@@dwong98 It's wild that they would bully this Italian CEO for basically winning at the monopoly game, considering how predatory US companies are. I'd like her to keep the same energy in front of Bill Gates and so on.
I know, he's a CREEP! Can just imagine how big his fat bank balance is! How did he get into health side of things though????????????? THAT is THE QUESTION?
"them" doesn't exist anymore. Former Oakley CEO Jim Jannard had to sell his company to Luxottica because they refused to sell Oakley in any of their stores. He lost a lot of money and didn't end up working "together" with Luxottica as Luxottica is working with itself.
@@y.t.a180 Yeah, think about this again next time you hear someone saying people get rich by effort. In the capitalist "free market" you get rich by being a bully, 99% of the time...
+benjamiy831 Now that is power of deception. Journalist makes interview with the CEO in a relaxed and friendly atmosphere but after editing he looks like villain. While everybody complain about high prices he is smiling...
+benjamiy831 HOLY SHIT!! I was thinking the same thing and was about to comment that lol. im slight freaked out by this hahaha. Agreed. I was watching the guy talk and all I could think was he sounds like a bond villain telling us his masterful diabolical plan...because he knows we can't do s**t about it.
He was answering it. They don't all cost the same. She then goes on to spin it that the average price is $300 with prescription lenses, and then ends the video saying that adding the lenses can add another $300 to the price. It's a dumb question. The answer is both yes every pair, and no none of them. The price is the price.
@@lskdfoIS It was a dumb question, you're right. She said "I'm asking if you charge less for frames made by luxotica since you're the same company". What? Why would anyone expect a company to undercut itself? If luxotica owns luxotica and lenscrafters and sells a pair of sunglasses, why wouldn't you assume the price to be the same? Why would you assume buying luxotica from lenscrafters would be cheaper than direct? It seems like she's trying to ask a "GOTCHA" question but when you think about it, it makes no sense. The price should be the same and the implication that buying luxotica from lenscrafters should be cheaper because luxotica owns lenscrafters makes no sense.
@@user-nh3gu1ge3d She was asking if buying them from Lens Crafters was cheaper than from other dealers not owned by Luxotica because it should be more direct and involve less price gouging the retailer since they work together, as opposed to other retailers who would in all likelihood pay a premium for Luxotica brands because they're competitors to the retailers Luxotica actually owns and works with.
Updates about Luxottica since this video is very old: 1) Luxottica has merged with Essilor; the largest lens manufacturer in the world 2) Luxottica up-charges an average of 500% on its lenses and frames (most industries only up charge around 100%-200%). 3) Luxottica now owns approximately 80% of the eyeglass industry. If you want to avoid giving EssilorLuxottica money, shop at any place not mentioned in the video, AND ask what lab their lenses are made at. If they say Essilor/Meridian, then that’s Luxottica.
Thanks for the information, the glasses seems to cost more then gold.... I think Polaroid made more honest sunglasses ate reasonable price, its a alternative
+Aeig most people don't hear the bullshit. Those that do, don't usually call out other people's bullshit because they're courteous. and only very few will call out these bullshit.
+Aeig Mark should've answered No. Because if they charged people less when it's a "higher" quality, people will automatically think it's an inferior product. People pay for the perceived value of goods and not the markup of the goods cost.
+fhhh It would be similar to what you said only if Apple owned and sold every cell phone of every brand and owned every cell phone carrier and then marked up their prices over %10,000. It may be several hundred dollars for an Apple phone but here you're seeing several hundred dollars for pieces of plastic.
+Aeig I think shes a good journalist but I thought that question was a load of bullshit. Why the hell would consumer's get a "break" on prices if they clearly stated that LC is now owned by Luxottica. That question was intended to make the President give a vague answer. He can't say yes or no, because if the President of any company gives false information its a PR disaster. Then he explains every retailer determines their own prices, and then she says his answer was "no." I thought that she was just being really smug.
She proved herself bold & beautiful. She put questions with clarity & single-mindedness. Made the public familiar with, how the big companies are looting them.
I worked in a optometry office/sunglass store locally-owned. And I can tell you the actual cost is cheap and the owner made a lots of money. Even more on prescription lenses.
I have to wear varifocal lenses which are more expensive than single vision lenses. I was quoted nearly £700 for new glasses from an optician. I went elsewhere and had top of the range varifocal lenses inserted to an old frame for a third of that. Best decision ever made. In the last year many firms have increased prices because government support for a lot of businesses during the pandemic was non existent, they're looking to recoup losses sustained during that time and its set off a vicious cycle which is now based on greed. What these businesses forget is that everyone was in the same boat. These rising prices will force those greedy businesses out because people can't afford to buy their goods or services
+Matt Bawlin Those plastic lens are less than $10/ pair. My Dad's best friend was an optician so we used to pay his cost and get free labor. I live next door to an optician and theyre still cheap. Alot of the plastic lenses come from Brazil. Most plastic blanks are less than $4 each on the invoices. We pay $200 for those lenses.
Luxottica has the biggest glasses factory in China, they make 90%finished product, then send to Italy to finish, adjust the cost on their book, so they can print made in Italy!!!!!!!
Exactly, the cost of getting a a pair of eyeglass in USA with eye checkup is around $300. If you go to Nepal go get same quality glass for 10 times less after the eye check up. I paid $25 for my eye glass back in Nepal.
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.
I refuse to buy sunglasses brand new. There are thousands of people who tire of their sunglasses or barely wear them and then want to get rid of them. You can get some pretty great deals that way. As for Ray Ban? I don't see what's all the fuss. The iconic aviator style is made by many other brands and frankly most of them are as good or superior in quality.
Its all about supply and demand. A high value is often times placed on expensive things. Couple that with a society that can afford it, and the government manipulating inflation on freaking everything, and its a perfect storm for overpriced stuff
I remembered when I was a kid and I went to a Korean American women optometrist. I told the Korean American women that her Optometrist place was cheap and she got mad insulted telling her friend that she did not like me for saying that. Now that I am older I still stand by what I said. All the glasses in the Korean American women's store were either made of cheap plastic and metals which were made in China. Those glasses do not cost a lot yet without insurance that Korean American women would charge nearly a $100 or more which was unnecessary. Lol sis got mad at me for telling the truth.
He's a very competent business man, and really knows what he's doing. The consumers' ignorance is bliss to him. He's not going to kill brand loyalty to tell people what's really going on, that would be absolutely mad.
lol, there's plenty of cheaper alternatives from, say, Chinese companies. Quality is pretty decent as well (just look at videos showing knock-off Ray-Bans and how similar they are). eBay helps.
I would agree if I wasn't literally blind without glasses. Severe myopia is debilitating without MEDICAL EQUIPMENT and just because glasses are easy to come across these days doesn't mean I should have to pay over 1000% of his production cost simply for the convenience. The point of this video is to show how a capitalist economy can fail when it goes unregulated. Although he certainly played by the rules, he's now changed the rules of the market so that ONLY he can win and that's not how one maintains economic growth in capitalism.
Satisfying? You know the top is getting slimmer and sharper for each year? I'm enraged! Though of course he should be proud of himself, he's doing the best he can in a system that barely has any rules nor enough informed players. But I fail to see how you can find his dominance over your kin satisfying.
Just buy some $30 aviators from walmart or better yet some fake raybans from the internet. Nobody would be able to tell, let alone, give a shit, anyway. I have walmart glasses and many people think they are name brand. In the end, is all about who is wearing it. If you are good looking, even cheap sunglasses, will look good on you.
@Leopold if he's sells in US he is under US laws. It will have a US business end. However US politicians, particularly ones on the red side, tend to be easy to persuade to not enforce the law with a few bills.
To be fair on him, just about every US citizen claims to be Italian just because their great-great-great-uncle's friend was from Italy. You can't be willing to falsely claim that you're Italian and then have a fit just because an Italian company owns a US brand.
@Cool.Hand nah he is a genius you would understand if you had a business or a large shop or something like that. He started from a village shop to international metropol. We should learn from him !
I used to think $30 sunglasses must be inferior to $300 ones, and maybe using them would hurt your eyes because they might be fake? Now I know that $30 is actually reasonable for a pair of real sunglasses.
kailli It depends on what the materials are and the method of construction. If its the same Zyl (optical plastic) then are the hinges the same? Do they have springs? Can you see or feel a quality difference? So honestly they could be spitting distance from one another or miles apart. Tough to say without looking at the and handling them. I'd say there is a decent chance that they are 70-85% similar.
Be carefull with sunglases. The frame doesnt matter but the glass should be polarized and the UV protection should have been tested. There are good cheap options but carefull with china stuff
Chuck Norris Good suggestion. Two quick things, I would recommend the term lens over glass because glass is a type of lens. Glass lenses are good at scratch resistance but break easy and also make most frames front heavy which leads to lenses breaking. Basically old people pretty much use glass lenses exclusively. Second, I do think polarization in sunglasses is a good thing if you spend lots of time outside or are sensitive to sunlight. That said polirized lenses can have a bit of a downside. Certain displays like one on a digital watch or an LCD type of screen can be rendered blank. If that is important to your job or activity that can be a drawback. I have polarized sunglasses and at some restraunt locations I have to switch because I cannot read the menu. I used to sell and make both glasses and sunglasses. A good pair of frames can last a long time, especially if they are steel or titanium. For sunglasses I get polarized lenses as they help my eyes outside. Professionals will tell you to get your eyes checked at least once a year. More if you have issues coming up. Keep in mind that if your prescription should change you will need new lenses. Sometimes you can use old frames but you will also want to get new ones too. So you may keep that in mind when buying glasses.
Damn son. That CEO is the coolest mofo out there. Calm af, didn't allow the interviewer to provoke him, epic business man. "Everything is worth what people are ready to pay for it". Ice.fucking.cold CEO game on point.
I don't want to like your comment but I can't help it. This guy is making a fortune ripping off most of the world and stamping out the competition... But he handled those questions so well that I have to give the man props!
That explains why online spectacle companies are able to be profitable while offering stylish frames with lenses people want to wear. It vindicates my view that notwithstanding the overheads traditional opticians have to pay the mark up on a pair of glasses is off the scale
Add insult to injury; A friend of mine years ago who worked in his fathers optical lab made me two pairs of glasses after hours. (exactly the same lenses and frames as my former Optometrist) Charged me what they charge your Ophthalmologist, Optometrist or Optician. From the lab to you is a MINIMUM of 500% mark up. Opened my eyes. (no pun intended)
@@kjrayo18 The sunglasses I bought from eye buy direct broke after 4 years. Sunglasses that I had purchased from a drug store broke after a couple of months though.
I dislike my prescription ray bans so much. They keep sliding down my face :( I didn’t even know they were ray Bans when I bought them. I wasn’t paying attention and I overpaid :(
I purchased a pair of Versace frames from Lenscrafters about 10 years ago for $525 (frames and lenses) A few years later I met someone that managed a discount chain called Eyemart. The exact same frames minus the Versace label were $45 retail. She looked up their cost and told me they only pay $9. I compared and examined the frames side by side and they weren't just similar..they were exact. It was no doubt they came from the same manufacturer.
Josh River a lot of emerging companies are using this strategy now. Beauty Pie, Idoni, M.Gemi, Cuyana, Tamara Mellon, Oliver Cabell, Greats, and Everlane.. When you buy designer, you're buying the brand. You're paying membership fees to an exclusive club, if you will. Dior, Prada, Chanel wouldn't be "luxury" if everyone walking down the street has one.
Fong .YukYuu I totally get that and is something I've recognized for a long time now. However, imho "luxury" at the very least implies your getting something more for the money spent. (i.e. quality, features, exclusivity ect..) I realize that the majority are fine with paying all that extra money for the privilege of a luxury name. I find it almost insulting (on a personal level anyway) that exotica does so well at this legal marketing scam. I don't care how rich I was..I couldn't justify spending that much more on a set of frames that literally come from the same source. Don't get me wrong here..im not suggesting what someone should or should not do with their money. I'm only expressing my opinion on how absurd and shallow people can be for the sake of bragging rights.
You do get something with *some* of the expensive sunglasses, even from Luxottica. Persol and Ray Ban for example have very unique styles, and cheap similar sunglasses don't quite have that same shape or look. Ray Ban Original Wayfarers have stronger hinges, rivets from the hinges into the arms and frame and metal in the arms for additional strength and are also made of acetate rather than other plastics. The markup is higher, there is diminishing returns, but to say you get nothing at all for the extra money is not true. You have to be careful though, RB New Wayfarers for example have no metal in the arms and no rivets. Saint Laurent (Safilo I believe) have a layer of acetate over the brand name inside the frame so it doesn't wear off. Again, markup even higher but you get something. Cutler & Gross ups the quality again with a more stringent manufacturing process and you don't get uneven glasses from them and even more strength compared to Luxottica brands. All of them are less easily scratched and the finishes don't wear off as easily. Sunglasses are like any other expensive clothing - some of them are an outright scam, some of them are higher quality & nicer, some of them are super high quality & even nicer, but you pay exponentially more with diminishing returns. Honestly the thing most worth complaining about here is the fact Luxottica designs the sunglasses. That really is disgraceful and a scam, even if they do a reasonable job half the time.
@MRFUCKOFF202, yes, that's true, but have you ever asked yourself WHY you prefer the shape or look of the $200 pair of sunglasses over the cheaper ones? It's marketing man. You have unintentionally developed a taste for what they wanted you to. It's on an actor or in a magazine picture or whatever.
I always lose or break the expensive sun glasses. But those $4 PUGGS I bought that one time at the gas station on that road trip will probably survive the apocalypse..
I can imagine the Mafia-like negotiations that took place when buying Oakley. "Nice sunglasses you got there. It'd be a shame if they disappeared from the market."
I stand with Oakley. They put a shitload of engineering into their eyewear and, in most cases, don't even need to (ANSI tests, etc.). I will always buy from Oakley online. Never stepped foot into Sunglass Hut.
not really. Shops add the markups...and shops can be individual franchises, so they can change their prices to suit their needs, but glasses are slow movers, and bills need to be paid, so that's why they mark it up a lot.
there are online glasses stores that sell nice glasses that are very similar to the expensive bs for under 20 bucks total. check out zennioptical/eyebuydirect.
Took Rayban off the market for a year, and brought it back on the store shelves, and didn't change or enhance anything on them. They just came up with a different advertising scheme. Genius
that is the system most of us have no problem with. Do not blame him. Illusions are what most of us prefer. Just do not tell us. This is why film Matrix was so on point.
at 10:04 it gave me goosebumps the way he responded "I understand your theory but they understood that life was better together" Sounds like a villain :|
Volvo is a Swedish car brand owned by Chinese Jaguar-Land Rover is British car brand owned by Indians It all boils down to "Branding" because no one looks for the owner, but only remembers who popularized and built the reputation of the brand.
With that 600$ you could visit my country, chill for five days, eat buffets everyday and then get the exact same glass with prescription lenses and still you had 100$ left.
@@iggypopisgod9 how ilitrate you are!! You can live a very good life in 600 USDs in Bangladesh,Sri Lanka Pakistan and perhaps also in India.U seem to be ilitrate American
Ive worked for Luxottica (Sunglass Hut) for 4 years. Extremely toxic work culture. They raise the prices anywhere from $1-$30 on each pair of glasses every single year now. The employees get 30% off as their discount (which is nothing for a $400k-$500 pair of glasses) and about 2 times a year they get 50% off. Part time sales Associates are left alone in the store for hours expected to run the store by themselves. They laid off Regional Managers during Covid leaving other regional managers to manage hundreds (literally hundreds) of stores so now everything is slipping through the cracks. With that said the glasses are good quality, and I highly recommend everyone gets a nice pair of glasses to protect your eyes- the drug store $1 pair doesn’t cut it. Luxottica owns EVERYTHING, they make SO much money yet the company culture is TRASH. I would NEVER recommend ANYONE to work for them.
If you take the ingredients of a cake and throw them together in the oven will you get a great cake at the end? If you don’t have a cook placing all the ingredients together in the correct order, at the exact temperature and selecting the finest ingredients… You won’t have a cake. If the cook it’s a chef and apart from the great taste he decorates the cake. What is most valuable the ingredients or the craftsmanship? What if that Chef is your countryman and you as the owner of the bakery respect his labor and pay him top dollar for it and still make a good profit. Would you risk the quality of the cake to have it made in another country paying slave labors to a poor bastard that at the end won't be able to deliver the same quality? Is that so hard to understand? Ray-Ban’s today are made in Italy and are far better than the ones made before. Italians get top dollar for the craftsmanship and Americans get a great product that is not only fashionable in the many incarnations Luxottica makes but also it’s functional. Americans must understand that “THE PRICE OF CHEAP PRICES IS GREATER THAN ANY FINANCIAL GAIN” and the suffering it promotes are endless. If not ask Wal-Mart and the many American businesses that have send your jobs abroad to give you a few dollars in discounts at the mall for garbage of substandard quality… This is the worst report I have ever seen in 60 minutes. I say this placing on my face my freaking 400 USD sunglasses… Mmmmmmm they look so fucking fine… I hope that “Mario or Luigi” or whatever his fucking name is has enough money to send his kids to college and have them make me better freaking sunglasses in the future. AMEN Luxottica happy customer…
at 9:47 , The CEO while talking about Oakley sounded like a Mafia Godfather 😅 I expected him to say "I just made them an offer they could not refuse 😏"
"They understood that life was better together." "“Like many business men of genius he learned that free competition was wasteful, monopoly efficient.” ― Mario Puzo, The Godfather
Since the consumer is vulnerable to monopoly pricing, by definition, the options are severely limited. I thought there were laws against monopolies operating in the US due the predatory nature of them, but guess I’m wrong.
Im also looking into buying a pair of sunglasses and i quite like persol's and ray ban's models but I wanted to take a look into other non luxottica manufacturers and the only ones I found so far that I like are Moscot's and they are often double the price of what ray ban's cost so it also isn't easy to find a non luxottica answer
@@jans.2123 i'm in the same position... it's so annoying cause even Ray Bans are kinda expensive, i would like something a bit more affordable and to look nice. Sadly i barely find any models i like as it is. You can tell they are made by the same company :)
11:06 "The whole point of luxury brand is to persuade people to pay $200 for a product that costs $30 to make" somehow it suddenly reminded me of apple products?? Edit: For all trollers, I know value vs price, I did not say Apple should be cheaper or they are overpriced. Try to understand the sentence first. I do own Apple products.
Brands have value beyond the product. If you don’t want or can’t afford the “prestige” factor that comes with the label, buy generic. Ultimately the buyer dictates their own definition of value.
That sounds good on the surface. Heck, I repeated the same mantra myself for years. Then I started questioning myself. WHY are we ready to pay? Is the media (mainstream, social, whatever) conditioning us to 'consume' certain things? Why wouldn't they? Since 'big corporate' owns all of the various medias it'd be in their best interest to promote consumerism. Once Pavlov's dogs were conditioned to salivate when the bell rang, it wouldn't be fair to blame the dogs for doing what they were conditioned to do.
Larry O I agree! But... Isn't Trump just as bad if not worse? People think Business men are more honest and efficient than career politicians just because they talk like us. We know the truth now...
It's called a monopoly! And when I watched the full report on this Luxotica owner smirks when asked why they are so expensive....translated I do because I can!
He's the Italian version of Donald Trump. It's not exactly the most productive country in the world and surely not known for much other than tourism and maybe food but Italy has found a way to get even with the USA.
As a person who wore prescription glasses from the age of nine till around fifty five I was never so happy to have my lenses replaced due to cataracts and never wear glasses again. By having Multifocal lenses with UV filters implanted I finally have perfect vision and this means I finally get to ditch annoying eyewear forever.
ohhh my friend. Sun glasses is not a first need object. We can survive without them. Tell me... if its not worth it, why people keeps paying so much money for a product that makes no diference in their lives.
Mone Sabri people will pay $100 for a roll of toilet paper if you lock them in the bathroom with none after they take a messy dump, doesnt mean toilet paper is worth $100/roll
Real journalism - taking an issue and telling about it. The good, the bad and the ugly. NOT creating a political issue. It’s about letting the consumer think for themselves.
Excellent n true n I'm concerned how they're involved in medico? I know how much my parents had no choice but to pay for different sets of glasses. They had no choice. I do. So we must raise this issue...BRING BACK TRUMP!
Thank you, Lesley Stahl. I haven't been able to buy glasses for two years. Now I know why glasses are so expensive. Thank you for exposing the deceptive truth behind Luxottica.
I got 2 prescription eyeglasses online for $30. I was worried that they would be a waste of money but I love them and they fit great. Firmoo is good and cheap.
You can bet that Luxocitca is working that angle every day trying to take over their optics sections by buying their companies or squeezing their supply of products.
Classic monopoly in the eyeglass industry. The CEO clearly states that people are willing to pay for the name of the brand even though he owns all of the former brands that used to compete against him. Basically he's giving an impression that YOU have a choice and that you're willing to pay lots of money for stupid plastic and some metal.
+Carlos Malave Companies like Maui Jim actually make the high price worth it. They have some solid frames that can bend and twist and form back to shape and not break.
Jeremy Howard In that case ,i understand that the Maui brand has quality already built in. On the other hand, other brands are a brand name with an Italian or French name that is made in China.
+Carlos Malave It's not stupid plastic and metal to me. I like ray ban and I own a couple. the prices are high, but not prohibitive. I'd like them to be cheaper, but now I understand why they're going for 100€ where I live. Anyway, I love my ray ban, so I wouldn't consider buying a pair a bad decision, because I'm willing to pay that price for them. As another guy already said, this guy just knows what he's doing and unfortunately there isn't any real competition in the market. Kudos to him. Bad for the consumer. With that said, Im still rocking my aviators B-)
Manuel João Mr. Joao, the same reason Apple Co. makes a lot of money in overpriced iphones and other products-- made in China. I understand that you like your Ray-Ban; but you could've paid less if it Ray-Ban wasn't bought out by the big competitor and btw, instead of Italy, it's made in China for more profits.
Carlos Malave I know, but the difference being in the hundreds of dollars between the 2 products. Ray ban "only" cost around 100€, even if they only cost 20€ to make or whatever. 100€ is very affordable if you really like/want them (like I do). Apple, on the hand, has a price tag of 500/600/700. It's not even close. The scope is entirely different. Companies will always try to maximise their profits and margin. I know sunglasses could be a lot cheaper, but they could also be a lot more expensive (obviously when you see people willing to pay 400€ for a pair). In the end, for non-essencial products you will ALWAYS pay what you think the item is worth to you. You know the price, you like the item, you decide to want the item, you accept the price. No one forced me to buy my ray bans, but I really wanted them. Would be awesome if they were cheaper of course, but they're worth the price for me.
The ending of the video is where I felt more could have been said about the lens industry. The choices cripple the customer to buy the latest and the greatest. The frames last a good couple of years (5 or even 10 if you keep them really well). The lens business is brutal, one cannot re-purpose the lens already made and the advertised technology keeps getting better.
I used to work for Luxottica, they were a great company to work for. They really take care of their employees. They also had a great program where if the frames that came out a little wrong or older styles were discontinued and we had extra stock, we would complete them with lens and send them off to third world countries and we had reps that went to those countries and would give the glasses out for free.
I just bought new glasses at Costco for $178. The SAME EXACT glasses elsewhere got priced out at $538. Not a joke. Same frame, same lenses, same coatings. Costco and Walmart both told Luxottica where to shove their price fixing.
Well, let's not hoist up Walmart on our shoulders just yet. Remember, they are an unapologetic, evil corporation who drives out any (if possible all) competition in the superstores vicinity. I will even go ahead and make the bold claim that Walmart did not merge with Luxottica simply over unethical price fixing, but rather because Walmart prefers to take the full profit of all optical product sales and rather not share the companies earnings with a fellow mega corporation, like Luxottica.
I love this lady "Do people REALLY wear these?" *comparing glasses* mmm they're pretty similar "Since Lucottica owns you..." " MARK, you're NOT answering my question"
Once, while driving from Geneva to Milan, my gf pointed to a building & remarked that that was where some 80-90% of the worlds sunglasses, including cheap knock-offs! I found it hard to believe, but all the locals agreed w/her. This was the company.
Yup.... just spend 139 for a damn eye exam remember 2 years ago cost me about $30 bucks or so is damn expensive i just bought the new Versace prescription glasses let me tell you they look nice but it’s not nice to the bank $460 was the final priced an yes i know i could of bought a cheaper one but i wanted to go with a nicer one than my current ones rayban mine didn’t last too long n there boring basic but then theres people who don’t need them an still wants them Im like why i wish i didn’t need glasses fricken sucks
Bugatti Automobiles S.A.S. was purchased by Volkswagen AG during the late 90s. A lot of people don’t realise that the Germans own a lot of different car brands. Let’s see how Brexit may affect the automobile industry in the UK.
@@whatzittooya1833 that doesnt make it a German car if a German company owns it. They've started in France not in Italy. You're not going to call a rolls royce and a bentley "a german brand"
After Luxottica bought Ray-Ban, the prices for replacement lenses have increased by 3X (TRIPLED!!). I purchased two pair that did not even fit and when I tried to return them I was told no because it had been over thirty days. Also Ray-Ban used to have GREAT customer service with live people and now I guess Luxoticca must have canned them all because now you cannot talk to any live people to take care of any problems, which before the buy-out they would have easily have offered to take care of my non-fitment issue.
Most people forget the difference between a group of men who crookedly run the casino business in a city and the hooligans selling meth on street corners.
You would think the glasses he is wearing are just an ordinary pair of specs, but you would be wrong, dead wrong. They are master glasses, manufactured within the very bowels of Luxottica. One Pair of Glasses to rule them all, One Pair of Glasses to find them, One Pair of Glasses to bring them all and in the monopoly bind them. In the town of Agordo where the glasses are made.
Not Monopoly, Organized ( MAFIA ) crime at & elite level ; they own every eyewear outlet & every vision clinic & you can add in the 2 largest EyeMed insurance provider in the world !!! Think about it !
He's 100% correct. The market sets the price. Less expensive alternatives are available. More expensive alternatives are available as well. People will pay what they believe the product to be worth.
@S. you do have a choice, just don't buy the glasses. Simple. Want a cheaper pair? There are some out there that cost $20. It may not say Ray-Ban on the side, but itll give you the same shade as the other glasses.
+mythirdaye When a business deceives its people and puts an impression to make it seem like multiple companies, it kind of is a secret. This company is basically running a ponzi scheme. They have their own insurance which it sells and allows you to buy their subsidized products on a loan from their own credit card company. I see you're point that most of the people who fall into this are sheep. None the less, it is still something that is unaware of.
+mythirdaye its actually illegal in most nations and not only promotes oppressive production (slave labor) but high corruption (buying politicians, etc) and THEM choosing who makes it in the industry instead of the consumer...its communism capitalized...
+cicada This is not a Ponzi scheme, Ponzi scheme are targeted at investors, making them believe you are making tons of cash and that you will share it with them, except that there is no such money. All money here is real, it is from the consumer, he pays for the credit, pays for the insurance and pays for the glasses with hard earned cash, and he gets what he paid for, the only thing is that the price tag is high because there is little competition.
+gubx42 you are right in your definition of ponzi but wrong in your excusing of this company. There is not little competition, there is no competition. It is an internationally illegal company but since its a cartel monopoly with the brands of the most exclusive companies reputations on the line, nobody does anything. Its weird to me why youre defending them when you obviously dont know anything about it
Thank you for this eye opening program!! I recently underwent eye surgery and right now need a good pair un sunglasses. Now I know for sure that high prices don’t necessary mean high quality. Thank you!
The smirk on the CEOs face throughout the entire interview says it all.
i was going to say that too
He is like, I have made a fool out of this world
That evil smirk
He looks like the love child of Steve Ballmer and Putin, but he definitely takes after Putin more. Heh.
He has a smug and slapable face
8:03 I love that she called him out for not answering her question. I want to see more journalists go back to doing this!
This is bad.. people wont want to interview for their channel
I caught that too!!
@@deamondepicksaxe This is CBS's 60 minutes.
@@dwong98 It's wild that they would bully this Italian CEO for basically winning at the monopoly game, considering how predatory US companies are. I'd like her to keep the same energy in front of Bill Gates and so on.
That Italian CEO sounded like the mafia when he was discussing the disagreement with Oakley.
Power corrupts, and absolute power corrupts absolutely, to use a worn out phrase. Monopolies are bad for consumers, we can clearly see this here
Cyborg Manticore
As I always say…
It's not that power corrupts.
It's that, only the corrupt will earnestly seek power over other people.
@@tubebility You could be right. But this begs the question: Who isn't corrupt?
Alot of pausing and thinking of how to phrase his answers.hmmmmm. i move her journalism. To the point and blunt!
tubebility
L
The interviewer is asking damn good questions. She's good .
Hahahahahaha
Whats her name.??
She got her head handed to her. IMO
She is the best
Indeed.
I like how she's not afraid to just confront people and ask them directly and call them out on things.
Call them out on what? Being a super successful business? I think the correct term for that is complimenting.
@@Undaglibenglaubengloben are you kidding watch the video she even straight cut in on one guy and said you're not answering my question.
@@Undaglibenglaubengloben On being anti competetive
@@thedog5k ... and for price gouging, price fixing
Italian CEO sounds like a movie villain with what he is saying, "They ended up realizing that working together was... better for them."
I know, he's a CREEP!
Can just imagine how big his fat bank balance is!
How did he get into health side of things though?????????????
THAT is THE QUESTION?
Mafia
"them" doesn't exist anymore. Former Oakley CEO Jim Jannard had to sell his company to Luxottica because they refused to sell Oakley in any of their stores. He lost a lot of money and didn't end up working "together" with Luxottica as Luxottica is working with itself.
@@y.t.a180 Yeah, think about this again next time you hear someone saying people get rich by effort. In the capitalist "free market" you get rich by being a bully, 99% of the time...
@@TBPetitP if everyone got rich by effort, the donkeys would rule this planet.
This is one of the very best reviews I've ever seen. Brilliant interviewer, clever questions and answers too.
Answers were just hypocrite
This lady is savage. I like how she confronts LensCrafters: "Mark you are not answering my question".
Like he's on the stand.Don't like his business?Don't shop there! Another example of 60 minutes vilifying succesfull people/ businesses.
Damn, the Luxottica boss talks like a Bond villain
+benjamiy831 Now that is power of deception. Journalist makes interview with the CEO in a relaxed and friendly atmosphere but after editing he looks like villain. While everybody complain about high prices he is smiling...
He's only missing a cat.
+Miguel Malcolm right
+Miguel Malcolm LOL
+benjamiy831 HOLY SHIT!! I was thinking the same thing and was about to comment that lol. im slight freaked out by this hahaha. Agreed. I was watching the guy talk and all I could think was he sounds like a bond villain telling us his masterful diabolical plan...because he knows we can't do s**t about it.
"You're not answering my question."
Please let more journalists do this again
Niko'to Nagatani they do but the democrats still get away with it and lie!!
He was answering it. They don't all cost the same. She then goes on to spin it that the average price is $300 with prescription lenses, and then ends the video saying that adding the lenses can add another $300 to the price. It's a dumb question. The answer is both yes every pair, and no none of them. The price is the price.
@@lskdfoIS It was a dumb question, you're right. She said "I'm asking if you charge less for frames made by luxotica since you're the same company". What? Why would anyone expect a company to undercut itself? If luxotica owns luxotica and lenscrafters and sells a pair of sunglasses, why wouldn't you assume the price to be the same? Why would you assume buying luxotica from lenscrafters would be cheaper than direct? It seems like she's trying to ask a "GOTCHA" question but when you think about it, it makes no sense. The price should be the same and the implication that buying luxotica from lenscrafters should be cheaper because luxotica owns lenscrafters makes no sense.
@@user-nh3gu1ge3d She was asking if buying them from Lens Crafters was cheaper than from other dealers not owned by Luxotica because it should be more direct and involve less price gouging the retailer since they work together, as opposed to other retailers who would in all likelihood pay a premium for Luxotica brands because they're competitors to the retailers Luxotica actually owns and works with.
@@Jxsurfer90 How would a republican know? I've yet to meet a republican knows the difference between truth and lies.
The CEO sounds like some evil genius who could take over the world if he wanted to.
He already has
+Benjamin Meijer no only glasses lol, many peoples doesn't have eyes problems, and doesn't live in sunny places.
+Peter Kolodziej He's freaky :S
+Peter Kolodziej but he doesn't so he maust be a cool guy
+Peter Kolodziej He's a cheeky fuck, that's for sure.
Updates about Luxottica since this video is very old:
1) Luxottica has merged with Essilor; the largest lens manufacturer in the world
2) Luxottica up-charges an average of 500% on its lenses and frames (most industries only up charge around 100%-200%).
3) Luxottica now owns approximately 80% of the eyeglass industry.
If you want to avoid giving EssilorLuxottica money, shop at any place not mentioned in the video, AND ask what lab their lenses are made at. If they say Essilor/Meridian, then that’s Luxottica.
Thanks for the information, the glasses seems to cost more then gold.... I think Polaroid made more honest sunglasses ate reasonable price, its a alternative
Thank you
Thank you.
I stick with Maui Jim every time I can.
bro aliexpress
8:03 "Mark you're not answering my question." I love how blunt she is here. And a great journalist overall.
+Aeig I was just thinking the same thing. This woman is awesome!
+Aeig most people don't hear the bullshit.
Those that do, don't usually call out other people's bullshit because they're courteous.
and only very few will call out these bullshit.
+Aeig Mark should've answered No.
Because if they charged people less when it's a "higher" quality, people will automatically think it's an inferior product.
People pay for the perceived value of goods and not the markup of the goods cost.
+fhhh It would be similar to what you said only if Apple owned and sold every cell phone of every brand and owned every cell phone carrier and then marked up their prices over %10,000. It may be several hundred dollars for an Apple phone but here you're seeing several hundred dollars for pieces of plastic.
+Aeig I think shes a good journalist but I thought that question was a load of bullshit. Why the hell would consumer's get a "break" on prices if they clearly stated that LC is now owned by Luxottica. That question was intended to make the President give a vague answer. He can't say yes or no, because if the President of any company gives false information its a PR disaster. Then he explains every retailer determines their own prices, and then she says his answer was "no." I thought that she was just being really smug.
I felt poor af for buying $12 cheap sunglasses at the mall but after seeing this video I feel 100% better.
+sleepybird09 Yeah 😕
Cheap diamonds are THE THING =)
me too ^_^
sleepybird09 nah he just drinks it straight from the toilet
You're still poor though.
She proved herself bold & beautiful. She put questions with clarity & single-mindedness. Made the public familiar with, how the big companies are looting them.
She was old & bitter, always...
@@BS1af I have no idea about the rest of her programs but in this video, she dealt with the issue fantastically.
We like her and like your comment.
@@1x1HealthyEnergybyAndrew Thanks.
I worked in a optometry office/sunglass store locally-owned. And I can tell you the actual cost is cheap and the owner made a lots of money. Even more on prescription lenses.
I have to wear varifocal lenses which are more expensive than single vision lenses. I was quoted nearly £700 for new glasses from an optician. I went elsewhere and had top of the range varifocal lenses inserted to an old frame for a third of that. Best decision ever made.
In the last year many firms have increased prices because government support for a lot of businesses during the pandemic was non existent, they're looking to recoup losses sustained during that time and its set off a vicious cycle which is now based on greed. What these businesses forget is that everyone was in the same boat. These rising prices will force those greedy businesses out because people can't afford to buy their goods or services
so I dont feel bad about $15 knockoffs all of a sudden
i feel terribly stupid about buying rayban prescription lmao
They are still plastic and not actual glass lenses also much better quality. And most are not made in China.
+Matt Bawlin Those plastic lens are less than $10/ pair. My Dad's best friend was an optician so we used to pay his cost and get free labor. I live next door to an optician and theyre still cheap. Alot of the plastic lenses come from Brazil. Most plastic blanks are less than $4 each on the invoices. We pay $200 for those lenses.
Luxottica has the biggest glasses factory in China, they make 90%finished product, then send to Italy to finish, adjust the cost on their book, so they can print made in Italy!!!!!!!
Thank god there are indie companys that sell glasses with carl zeiss optics less than 60e like ashbury
Thanks China for copying and making the price more reasonable.
Probably the counterfeits are made by Luxottica, as well.
In this case I totally agree and from now on I buy only Chinese copies!
Yeah, good luck with those fake UV blocking lenses.
robertorolfo yeah, I’ve noticed some people getting Chinese fakes and getting their eyes ruined.
$1 pair of sun glasses from Walmart block more UV than Ray Ban ! Look at the test.
Glasses are indeed way over priced!
+How To Make Sushi I agree with this! I am glad you agree with the popular opinion! Now you appeal to us!
How To Make Sushi true!
Exactly, the cost of getting a a pair of eyeglass in USA with eye checkup is around $300. If you go to Nepal go get same quality glass for 10 times less after the eye check up. I paid $25 for my eye glass back in Nepal.
@@calbeter your comment was so underrated lmao
Not from China
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.
I refuse to buy sunglasses brand new. There are thousands of people who tire of their sunglasses or barely wear them and then want to get rid of them. You can get some pretty great deals that way. As for Ray Ban? I don't see what's all the fuss. The iconic aviator style is made by many other brands and frankly most of them are as good or superior in quality.
Its all about supply and demand. A high value is often times placed on expensive things. Couple that with a society that can afford it, and the government manipulating inflation on freaking everything, and its a perfect storm for overpriced stuff
I remembered when I was a kid and I went to a Korean American women optometrist. I told the Korean American women that her Optometrist place was cheap and she got mad insulted telling her friend that she did not like me for saying that. Now that I am older I still stand by what I said. All the glasses in the Korean American women's store were either made of cheap plastic and metals which were made in China. Those glasses do not cost a lot yet without insurance that Korean American women would charge nearly a $100 or more which was unnecessary. Lol sis got mad at me for telling the truth.
He's a very competent business man, and really knows what he's doing. The consumers' ignorance is bliss to him. He's not going to kill brand loyalty to tell people what's really going on, that would be absolutely mad.
Completely agree. Also immensely satisfying to see how he doesn't lose his cool after the repeated "attack" questions. No surprises for him.
lol, there's plenty of cheaper alternatives from, say, Chinese companies. Quality is pretty decent as well (just look at videos showing knock-off Ray-Bans and how similar they are). eBay helps.
I would agree if I wasn't literally blind without glasses. Severe myopia is debilitating without MEDICAL EQUIPMENT and just because glasses are easy to come across these days doesn't mean I should have to pay over 1000% of his production cost simply for the convenience. The point of this video is to show how a capitalist economy can fail when it goes unregulated. Although he certainly played by the rules, he's now changed the rules of the market so that ONLY he can win and that's not how one maintains economic growth in capitalism.
Satisfying? You know the top is getting slimmer and sharper for each year? I'm enraged! Though of course he should be proud of himself, he's doing the best he can in a system that barely has any rules nor enough informed players. But I fail to see how you can find his dominance over your kin satisfying.
Just buy some $30 aviators from walmart or better yet some fake raybans
from the internet. Nobody would be able to tell, let alone, give a
shit, anyway. I have walmart glasses and many people think they are name
brand. In the end, is all about who is wearing it. If you are good
looking, even cheap sunglasses, will look good on you.
This man is playing pure monopoly.
Isn't that illegal in the US ?
and Nike too.
@Leopold if he's sells in US he is under US laws. It will have a US business end. However US politicians, particularly ones on the red side, tend to be easy to persuade to not enforce the law with a few bills.
A MONOPOLY IS ONLY ONE SELLER TO MANY BUYERS. THIS IS NOT A MONOPOLY. PICK UP AN ECONOMICS TEXTBOOK
@@blackwhite2361 LoL, you better read that again and get some real knowledge.
"So what happened with Oakley?"
*In italian accent*
"We made them an offer they couldn't refuse"
he went total🕵Mob 🔫🗡on eyewear😮..😂
Sounds like Italian mafia offer
Watching it after 8 years and it still blows my mind...The true Don from Italy...
"It's an American brand owned by Italians" I love the cockiness in his tone and facial expression when he said that lol
👍👍👍
Confidence
He even sounds evil.
To be fair on him, just about every US citizen claims to be Italian just because their great-great-great-uncle's friend was from Italy. You can't be willing to falsely claim that you're Italian and then have a fit just because an Italian company owns a US brand.
@Cool.Hand nah he is a genius you would understand if you had a business or a large shop or something like that. He started from a village shop to international metropol. We should learn from him !
I used to think $30 sunglasses must be inferior to $300 ones, and maybe using them would hurt your eyes because they might be fake? Now I know that $30 is actually reasonable for a pair of real sunglasses.
kailli
Sheeple like like drove/drive prices.
kailli
It depends on what the materials are and the method of construction. If its the same Zyl (optical plastic) then are the hinges the same? Do they have springs? Can you see or feel a quality difference? So honestly they could be spitting distance from one another or miles apart. Tough to say without looking at the and handling them. I'd say there is a decent chance that they are 70-85% similar.
Be carefull with sunglases. The frame doesnt matter but the glass should be polarized and the UV protection should have been tested. There are good cheap options but carefull with china stuff
Chuck Norris
Good suggestion. Two quick things, I would recommend the term lens over glass because glass is a type of lens. Glass lenses are good at scratch resistance but break easy and also make most frames front heavy which leads to lenses breaking. Basically old people pretty much use glass lenses exclusively.
Second, I do think polarization in sunglasses is a good thing if you spend lots of time outside or are sensitive to sunlight. That said polirized lenses can have a bit of a downside. Certain displays like one on a digital watch or an LCD type of screen can be rendered blank. If that is important to your job or activity that can be a drawback. I have polarized sunglasses and at some restraunt locations I have to switch because I cannot read the menu.
I used to sell and make both glasses and sunglasses. A good pair of frames can last a long time, especially if they are steel or titanium. For sunglasses I get polarized lenses as they help my eyes outside. Professionals will tell you to get your eyes checked at least once a year. More if you have issues coming up. Keep in mind that if your prescription should change you will need new lenses. Sometimes you can use old frames but you will also want to get new ones too. So you may keep that in mind when buying glasses.
kailli ughhh no 5 bucks is
Damn son. That CEO is the coolest mofo out there. Calm af, didn't allow the interviewer to provoke him, epic business man. "Everything is worth what people are ready to pay for it". Ice.fucking.cold
CEO game on point.
loool thats what i thought.
+gabor such a genius
Did you see his shifty eyes? So sketchy...
+VasHappeninTV on the real, he is
I don't want to like your comment but I can't help it. This guy is making a fortune ripping off most of the world and stamping out the competition... But he handled those questions so well that I have to give the man props!
Back in the 90's I worked in a factory that made the metal frames for glasses. The unit price the factory sold the frames for was 56p (70 cents).
well that would be just the manufacturing cost but even if you add marketing, logistics and sales cost there is no way they should cost $550
That explains why online spectacle companies are able to be profitable while offering stylish frames with lenses people want to wear. It vindicates my view that notwithstanding the overheads traditional opticians have to pay the mark up on a pair of glasses is off the scale
they're so expensive that even at 50% off discount are still ripping you off.
Sam Aka Vlogs 😂😂😂
Add insult to injury; A friend of mine years ago who worked in his fathers optical lab made me two pairs of glasses after hours. (exactly the same lenses and frames as my former Optometrist) Charged me what they charge your Ophthalmologist, Optometrist or Optician. From the lab to you is a MINIMUM of 500% mark up. Opened my eyes. (no pun intended)
They are ripping you off even at a 95% discount lol.
Hahaha
Yup
This guy is basically an Italian eye wear mobster the "Eye Father"
Right... lol
I'm coming to make you an offer your eyes won't reject
Cristiano Paluzzo Piccin 😂😂😂 W
MeadhbhNi 🔥Gold, now that’s Punny😂
@MeadhbhNi no pun intended, right?
You know a company is evil when they make Walmart look like the underdog.
Or perhaps the interview was edited in such a way and the commentary framed in such a way that the company is meant to look bad
@@dukedunac Or perhaps they're just evil?
Worse than dorsia
@@felipec.2854 Dorsia? Nobody goes there anymore.
Companies are not evil, they are smart.. Go to eyebuydirect and get $20 dollar glasses if you don't wan't to pay for a brand name.
I used to wear designer glasses when I was younger and now I just order cheap no name ones online. No difference. My ray bans broke after 4 years.
Raybans broke after 4 years. Cheap glasses break after a month. Some cheap glasses even have glass that fade. But I agree they are a bit overpriced
@@kjrayo18 The sunglasses I bought from eye buy direct broke after 4 years. Sunglasses that I had purchased from a drug store broke after a couple of months though.
I dislike my prescription ray bans so much. They keep sliding down my face :(
I didn’t even know they were ray Bans when I bought them. I wasn’t paying attention and I overpaid :(
4 years that's good.
Lmao 4years and you are complaining ? Did they break up on their own like sitting on a desk and suddendly they cracked ? Lol
I purchased a pair of Versace frames from Lenscrafters about 10 years ago for $525 (frames and lenses)
A few years later I met someone that managed a discount chain called Eyemart. The exact same frames minus the Versace label were $45 retail. She looked up their cost and told me they only pay $9.
I compared and examined the frames side by side and they weren't just similar..they were exact. It was no doubt they came from the same manufacturer.
Josh River right ppl don't realize a lot high end products uses third party manufacturer. n pay certain profit margin for their high end prices
Josh River a lot of emerging companies are using this strategy now. Beauty Pie, Idoni, M.Gemi, Cuyana, Tamara Mellon, Oliver Cabell, Greats, and Everlane.. When you buy designer, you're buying the brand. You're paying membership fees to an exclusive club, if you will. Dior, Prada, Chanel wouldn't be "luxury" if everyone walking down the street has one.
Fong .YukYuu I totally get that and is something I've recognized for a long time now. However, imho "luxury" at the very least implies your getting something more for the money spent. (i.e. quality, features, exclusivity ect..)
I realize that the majority are fine with paying all that extra money for the privilege of a luxury name.
I find it almost insulting (on a personal level anyway) that exotica does so well at this legal marketing scam.
I don't care how rich I was..I couldn't justify spending that much more on a set of frames that literally come from the same source. Don't get me wrong here..im not suggesting what someone should or should not do with their money. I'm only expressing my opinion on how absurd and shallow people can be for the sake of bragging rights.
You do get something with *some* of the expensive sunglasses, even from Luxottica. Persol and Ray Ban for example have very unique styles, and cheap similar sunglasses don't quite have that same shape or look. Ray Ban Original Wayfarers have stronger hinges, rivets from the hinges into the arms and frame and metal in the arms for additional strength and are also made of acetate rather than other plastics. The markup is higher, there is diminishing returns, but to say you get nothing at all for the extra money is not true. You have to be careful though, RB New Wayfarers for example have no metal in the arms and no rivets. Saint Laurent (Safilo I believe) have a layer of acetate over the brand name inside the frame so it doesn't wear off. Again, markup even higher but you get something. Cutler & Gross ups the quality again with a more stringent manufacturing process and you don't get uneven glasses from them and even more strength compared to Luxottica brands. All of them are less easily scratched and the finishes don't wear off as easily.
Sunglasses are like any other expensive clothing - some of them are an outright scam, some of them are higher quality & nicer, some of them are super high quality & even nicer, but you pay exponentially more with diminishing returns.
Honestly the thing most worth complaining about here is the fact Luxottica designs the sunglasses. That really is disgraceful and a scam, even if they do a reasonable job half the time.
@MRFUCKOFF202, yes, that's true, but have you ever asked yourself WHY you prefer the shape or look of the $200 pair of sunglasses over the cheaper ones? It's marketing man. You have unintentionally developed a taste for what they wanted you to. It's on an actor or in a magazine picture or whatever.
I always lose or break the expensive sun glasses. But those $4 PUGGS I bought that one time at the gas station on that road trip will probably survive the apocalypse..
Matthew The Great Coin Roll Hunter shopping Murphy's law
Matthew The Great Coin Roll Hunter Ahaaaaaaa. Fun-nee.
Matthew The Great Coin Roll Hunter 😂😂😂😂
Just make sure they're 100% UV protectant, or they'll actually harm your eyes more than not using sunglasses.
For real
One day Luxottica will even own my eyeballs.
Haha
Like Minority Report
Nope. Those are already owned by your government!
Just like blind mag in repo the generic opera
lol. they do already because your balls focus on that glasses.
I can imagine the Mafia-like negotiations that took place when buying Oakley. "Nice sunglasses you got there. It'd be a shame if they disappeared from the market."
I stand with Oakley. They put a shitload of engineering into their eyewear and, in most cases, don't even need to (ANSI tests, etc.). I will always buy from Oakley online. Never stepped foot into Sunglass Hut.
@@suomik1988 no matter where u buy as long as they are from luxottica and not some store uncredited by them
@@suomik1988 Love Oakleys, all ill ever wear. They're far more than just a name
So funny Michael... we were thinking the same thing. You said it well 🤣
@@JudithRose1992 😂😂😂and sad at the same time.
The ceo sounds like a james bond villian lol
Yeah lol
No Mr Bond.....I expect you to over pay for Ray-Ban's
Dude was just icing Lesley like..."Yes...I am in business to MAKE money."
Your wallet will think he is a villain.
So true!!! LOL... He even has his base of Operations hidden somewhere in the Italian Alpes!!! LOL 😂🤣
So basically, my glasses are expensive because Luxottica pretty much has a monopoly and can charge whatever they want.
No, they’re expensive because you decided to buy a status symbol and show everyone that you can afford to buy triple digit glasses
not really. Shops add the markups...and shops can be individual franchises, so they can change their prices to suit their needs, but glasses are slow movers, and bills need to be paid, so that's why they mark it up a lot.
Not really, the supplier sets the prices the store can charge
Dont buy. Go create your own glasses brand. They sell because people are stupid.
there are online glasses stores that sell nice glasses that are very similar to the expensive bs for under 20 bucks total. check out zennioptical/eyebuydirect.
I really like this reporter. She's not a bitch and actually goes hard on these psychopaths, wish more reporters were like this.
rexes92 what makes you think he's a psychopath?
He has the evil genius smile is why lol
She's still a 10...
rexes92 Like one commenter said. Hes a bond villain.
So true lol, he and the Lens Crafters president got trolled
Took Rayban off the market for a year, and brought it back on the store shelves, and didn't change or enhance anything on them. They just came up with a different advertising scheme. Genius
“It’s an illusion of choice” perfect summary
We have seen the matrix.....
Democracy at its finest :)
that is the system most of us have no problem with. Do not blame him. Illusions are what most of us prefer. Just do not tell us. This is why film Matrix was so on point.
Just like politics, illusion of choice.
most of the world works that way now sadly
I actually have a lot of respect for that CEO. He knows how to play the game and he's clearly winning.
+OriginalChuan exactly
As a businessman he's excellent. But for the consumers, this is terrible
+Chuan Eston was that pun intended? lol
+Chuan Eston He sounds like an a*hole, but an a*hole who knows whats his business is
But he is also scary and creepy the way he manages things it's like he's untouchable. Which is horrifying if you're against it
The guy sounds like a Bond villain
hahaha
+Armando Serna hes "Gru" the despicable me character
+Eric Medina I nearly fell from my chair laughing when i saw your comment.
Here take my like :D
perfect!
+Eric Medina I thought the same, LOL!
"Everything is worth what people are ready to pay". This is true.
at 10:04 it gave me goosebumps the way he responded
"I understand your theory but they understood that life was better together"
Sounds like a villain :|
I thought the same thing... sounded evil
It’s great business man thinking
They beat them down (and their stock price down) and then could buy them dirt cheap.
Crooked Monopoly
right!😮😯
This woman is all we need in an interview.
Damn!
She's on "60 Minutes" every Sunday night.
10:13 _They understood that life was better together_
A modest villian
glorious consumerism
The interviewer is damn good. She’s putting the companies in their place and keeping them from dodging questions.
"It is an American brand owned by Italians"
LOL
Lol wouldn't it still be considered Italian then?
*Cries in FCA*
Only to avoid USA Taxes.
Volvo is a Swedish car brand owned by Chinese
Jaguar-Land Rover is British car brand owned by Indians
It all boils down to "Branding" because no one looks for the owner, but only remembers who popularized and built the reputation of the brand.
It's not sixteen century anymore, you can have factories and workforce all over the world easily.
With that 600$ you could visit my country, chill for five days, eat buffets everyday and then get the exact same glass with prescription lenses and still you had 100$ left.
Hope your country isn't too far away from USA for me to travel there; you're not a travel agent, are you? -- lol.
Lol where are you from Redwan?
Redwan Hossain Shovon that “country “ is a cardboard box under the highway
@@iggypopisgod9 how ilitrate you are!! You can live a very good life in 600 USDs in Bangladesh,Sri Lanka Pakistan and perhaps also in India.U seem to be ilitrate American
@@brownhermit1399 LOl. No. Just another guy who hates capitalism. :p
That Italian dude is like a mafia boss.
And you are acting like a gangster.
He's very slippery, like a politician.
Alberto. what?? uh no?
Why does people assume smart Italians are mafia?
I bet he is jesuit trained
Ive worked for Luxottica (Sunglass Hut) for 4 years. Extremely toxic work culture. They raise the prices anywhere from $1-$30 on each pair of glasses every single year now. The employees get 30% off as their discount (which is nothing for a $400k-$500 pair of glasses) and about 2 times a year they get 50% off. Part time sales Associates are left alone in the store for hours expected to run the store by themselves. They laid off Regional Managers during Covid leaving other regional managers to manage hundreds (literally hundreds) of stores so now everything is slipping through the cracks. With that said the glasses are good quality, and I highly recommend everyone gets a nice pair of glasses to protect your eyes- the drug store $1 pair doesn’t cut it. Luxottica owns EVERYTHING, they make SO much money yet the company culture is TRASH. I would NEVER recommend ANYONE to work for them.
She is so blunt I love it😭
She is brilliant i want to see more of her work , anyone knows her name?
@@TheEdvinas694 Leslie Stahl.
Wow. Thank you for making the video. You are truly a great reporter that every jounalists should learn from.
+1
+1
Totally agree with you
If you take the ingredients of a cake and throw them together in the oven will you get a great cake at the end? If you don’t have a cook placing all the ingredients together in the correct order, at the exact temperature and selecting the finest ingredients… You won’t have a cake.
If the cook it’s a chef and apart from the great taste he decorates the cake. What is most valuable the ingredients or the craftsmanship?
What if that Chef is your countryman and you as the owner of the bakery respect his labor and pay him top dollar for it and still make a good profit.
Would you risk the quality of the cake to have it made in another country paying slave labors to a poor bastard that at the end won't be able to deliver the same quality?
Is that so hard to understand?
Ray-Ban’s today are made in Italy and are far better than the ones made before. Italians get top dollar for the craftsmanship and Americans get a great product that is not only fashionable in the many incarnations Luxottica makes but also it’s functional.
Americans must understand that “THE PRICE OF CHEAP PRICES IS GREATER THAN ANY FINANCIAL GAIN” and the suffering it promotes are endless.
If not ask Wal-Mart and the many American businesses that have send your jobs abroad to give you a few dollars in discounts at the mall for garbage of substandard quality…
This is the worst report I have ever seen in 60 minutes.
I say this placing on my face my freaking 400 USD sunglasses… Mmmmmmm they look so fucking fine… I hope that “Mario or Luigi” or whatever his fucking name is has enough money to send his kids to college and have them make me better freaking sunglasses in the future.
AMEN
Luxottica happy customer…
+eblgraphics
>A fool and his money are soon parted
at 9:47 , The CEO while talking about Oakley sounded like a Mafia Godfather 😅
I expected him to say "I just made them an offer they could not refuse 😏"
And broke their kneecaps a little bit.
"They understood that life was better together."
"“Like many business men of genius he learned that free competition was wasteful, monopoly efficient.”
― Mario Puzo, The Godfather
Exactly! He's a fucken capitalist!
😂😂😂
Mahmoud Fathy 😂
"They're not too expensive"
"400$"
😭
They are plastic worth 4 $ but we sell it for 400$. What a great deal
And they don’t last for like flimsy metal horrible horrible glasses they look good for a minute
@@liviuczifrak5841 Yeah I can’t wait to waste more money, ha ha cheap sunglasses over priced
I buy rayban @150 $. And now after watching this I feel stupid
Me too lmao
i spend 320 for mine prescription eye glasses
Since the consumer is vulnerable to monopoly pricing, by definition, the options are severely limited. I thought there were laws against monopolies operating in the US due the predatory nature of them, but guess I’m wrong.
Im also looking into buying a pair of sunglasses and i quite like persol's and ray ban's models but I wanted to take a look into other non luxottica manufacturers and the only ones I found so far that I like are Moscot's and they are often double the price of what ray ban's cost so it also isn't easy to find a non luxottica answer
@@jans.2123 i'm in the same position... it's so annoying cause even Ray Bans are kinda expensive, i would like something a bit more affordable and to look nice. Sadly i barely find any models i like as it is. You can tell they are made by the same company :)
Somebody: hmmmm should I get these ray bans or Okleys?
Luxotica ceo: hahahahahahhahaha
11:06 "The whole point of luxury brand is to persuade people to pay $200 for a product that costs $30 to make" somehow it suddenly reminded me of apple products??
Edit: For all trollers, I know value vs price, I did not say Apple should be cheaper or they are overpriced. Try to understand the sentence first. I do own Apple products.
Best comment I've seen in awhile. 😂
Is there something wrong with companies trying to have a decent profit margin? You’d do the same thing in the companies position
Brands have value beyond the product. If you don’t want or can’t afford the “prestige” factor that comes with the label, buy generic. Ultimately the buyer dictates their own definition of value.
Bingo!
And Yeti stuff.
no, apple has very expensive research teams, they sell high technological product. Besides their rivals have the same price or higher
"Everything's worth what people are ready to pay " - this sums it all.
That sounds good on the surface. Heck, I repeated the same mantra myself for years. Then I started questioning myself. WHY are we ready to pay? Is the media (mainstream, social, whatever) conditioning us to 'consume' certain things? Why wouldn't they? Since 'big corporate' owns all of the various medias it'd be in their best interest to promote consumerism. Once Pavlov's dogs were conditioned to salivate when the bell rang, it wouldn't be fair to blame the dogs for doing what they were conditioned to do.
The consumers are the idiots and that ceo is feeding off of them
Wow, thank god he's not a politician. He would probably own the world.
Larry O I agree! But... Isn't Trump just as bad if not worse? People think Business men are more honest and efficient than career politicians just because they talk like us. We know the truth now...
Larry O At least he would be better than Trump lmao
I don't think so. Mr. Trump is an American patriot.
Glad I don't have to wear one!hehe...
LOL just read this that's funny
This is exactly why my people make knock off brands.
Damn Son you are right
damn son!!!
Dam Son I have much love and respect for them. This is one reason.
That and to get in on the action
Pretty much the same thing they do.
It's called a monopoly! And when I watched the full report on this Luxotica owner smirks when asked why they are so expensive....translated I do because I can!
D DuBos - Monopolies are illegal in the US but corporations have taken over or government and have said, "just try it and we'll bury you."
He's the Italian version of Donald Trump. It's not exactly the most productive country in the world and surely not known for much other than tourism and maybe food but Italy has found a way to get even with the USA.
As a person who wore prescription glasses from the age of nine till around fifty five I was never so happy to have my lenses replaced due to cataracts and never wear glasses again. By having Multifocal lenses with UV filters implanted I finally have perfect vision and this means I finally get to ditch annoying eyewear forever.
"everything is worth what people are ready to pay" well he's not wrong,at least he's smart and honest
ohhh my friend. Sun glasses is not a first need object. We can survive without them. Tell me... if its not worth it, why people keeps paying so much money for a product that makes no diference in their lives.
not nice calling him that. he is right, the guy is smart and evil. perfect monopoly. before i buy any pair i check if it is owned by lux first.
You should check before buying any Christian Dior, Michael Kors, Louis Vuitton... all them do exactly the same than Luxotica, they just sell ilusions.
Oliver B you have a choice. You can buy 10$ sunglasses at Walmart or other stores. They serve the same functionally.
Mone Sabri people will pay $100 for a roll of toilet paper if you lock them in the bathroom with none after they take a messy dump, doesnt mean toilet paper is worth $100/roll
Real journalism - taking an issue and telling about it. The good, the bad and the ugly. NOT creating a political issue. It’s about letting the consumer think for themselves.
How ironic: We're blinded by the eye wear manufacturers.
Excellent n true n I'm concerned how they're involved in medico?
I know how much my parents had no choice but to pay for different sets of glasses.
They had no choice.
I do.
So we must raise this issue...BRING BACK TRUMP!
@@y.t.a180 we got a Trump supporter. Politics on red alarm
"They understood life was better together" - CEO trying to hide his monopoly
Thank you, Lesley Stahl. I haven't been able to buy glasses for two years. Now I know why glasses are so expensive. Thank you for exposing the deceptive truth behind Luxottica.
Lesley is just the host. She didn't write the story or produce the episode
I like this lady. She is soooooo good in journaling. WOW!!!
- so who's your competition?
- walmart...
I got 2 prescription eyeglasses online for $30. I was worried that they would be a waste of money but I love them and they fit great. Firmoo is good and cheap.
Just got my prescription today...hope Costco or Walmart never sells out to Luxotica...that snake is trying so hard to sound innocent.
You can bet that Luxocitca is working that angle every day trying to take over their optics sections by buying their companies or squeezing their supply of products.
Sears and Target opticals are owned by luxotica already.
Classic monopoly in the eyeglass industry. The CEO clearly states that people are willing to pay for the name of the brand even though he owns all of the former brands that used to compete against him. Basically he's giving an impression that YOU have a choice and that you're willing to pay lots of money for stupid plastic and some metal.
+Carlos Malave Companies like Maui Jim actually make the high price worth it. They have some solid frames that can bend and twist and form back to shape and not break.
Jeremy Howard In that case ,i understand that the Maui brand has quality already built in. On the other hand, other brands are a brand name with an Italian or French name that is made in China.
+Carlos Malave It's not stupid plastic and metal to me. I like ray ban and I own a couple. the prices are high, but not prohibitive. I'd like them to be cheaper, but now I understand why they're going for 100€ where I live.
Anyway, I love my ray ban, so I wouldn't consider buying a pair a bad decision, because I'm willing to pay that price for them.
As another guy already said, this guy just knows what he's doing and unfortunately there isn't any real competition in the market.
Kudos to him. Bad for the consumer. With that said, Im still rocking my aviators B-)
Manuel João Mr. Joao, the same reason Apple Co. makes a lot of money in overpriced iphones and other products-- made in China. I understand that you like your Ray-Ban; but you could've paid less if it Ray-Ban wasn't bought out by the big competitor and btw, instead of Italy, it's made in China for more profits.
Carlos Malave
I know, but the difference being in the hundreds of dollars between the 2 products. Ray ban "only" cost around 100€, even if they only cost 20€ to make or whatever. 100€ is very affordable if you really like/want them (like I do). Apple, on the hand, has a price tag of 500/600/700.
It's not even close. The scope is entirely different. Companies will always try to maximise their profits and margin. I know sunglasses could be a lot cheaper, but they could also be a lot more expensive (obviously when you see people willing to pay 400€ for a pair).
In the end, for non-essencial products you will ALWAYS pay what you think the item is worth to you. You know the price, you like the item, you decide to want the item, you accept the price. No one forced me to buy my ray bans, but I really wanted them.
Would be awesome if they were cheaper of course, but they're worth the price for me.
She said “thats a no”
😂😂 i kinda like how blunt she is
You can bet your life she didn't say it to his face.
Don't forget this video is heavily edited to make the journalist and program look good.
That poor guy just didn't want to get fired.
The ending of the video is where I felt more could have been said about the lens industry. The choices cripple the customer to buy the latest and the greatest. The frames last a good couple of years (5 or even 10 if you keep them really well). The lens business is brutal, one cannot re-purpose the lens already made and the advertised technology keeps getting better.
This is the most authentic interview I have ever seen.
The spokes person for luxottica is like varys from game of thrones with his knowledgeable replies and sneaky remarks.
lol such comparison.
Way worse than Varys.
Varys isn't as smug
his expressions are more likely resembling littlefinger somehow.
He isn't "spokes person", he is the big boss!
I love this woman . Very brave and gave us info which we really need
I used to work for Luxottica, they were a great company to work for. They really take care of their employees. They also had a great program where if the frames that came out a little wrong or older styles were discontinued and we had extra stock, we would complete them with lens and send them off to third world countries and we had reps that went to those countries and would give the glasses out for free.
Doesn't change the fact that they're a vertically integrated monopoly that profits off of scalping consumers
Well they are price gouging customers by charging these markups for the optical illusion of choice
yeah they write off their donations like every other corporation. they aren't doing it because of their giant black hearts.
I just bought new glasses at Costco for $178. The SAME EXACT glasses elsewhere got priced out at $538. Not a joke. Same frame, same lenses, same coatings. Costco and Walmart both told Luxottica where to shove their price fixing.
Well, let's not hoist up Walmart on our shoulders just yet. Remember, they are an unapologetic, evil corporation who drives out any (if possible all) competition in the superstores vicinity. I will even go ahead and make the bold claim that Walmart did not merge with Luxottica simply over unethical price fixing, but rather because Walmart prefers to take the full profit of all optical product sales and rather not share the companies earnings with a fellow mega corporation, like Luxottica.
I love this lady
"Do people REALLY wear these?"
*comparing glasses* mmm they're pretty similar
"Since Lucottica owns you..."
" MARK, you're NOT answering my question"
Dude is a mastermind creepy man. Let's be glad he's not a military dictator
Loll
At least not yet?
I wouldn't be surprised if he's in the mafia family.
He would cut his own Mother’s throat; and then justify it.😳😳😡😡
Mitzie Ransom
Or owner of a big pharma
Once, while driving from Geneva to Milan, my gf pointed to a building & remarked that that was where some 80-90% of the worlds sunglasses, including cheap knock-offs! I found it hard to believe, but all the locals agreed w/her. This was the company.
Here's the short answer: because people keep buying them.
not entirely their fault
Yup.... just spend 139 for a damn eye exam remember 2 years ago cost me about $30 bucks or so is damn expensive i just bought the new Versace prescription glasses let me tell you they look nice but it’s not nice to the bank $460 was the final priced an yes i know i could of bought a cheaper one but i wanted to go with a nicer one than my current ones rayban mine didn’t last too long n there boring basic but then theres people who don’t need them an still wants them Im like why i wish i didn’t need glasses fricken sucks
This is an illegal monopoly. Sherman antitrust act used to prevent these mergers. Then Reagan was elected. Now even Dems allow illegal mergers.
@@xxdropdeadxx6679 ok so shut up.
Vain people keep buying them. It's a form of mental illness.
Bugatti, Lamborghini & Ducati are all Italian brands owned by the German Volkswagen
And you forgot Bentley :)
Tommy Marsiglia bugatti is french lmao
Bugatti Automobiles S.A.S. was purchased by Volkswagen AG during the late 90s. A lot of people don’t realise that the Germans own a lot of different car brands. Let’s see how Brexit may affect the automobile industry in the UK.
@@whatzittooya1833 that doesnt make it a German car if a German company owns it. They've started in France not in Italy. You're not going to call a rolls royce and a bentley "a german brand"
Ralph Kirsipuu I said it was purchased by the Germans, many of them have German engines in them!
That luxotica ceo is shady af.
I am sure that small children around him are safe.
He sounds like a sociopath.
Not really he was pretty honest.
just as 99 percent of italians
He is the worse. I speak from experience. I have met him personally
After Luxottica bought Ray-Ban, the prices for replacement lenses have increased by 3X (TRIPLED!!). I purchased two pair that did not even fit and when I tried to return them I was told no because it had been over thirty days. Also Ray-Ban used to have GREAT customer service with live people and now I guess Luxoticca must have canned them all because now you cannot talk to any live people to take care of any problems, which before the buy-out they would have easily have offered to take care of my non-fitment issue.
God I fucking love this guy...he's just sitting there giggling his rich ass off.
Something about the way he said "life was better together" at 10:15 was so gangster. And that's gangster, not gangsta.
Most people forget the difference between a group of men who crookedly run the casino business in a city and the hooligans selling meth on street corners.
He made them an offer that they couldn't refuse
Sounded like something straight out of The Godfather
You would think the glasses he is wearing are just an ordinary pair of specs, but you would be wrong, dead wrong. They are master glasses, manufactured within the very bowels of Luxottica.
One Pair of Glasses to rule them all,
One Pair of Glasses to find them,
One Pair of Glasses to bring them all
and in the monopoly bind them.
In the town of Agordo where the glasses are made.
LemonSlice Directed by Michael Bay.
Amazing journalism!
10 years later nothing has changed, it’s only gotten more expensive.
That Italian is trying so hard at not busting out laughing 😂he just wants to say "MONOPOLY AHAHAHAHAHAHAHAH"
Hilarious!
The mob has moved into legit business
@@kirbyfitzgerald4636 hahaha
Not Monopoly, Organized ( MAFIA ) crime at & elite level ; they own every eyewear outlet & every vision clinic & you can add in the 2 largest EyeMed insurance provider in the world !!! Think about it !
🤣🤣🤣🤣
This video piece is still very relevant.
It´s a monopoly. Period.
Ricardo Ralifer You put a period after the word monopoly, you don't have to write period as well!
Ricardo Ralifer they just make fancy frames, the REAL monopoly is the company who makes the prescription lenses.
It's not a monopoly. Period.
I went to the eye doctor yesterday and left almost in tears from how much it cost
Go to Wardy Parker. There eye glasses are reasonable and well made too.
@@georgeduncan3596 I will definitely check that out!
"Everything is worth whatever people are willing to pay" This cat is awesome!
He's 100% correct. The market sets the price. Less expensive alternatives are available. More expensive alternatives are available as well. People will pay what they believe the product to be worth.
@S. you do have a choice, just don't buy the glasses. Simple. Want a cheaper pair? There are some out there that cost $20. It may not say Ray-Ban on the side, but itll give you the same shade as the other glasses.
That is why he is the CEO.
It's an American brand made owned by Italians. I like this guy 😂
+Chidiebere Nwaekpe their is no such thing anymore as "made in the USA"
+S Dew Uh, what?
+Chidiebere Nwaekpe Fooling the entire world LOL
At least some people would be relieved to hear that something isn't controlled by the Jews.
+zeiitgeist....maybe he is an italian jew....lol
I applaud this lady for spilling the beans.
What beans? That a company knows how to efficiently manage multiple businesses around the world and meet consumer demand? Wow, what a dark secret.
+mythirdaye When a business deceives its people and puts an impression to make it seem like multiple companies, it kind of is a secret. This company is basically running a ponzi scheme. They have their own insurance which it sells and allows you to buy their subsidized products on a loan from their own credit card company. I see you're point that most of the people who fall into this are sheep. None the less, it is still something that is unaware of.
+mythirdaye its actually illegal in most nations and not only promotes oppressive production (slave labor) but high corruption (buying politicians, etc) and THEM choosing who makes it in the industry instead of the consumer...its communism capitalized...
+cicada This is not a Ponzi scheme, Ponzi scheme are targeted at investors, making them believe you are making tons of cash and that you will share it with them, except that there is no such money.
All money here is real, it is from the consumer, he pays for the credit, pays for the insurance and pays for the glasses with hard earned cash, and he gets what he paid for, the only thing is that the price tag is high because there is little competition.
+gubx42 you are right in your definition of ponzi but wrong in your excusing of this company. There is not little competition, there is no competition. It is an internationally illegal company but since its a cartel monopoly with the brands of the most exclusive companies reputations on the line, nobody does anything. Its weird to me why youre defending them when you obviously dont know anything about it
Thank you for this eye opening program!! I recently underwent eye surgery and right now need a good pair un sunglasses. Now I know for sure that high prices don’t necessary mean high quality. Thank you!