Luxottica is the newest global optics company to invest in China. The Italian eyewear giant, home to licensed brands such as Donna Karan, Chanel and Prada, has acquired Xueliang Optical, the leading optical chain in Beijing. The move follows last week's news of Bausch & Lomb's latest involvement in the firecracker economy (News, July 8).
For the company that bills itself as the 'global leader in eyewear', Luxottica's leadership position in the emerging China market is particularly important.
The Chinese are already one of the largest consumer groups in the luxury industry. In addition, urban middle and upper classes - which are estimated to represent two-thirds of total consumption in China - are expected to nearly triple in the next five years, driving growth in the luxury market as well as premium eyewear.
A Luxottica spokesman said: 'The group will continue to closely monitor the development of the Chinese optical retail market, where concentration is still low, while growth rates are significantly above - in some cases as much as three times - those of most developed markets.'
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