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LensCrafters

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LensCrafters
IndustryEye care
FoundedMarch 1983; 41 years ago (1983-03)
FoundersE. Dean Butler
HeadquartersMason, Ohio, U.S.
Number of locations
1,158
Areas served
United States
Canada
Puerto Rico
Hong Kong
India
ProductsEyewear, glasses, sunglasses
ParentUnited States Shoe Corporation
(1984–1995)
Luxottica
(1995–2018)
EssilorLuxottica (2018-present)
Websitewww.lenscrafters.com
LensCrafters Optique store in Sherway Gardens, Toronto, Canada
LensCrafters Optique store in Ann Arbor, MI

LensCrafters is an international retailer of prescription eyewear and prescription sunglasses. Its stores usually host independent optometrists on-site or in an adjacent store. The company has its corporate headquarters in Mason, Ohio, a suburb of Cincinnati in the US.

LensCrafters has been a wholly owned subsidiary of Luxottica (which has since merged with Essilor to form EssilorLuxottica),[1] the largest eyewear company in the world, since 1995.[2][3] At the end of 2018, Luxottica operated 1,158 LensCrafters stores, of which 1,050 are located in North America and 108 are located in China, Hong Kong and India.[4]

History

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LensCrafters was founded in March 1983 by E. Dean Butler, who had been a manager with Procter & Gamble.[5][6][7][8] Butler first developed the idea for a "while you wait" eyeglass retailer after helping a Procter & Gamble colleague produce television commercials for a family optical business in the late 1970s.[5]

LensCrafters achieved sales of $2 million in its first year of operation[9] before Butler sold the company to the United States Shoe Corporation in 1984.[10][8] Butler remained as LensCrafters' CEO until 1988.[11]

LensCrafters had just three locations when U.S. Shoe purchased it; by 1989, there were 350 locations, and LensCrafters was generating 40% of U.S. Shoe's operating income.[12]

In 1992, LensCrafters surpassed Pearle Vision to become the largest chain of eyeglass retailers in the United States, with roughly $660 million in annual revenue.[8]

In 1995, Luxottica launched a hostile takeover attempt of United States Shoe CorporationU.S. Shoe, with the goal of acquiring LensCrafters.[13] Luxottica announced in April 1995, that it had reached an agreement to purchase U.S. Shoe for $1.4 billion.[14]

Luxottica acquired Pearle Vision in 2004, combining the country's two largest eyewear retailers.[15] Though most locations can still provide glasses and frames same-day, that line of business has become de-emphasized over time for the luxury market.

References

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  1. ^ "Essilor to Buy Ray-Ban Maker Luxottica for About $24 Billion". Bloomberg.com. 2017-01-15. Retrieved 2023-08-14.
  2. ^ "At LensCrafters selling candor and designer frames", New York Times (April 16, 2006).
  3. ^ "U.S. Shoe Agrees to $1.3-Billion Takeover Offer". LA Times. April 17, 1995. Retrieved September 15, 2018.
  4. ^ "Luxottica Annual Report 2018" (PDF). Luxottica. 2019-04-10. Retrieved 2019-06-18.
  5. ^ a b "E. Dean Butler: An alumnus with a clear vision". natsci.msu.edu. Retrieved 2019-06-18.
  6. ^ Knight, Sam (2018-05-10). "The spectacular power of Big Lens | The long read". The Guardian. ISSN 0261-3077. Retrieved 2019-06-18.
  7. ^ Lieber, Chavie (2019-03-06). "Glasses can have a markup of 1,000%. Two former LensCrafters executives revealed why". Vox. Retrieved 2019-06-18.
  8. ^ a b c "History of LensCrafters Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved 2019-06-18.
  9. ^ "Dean Butler | Bio | Premiere Speakers Bureau". premierespeakers.com. Retrieved 2019-06-18.
  10. ^ "Mason's LensCrafters now part of $52.5B eyewear giant". Cincinnati.com. Retrieved 2019-06-18.
  11. ^ "E. Dean Butler: Executive Profile & Biography - Bloomberg". www.bloomberg.com. Retrieved 2019-06-18.
  12. ^ "LensCrafters Inc.". Encyclopedia.com. Retrieved January 3, 2018.
  13. ^ "U.S. Shoe, Luxottica Courting Shareholders In Takeover Battle". Hartford Courant. March 31, 1995. Retrieved January 3, 2018.
  14. ^ "Luxottica to Acquire U.S. Shoe for $1.4 Billion". The New York Times. April 18, 1995. Retrieved September 15, 2018.
  15. ^ Emsden, Christopher; Rohwedder, Cecilie (27 January 2004). "Italy's Luxottica Agrees to Pay $441 Million for Cole National". The Wall Street Journal. Retrieved 2019-06-18.
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