€ 280.000€ 285.000€ 310.000€
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Optical trade share of turnover
Ophthalmic lenses represent more than 50% of optical trade turnover.
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Millio
ns €
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2016 Italian eyewear industry sell-out by value
Products 2015 2016 16vs15
care products (solutions) 57,82€ 56,86€ -1,7%
contact lensens 231,26€ 242,40€ 4,8%
frames 491,43€ 514,72€ 4,7%
sunglasses 650,43€ 661,35€ 1,7%
ophthalmic lenses 1.459,85€ 1.517,22€ 3,9%
Total mkt 2.890,79€ 2.992,54€ 3,5%
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2017 outlook
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Forecast for 2017
Looking at the overall situation of growth but strongly characterized by uncertainty,forecasts must necessarily remain cautious.
Considering the particular structure of the eyewear industry, which is mainlyexport-oriented, it will certainly succeed, as usual, in drawing the maximumopportunities arising from international markets.
Furthermore, 2016 also showed that there can also be interesting opportunities forgrowth in developed markets like Europe.
These many aspects could therefore lead to growth albeit on a smaller scale,but probably steadier over time.
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Last events involving the eyewear industry
January 2017: merger of two worldwide giants Luxottica and Essilor,
respectively undisputed leaders in eyewear (frames/sunglasses) and lenses
February 2017: direct entry of one of the big luxury names, LVMH, into the
sector following a joint venture with Marcolin.
These events definitely demonstrate the vitality of the sector and the
importance that it holds internationally and also follow another trend
that had already been observed, that is, the return of very high-end
production to Italy.
Although the short- and medium-term effects are difficult to forecast, some initial
basic evaluations can be made.
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Evaluation
Italian eyewear companies possess levels of undisputed excellence and an internationally-
recognized leadership. The know-how and the professional and technological expertise of eyewear
companies, especially in the eyewear district of Belluno, stem from a century-old history which has made
a decisive contribution to the development of eyewear worldwide.
On the one hand, therefore, a maximum level of vertical integration (such as the Luxottica-Essilor
operation) will undeniably guarantee the giant from Agordo, sound and solid future development by
further expanding its possibilities. The operation could therefore lead to more employment and local
investments, as the company’s top management has recently pointed out to the press.
On the other hand, the entry of the large luxury groups into the sector (Kering and now LVMH) is similar
to what has already happened in other sectors of the fashion, clothing, footwear and leather goods
industries. This does not detract from the role of the Italian manufacturing industry, but
allows more investments to be made, something increasingly necessary in order to compete on the
global stage.
Last but not least, this situation could be an incentive for small and medium-sized companies
towards a greater integration into the chain allowing them, with their strong focus on product
innovation or extreme specialization, to take advantage of the opportunities that derive from having a
critical mass on the international marketplace.
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Export: 1st Quarter 2017
Products (value in mln€) 1Q 2016 1Q 2017 17vs16
FRAMES 284,32 286,28 0,7%
SUNGLASSES 632,76 655,16 3,5%
FRAMES+SUNGLASSES 917,08 941,44 2,7%
The 1 quarter of 2017 shows a slowly increase in export for frames (0.7%), sunglasses perform better (+3.5%): overall export raise by 2.7% versus the same period of 2016.
It’s an outlook for a “ordinary” growth.
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Domestic Market: 1st Quarter 2017
Sell-out value of the first period of 2017 increased by 2%.In terms of products, sunglasses (+2.7%) did better than frames(+1.1%), whereas for ophthalmic lenses (+2.5%), the bestperformers were still progressives (+3.6%).
From the sell-in data (available until May), a slowdown should bereported.The market seems to be flat again compared to the same period of2016.
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