Sunglasses are a huge market, and it is considered one of the most profitable items in the fashion industry. Most eyewear brands operate in premium sunglasses segments and frames, with an estimated value of millions of dollars. More precisely, most designer eyepieces focus on high-end features, a very competitive and crowded industry.
This industry alone has an estimated value of at least $4 billion. Experts believe that it made a lot of sense to have a presence in this industry by providing the target market an excellent portfolio. On that of that, sunglasses must be a big part of the luxury-brand industry.
Eyepieces and frames have one of the highest conversion rates, since they attract new markets into other categories, thanks to their price and the consumers’ desire. Finally, it made a lot of sense for brands to gain control of their own sunglass licenses. It enables them to exploit each of their products, reach levels of quality for their eyepieces, and align distribution with their positioning and image.
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How do companies adapt to the rise of the Asian markets?
Asia is a very strategic area for a lot of eyepiece brands, as well as for luxury companies. They operate in it through direct subsidiaries and highly selective distributors. They designed a particular strategy to succeed in this part of the world depending on the communication and customized product, as well as strategic partnerships with various retailers with whom they execute dedicated events and initiatives.
China alone is an ample opportunity for a lot of businesses. Given its land size, it has a lot of small cities where sunglasses have little to no retail presence. To serve these areas and establish the brand in the market, a lot of companies collaborate with selected Chinese retailers and open a flagship store on various Chinese platforms.
How to target Chinese markets, specifically Millennials?
Most Chinese, especially Millennials, are always connected, well-traveled, and early adopters. They have single-handedly changed the landscape of Asian eyewear markets. The best-selling products in the United States and Europe also used to be very sellable in Asia, with various modifications. In today’s world, Asian Millennials have certain needs when it comes to materials, lens colors, and shapes.
Communications and tailored products are central points to success when it comes to this market. Eyewear brands like Dita sunglasses have local design teams to help them develop certain styles, shapes, dedicated fittings, and packaging for their Asian markets. To connect with Chinese Millennials, they usually rely on local marketing campaigns, as well as digital activations with the help of Chinese platforms like Weibo and WeChat and leading media outlets like Hypebeast.
What are their development goals?
Most sunglasses brands’ goal is to grow their organization in the most sustainable way possible, keeping a strong focus on distribution, quality, and design. Not only that, but they are also focused on the growth of their profitability. They are getting a tighter grip on their value chain because of a fully automated and integrated logistics center.
Brands are strengthening their international presence in the sunglasses market, where they currently rely on their distributors, especially in the Middle East and Southeast Asia. They are starting to increase their distributions through various channels, especially in the e-commerce industry. Eyepiece brands want to expand their existing strategic partnerships with top global fashion online retailers while also establishing innovative models in conventional retail.