The Vision Council’s research team released a first-of-its-kind report in September, which attempts to gauge how potential U.S. tariffs on Chinese eyewear could impact consumer buying habits, intentions and spending.
Through a questionnaire to recent eyewear buyers (those who bought ophthalmic frames, prescription lenses, Plano lenses, over-the-counter reading glasses and contact lenses) The Vision Council evaluated willingness of consumers to spend 10 to 25 percent more for the eyewear and lenses they already purchased. Using import data from the U.S. Census Bureau, the research team calculated which eyewear purchases would be in danger if tariffs on Chinese eyewear are implemented. The report outlines topline estimates of unit and dollar purchases that could be lost if tariffs are implemented on Chinese eyewear.
The report delves into which U.S. consumer demographic groups will be least and most affected by price increases resulting from tariffs on Chinese eyewear—with a special focus on recent prescription eyeglass buyers—and examines which consumers will postpone or cancel eyewear purchases due to both rising general prices and inflation (resulting from general tariffs on all Chinese products), as well as rising optical prices specifically from tariffs on eyewear.
The report concludes by investigating the strategies that consumers will use (i.e. spend less money on future eyewear purchases, extend the use of their eyewear to postpone buying, search harder for the best value, purchase eyewear online, etc.) to combat rising eyewear prices resulting from the implementation of tariffs on Chinese eyewear.
To download the full report, please click here. To learn more about this report and other market research, please contact Greg Chavez, The Vision Council’s executive vice president of operations and membership, at firstname.lastname@example.org or at 703-740-1399.
For more information on The Vision Council’s industry research visit thevisioncouncil.org.
Luxexcel announced yesterday the opening of the new US-based Customer Demonstration Lab in Alpharetta, GA (greater Atlanta area). The facility will house a full Luxexcel VisionPlatform™ system and supports the Luxexcel customer base.
Luxexcel Customer Demonstration Lab
“After opening our North American Headquarters in January 2018, we are ready for the next step by expanding to a fully operational Customer Demonstration Lab in Alpharetta. The demo location will strengthen the company’s North American customer support and will give US-based labs a unique preview of the Luxexcel VisionPlatform™ technology and its integration into a typical lab environment” said Guido Groet, Chief Commercial Officer Luxexcel. The Customer Demonstration lab will provide the opportunity to show the VisionPlatform™ creating ophthalmic lenses and will run sample production for selected strategic partners. In October, the Customer Demonstration Lab will be fully operational.
The Luxexcel technology combines hardware, consumables and design-software in one ophthalmic lens 3D printing solution called Luxexcel VisionPlatform™. Ophthalmic labs receive the complete platform, which includes a printer (VisionEngine™), resins (VisionClear™), support and software solutions (VisionMaster™), in return for a base plus click fee payment. In addition, Luxexcel offers a VisionMaster™ virtual solution for those labs not ready yet for a full VisionPlatform™ called VirtualEngine™. Lenses produced are ISO Focal Power compliant and compatible with today’s industry coatings and customary processes.The Luxexcel VisionPlatform™ can be integrated into today’s ophthalmic lab workflow. Luxexcel is exhibiting at Vision Expo West 2018, Las Vegas, September 27-29. To learn more about the company and its latest developments, please visit booth #LP9109.
IOT is dedicated to innovation in optical technology. As a result, the company is in a constant state of growth and evolution. IOT’s change in brand identity is part of an overall strategy to better communicate its unique culture, values and approach to market. The new website and social media profiles were designed to help the company share optical knowledge as well as information about IOT products, services and the unique experience of partnering with IOT.
IOT was founded in Madrid, Spain in 2005 with a singular focus on free form digital lens design. Over the past 13 years it has become a global leader in optical technology including not only design, but also photochromic lenses, foundational ophthalmic lens research and consulting services that include wearer trials, lens processing, professional education and industry and consumer marketing.
Carolina Gago, General Manager of IOT explains the reason for the change: “IOT has evolved significantly since it was founded and we had the desire to better transmit who we are today and celebrate a new era. Our new corporate look represents our greatest commitment, which is give our customers the newest solutions they need to be successful and to completely customize those solutions to their businesses. Our new corporate look was also designed to take us into the future. We anticipate amazing things to come for the future of the ophthalmic lenses”.
The new logo retains the three letters I, O and T, which are now lowercase in thick typography and simple shapes to transmit strength and closeness. The line of the top of the logo is an incline, showing a vision of the future, and the line at the bottom is straight reflecting a solid base. The center of the O is a negative image of an eye with light entering it. This symbolizes both IOT’s core business, optical technology, and its openness to freely sharing knowledge and expertise with partners to help them create their own vision of success.The brighter blue color works in conjunction with the new shape to create a logo that is unique, modern and innovative, like IOT.
Daniel Crespo, President and CEO of IOT, says:” Our new corporate image embodies
the philosophy of the company. We put our partners at the center of our business, so we can work together as one team and create solutions that are completely customized to their businesses. It is our mission at IOT to offer our business partners the technology and services they need to manufacture the best lenses in the world.”
Luxexcel, the pioneer in 3D printing of ophthalmic lenses, announced today the appointment of Fabio Esposito as Chief Executive Officer to lead the company in its next growth phase. Fabio brings to the company a strong track record of transforming businesses from technology innovators to established players. Throughout his career, he successfully led the introduction of disruptive technologies to the market including Optical Systems and 3D Printing.
Hans Streng outgoing CEO Luxexcel: “After several years at the helm of Luxexcel, I am ready to enjoy more time with my family. I am proud to have been able to bring Luxexcel together with the management team and our dedicated employees to this level. With Fabio, I am convinced we have found the perfect CEO to lead Luxexcel through the next phase”.
Fabio Esposito, CEO Luxexcel: “I am excited to join the Luxexcel team in this pivotal phase of the company’s growth. Building on the success achieved under Hans’ leadership, the focus will now be ramping up commercialization and product development. We will continue to capitalize on the introduction of the VisionPlatform™ as well as expanding the team to grow Luxexcel to the next stage.”
Alongside the appointment of the new CEO, Luxexcel announced today that it has raised $13.9 million (€12 million) C-round funding led by Innovation Industries with the participation of its other existing investors. This funding allows Luxexcel to accelerate its growth while expanding towards the new world of smart prescription glasses.
Participating in this equity round are Innovation Industries (the Netherlands), SET Ventures (the Netherlands), Munich Venture Partners (Germany), PMV regional investment fund (Belgium) and KLA-Tencor Corporation (United States of America).
Nard Sintenie, Partner at Innovation industries: “We are impressed by both the progress Luxexcel has been making in developing this great technology as well as the traction the products are getting in the eyewear market. With the new CEO and this funding, Luxexcel will scale her business and the installed base of the VisionPlatform™.” With the strengthening of its management team, the support of its strong investor base and the scale-up of the business an exciting new phase for the company has started.