need to add title here

Luxottica CEO reveals secret to founder's success

October 7, 2012 4:30 PM

Andrea Guerra tells Lesley Stahl that Luxottica founder Leonardo Del Vecchio went from orphan to titan on one powerful idea: Glasses reflect our personality.

Sticker shock: Why are glasses so expensive?
Add a Comment See all 38 Comments
by AlligatorCreek January 9, 2013 9:38 AM EST
It seems that eyeglasses should be cheaper than brand name binoluclars.

However, binoculars are much cheaper. For example Nikon 7218 Action 1 X 50mm Binoculars currently $89.88 or Bushnell Powerview 12X25Mm Roof Prism Binoculars currently $22.15 or Celestron SkyMaster Giant 15x70 Binoculars with Tripod Adapter currently $56.63.

Eye glasses have fewer and less complicated lenses, less plastic, less metal,and eye glasses are manufactured in much high quantities so manufacturing eyeglasses should benefit from economies of scale.

The price difference between binoculars and eyeglasses is due to the lack of competition in the eyeglass industry.
Reply to this comment
by AlligatorCreek January 9, 2013 9:38 AM EST
It seems that eyeglasses should be cheaper than brand name binoluclars.

However, binoculars are much cheaper. For example Nikon 7218 Action 1 X 50mm Binoculars currently $89.88 or Bushnell Powerview 12X25Mm Roof Prism Binoculars currently $22.15 or Celestron SkyMaster Giant 15x70 Binoculars with Tripod Adapter currently $56.63.

Eye glasses have fewer and less complicated lenses, less plastic, less metal,and eye glasses are manufactured in much high quantities so manufacturing eyeglasses should benefit from economies of scale.

The price difference between binoculars and eyeglasses is due to the lack of competition in the eyeglass industry.
Reply to this comment
by PJINY November 30, 2012 12:22 AM EST
How about GETTING THE FACTS CORReCT. I can attest to the RayBan name DID not sell for $29.00 in 1999. I actualy as employee could not buy a RayBan Sunglass in 1999 for $29.00, even at the Employee Store. THIS SHOULD BE STOPPED BY GOERNMENT.....MONOPOLY AND PRICE CONTROL.
WOW
Everyone should watch thi video and decide themselves, is t acceptable ?
Reply to this comment
by KodakQueen November 28, 2012 8:52 PM EST
I wish the reporting focused more on the unhappiness of workers and the lack of hours given out by a very profitable company.
Reply to this comment
by Barry_McCaukener November 5, 2012 6:21 PM EST
Wait, are you trying to say that a company is trying to make money through legal means? Oh wow, stop the presses.

How about we talk about businesses who are actually committing immoral and illegal acts, such as the financial institutions on Wall Street that made reckless investing decisions decisions and forced the taxpayers to bail them out. This bit is a waste of time and Lesley Stahl is a frumpy old tart.
Reply to this comment
by Midwest40 October 29, 2012 1:20 AM EDT
Maui Jim may not be made by Luxottica but they sell them in their stores such as Lenscrafters and Sunglass Hut so obviously, they are connected. Kaenon and Warby Parker are true independents!
Reply to this comment
by newyorkdany October 24, 2012 1:31 PM EDT
luxotica is monopolizing this industry and getting away with being the only manufactory for prada ray ban oakley tifany and many more and we as a optical retail stores have to compete with the manufacture which is luxotica retial stores this is not illegal? conflict of interest? as well as eyemed insurance company which is the #2 larges insurance company that luxotica own as well and luxotica chose which plan to add other providers like my self in the panel and keep a lot of plans that people can only go to their retail stores (lencrafters ,pearl vision, sears ,jc penny ,and many more is this legal can we all do some thing about this beforee its to late class action suit that we tried to do ? maybe if we look into the 60 mints about luxotica their is a resion why they did that maybe we can find some one that's all ready trying to do some thing join them in this class action sue?
Reply to this comment
by ljalet October 13, 2012 10:58 PM EDT
Lesley Stahl met her match in speaking with Andrea Guerra, CEO of Luxottica. As much as I wanted to side with Lesley, I just couldn't. Andrea could not be a better spokesperson: smart, cool, calm and proud. And why shouldn't he be proud. Brilliant strategic marketing, excellent product, customer satisfaction and a steadfast course that obviously works. To be designing and manufacturing the world's most wanted brands, for an incredible client list, was smart enough, but to then create their own brand and sell them, and then purchase eyeglass companies, and start the vision insurance company...well, they have done an outstanding job. In America, we tend to want to tear successful busineses and people down -- there must be something underhanded, right Mike Wallace? (Miss him.) Let's just be happy for Luxottica and let them reap the rewards of their success.
Reply to this comment
by rbuitrago01 October 12, 2012 10:13 PM EDT
A huge part of the purchase of an upscale pair of sunglasses is after-the-sale service. As I learned the hard way, Luxottica is absolutely TERRIBLE when it comes to service. Ray-Ban had excellent customer service when it was owned by Bausch & Lomb -- and deteriorated afterwards. And I ended up throwing a pair of expensive Revos away when Luxottica absolutely refused to service the pair even though I was willing to pay for repairs.

Stick with independents -- Illinois based Maui Jim and California based Kaenon both take pride in making EXCELLENT lenses and stylish frames and stick by their products.
Reply to this comment
by Bignumbnuts October 11, 2012 11:08 AM EDT
Akamal808state ... those frames you mention, Vogue, etc, DO NOT cost under $100.00. They are $130 and above. Yes they do charity work in the USA and world wide ... it's a tax write off as all charity work is. BUT, ... Luxottica does CONTROL the competition thru "extrinsic influences" and market/frame control against "private" optical businesses, especially at large shopping mall locations. There is a "false competition" created by Luxottica. Think of it as 3 powerful car companies, GM, Chrysler,Ford .... stopping a smaller company from selling a new car product (thru market influences/manipulation) ... like "Tuckers". Same thing, different product. But I don't know a damn think, I've only work for this company (Lenscrafters) before and after they were bought from US Shoe by Luxottica. It has gone from a company that when I started, thought of the product they are selling as a "medical device and necessity) to a "retail" fashion statement of which you are suppose to convince the consumer that they need multiple pairs of ... like shoes or slacks/dresses. Just my personal opinion though, nothing else.
Reply to this comment
See all 38 Comments
Recent Segments

60MinutesOverTime

60 Minutes Overtime is a weekly web show that begins where the weekly television broadcast ends

  • 48 Hours iPad App

    Big changes for the 2012-2013 season! Watch the current week's episode for FREE up to a week after it airs or subscribe for access to all shows, classic episodes and more!