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Warby Parker Luxottica Mainly Online Sales + Trial Program One of the First Companies to Think About Selling Optics Through Internet

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Warby Parker Luxottica Mainly Online Sales + Trial Program One of the First Companies to Think About Selling Optics Through Internet Warby Luxottica Parker Corporate Entrepreneurship & Design 2017 Esteban Solis, Jangbae Lee, Jeongsun Park and Marjo Koivisto Content Introduction 01 About Warby Parker 02 About Luxottica 03 Business model: Why B2B vs B2C? 04 Retail models 05 Innovation 06 Decision making 07 Ethical Approach 08 Design-centric or design-driven? 09 Who is entrepreneurial? Corporate Entrepreneurship & Design 2017 10 What’s next? Esteban Solis Jeongsun Park [email protected] [email protected] Final words Jangbae Lee Marjo Koivisto Resources [email protected] [email protected] Introduction The eyewear industry We started our project by searching that can even change our perceptions of to make such a statement? That is what for interesting and successful startups. this research and analysis is trying to This case study is made as a course such an old and static industry. Most of them seemed to concentrate discover. group project for the master’s level on virtual products or services, so when course Corporate Entrepreneurship and Warby Parker tries to take over the we found an eyewear startup, we got By looking closely at the comparisons Design, in Aalto University. The task was eyewear industry with their customer- curious, as all of us saw the eyeglass between these two companies, we aim to to think about similarities and differences centric, ethical and technology-driven industry as boring and static, where new unveil what is the key component of the between entrepreneurial activity in model and that has been successful innovations happen rarely. entrepreneurial practice of Warby Parker large established corporations and and growing at such a rate that they that can compete with the organizational organizations versus startups and young have proclaimed themselves the direct Warby Parker, an American company model of the biggest eyewear company companies, and recognize and propose competitor or Luxottica, the biggest that started as an idea and frustration, in the world. We also aim to discover how companies could benefit,especially and the most powerful company in quickly became a successful startup what is the role of design and how it is the big ones of startups’ company culture, the industry, the one who owns and and nowadays is a company that can or could be tied to these companies ideology and methods in the future. produces almost 80% of the eyeglasses compete with the biggest monster in the and eyeglass brands consumed in the destinies. First of all we can take a look eyewear industry. It is interesting to see United States and also in the world. So to each of the companies profile. entrepreneurs that aim to disruption and how a group of american students came Team Esteban Solis Jeongsun Park Jangbae Lee Marjo Koivisto CoID/(IDBM) CoID/(IDBM) CoID CoID/(IDBM) 01 About Warby Parker Warby Parker is an American startup came up with an honest business model brand of prescription eyeglasses and that cuts the costs that Luxottica’s sunglasses. Warby Parker was founded monopolistic practices had brought in 2010 by David Gilboa, Neil Blumenthal, to the industry and that disrupts it by Andrew Hunt and Jeffrey Raider It being technology-driven and customer- was born from the need of accessible centered. eyewear through a transparent and honest business model that makes the Today Warby Parker is known as a most out of technology. successful and independent online- based eyewear manufacturer and The story of Warby Parker starts with retailer, who also designs all their a young David Gilboa forgetting and products. They mostly concentrate on losing his $700 Prada glasses in a plane. selling products online through their Frustration led him to think about why “Home Try-On program”, but they eyewear is as expensive as an iPhone and currently also have 61 physical retail how ridiculous this situation is. showrooms and stores in the United States and Canada. They are known The idea of offering cheap glasses for their tailored customer experience, was complemented by the serendipity collaborations and service model that moment, as described by Andrew Hunt Ben Lerer from Lerer Hippeau Ventures Home-Try-On program Buy a pair, give a pair -program in an interview for FastCompany (2015), suggests, “sweat every detail and every “Home-Try-On program” allows custom- From the day one, Warby Parker has of meeting Neil Blumenthal who had touch point.” Now, Warby Parker is ers to choose five frames from the web- used a “buy one, give one” model, where experience working for Spring Vision valued in $1.2 billion and they have 500 site, get them delivered for five days try for each pair of glasses purchased, the program which focus on teaching people employees. on at home. Sending them back is free. company pays for the production of from poor communities to survive another pair of eyeglasses for someone through the optical health industry, and in need through VisionSpring, non-profit therefore, knew every aspect of it. They organisation. 02 About Luxottica Luxottica Group S.p.A. is the world’s So not only does the italian giant owns largest eyewear company. It is based in most of the brands available, but their Milan, Italy. It was founded by Leonardo business model is a circular one that del Veccio in 1961.The organisation owns offers a sweet illusion of diversity to many of the eyewear market brands and their customers but, in practice, is just a retailers and is also producing frames big monopoly that controls the product, under fashion and designer brands. the retailing process and the additional services related to eyewear. An article from FastCompany (2015) described it from the point of view of Luxottica has owned a fair amount of the American territory quite accurately power and innovation by acquiring more in the following way: “Founded in 1961, small brands and companies that may the Milan-based company takes in about either compromise their comfortness $9 billion a year, running the eyewear and status or that might bring new Divisions: Makes eyewear under license for: business for most major fashion houses. markets to them. Luxottica is valued Ray-Ban Persol Giorgio Armani Bulgari Luxottica markets its own frames too: in $25.9 billion, and they have 82,282 Oakley LensCrafters Brooks Brothers Burberry Oakley, Oliver Peoples, Persol, and Ray- employees across the world. OPSM Sunglass Hut Ban are all Luxottica brands. Consumers Eyemed Apex by Sunglasshut Chanel Coach find these frames for sale at LensCrafters, Glasses.com Sears Optical Dolce & Gabbana DKNY Pearle Vision, and Sunglass Hut, all of Onesight Pearle Vision Michael Kors Miu Miu which are (you guessed it) Luxottica subsidiaries. Luxottica also happens to The house brands: Polo Ralph Lauren Paul Smith own one of the top vision-insurance Alain Mikli Arnette Spectacles Prada companies, Eye-Med, which, if you have Oakley Oliver Peoples Ralph Lauren Starck Eyes coverage from Aetna or Anthem Blue Persol Ray-Ban Cross Blue Shield, is your carrier.” Sferoflex Vogue Eyewear Tiffany & Co. Tory Burch Eye Safety Systems (ESS) Valentino Versace 20102010 20112011 19611961 19671967 19741974 FoundedFounded by by 100 100000 000 pairs pairs of of FoundedFounded by by StartedStarted to sell to sell AquiredAquired a a DavidDavid Gilboa, Gilboa, SupermanSuperman wore wore glassesglasses donated donated LeonardoLeonardo eyeglasseseyeglasses under under distriputiondistripution com com- - Neil NeilBlumenthal, Blumenthal, theirtheir glasses! glasses! CertificatedCertificated as B as B Del VecchioDel Vecchio in in LuxotticaLuxottica brand brand panypany Scarrone Scarrone AndrewAndrew Hunt Hunt and and CorpCorporationoration Agordo,Agordo, Italy Italy JeffreyJeffrey Raider Raider 60 employees60 employees 20132013 19901990 19811981 FirstFirst physical physical ListedListed in in FirstFirst international international storestore to SoHo to SoHo NewNew York York subsidiarysubsidiary to to 100 100employees employees GermanyGermany 20142014 20152015 20002000 20032003 1 million1 million pairs pairs of of EstimatedEstimated value value ListedListed in Milan, in Milan, AquiredAquired OPSM OPSM glassesglasses donated donated 1.2 billion1.2 billion ItalyItaly (Australia)(Australia) 10 physic10 physical storesal stores 20172017 20162016 20172017 20072007 3 million3 million pairs pairs of of 30 physic30 physical al AquiredAquired Essilor Essilor AquiredAquired Oakley Oakley glassesglasses donated donated storesstores (France)(France) (US)(US) 300300 employees employees Warby Parker timeline Luxottica timeline 2010 2010 2011 2011 1961 1961 1967 1967 1974 1974 Founded by Founded by 100 000 pairs of 100 000 pairs of Founded by FoundedStarted by to sell Started to sell Aquired a Aquired a David Gilboa, David Gilboa, Superman wore Supermanglasses wore donated glasses donated Leonardo Leonardoeyeglasses under eyeglasses underdistripution com- distripution com- Neil Blumenthal, Neil Blumenthal, their glasses! their glasses!Certificated as B Certificated as B Del Vecchio in Del VecchioLuxottica in brand Luxottica brandpany Scarrone pany Scarrone Andrew Hunt and Andrew Hunt and Corporation Corporation Agordo, Italy Agordo, Italy Jeffrey Raider Jeffrey Raider 60 employees 60 employees 2013 2013 1990 1990 1981 1981 100%100% carbon carbon neutral neutral First physical First physical Listed in Listed inFirst international First international store to SoHo store to SoHo New York New York subsidiary to subsidiary to 100 employees 100 employees Germany Germany 2014 2014 2015 2015 2000 2000 2003 2003 1 million pairs of 1 million pairs
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