Eyewear Is Booming, But It’s Not Just About Tech

Oakley turns 50 this year, but the California-founded eyewear maker is not so concerned about staying on-trend. If anything, its fast-paced growth in recent seasons is largely fuelled by archival styles such as its reissued “Eye Jacket” frames from 1994 and a new “Plantaris” frame inspired by a line from the late ‘90s.

Oakley has broken sales records for five consecutive years by catering to young consumers with an active lifestyle and a penchant for nostalgia, said global brand president Caio Amato. To be sure, the company is also a pioneer in the smart glasses space, unveiling its first pair of AI-powered specs in collaboration with Meta in June.

But Oakley’s success, at least according to Amato, has little to do with smart glasses and more to do with bigger tailwinds for the category, including demand for entry-level premium products at a time when handbags and other luxury items have become less and less affordable.

“People are buying Oakleys because they look cool and are awesome for sports but are also buying it because we translate and align with them on a value level,” said Amato.

According to consultancy Bain & Company, eyewear was one of only luxury categories to experience growth last year, reaching €17 billion ($19 billion) in global sales volume and expanding by 3 to 5 percent year-over-year at current exchange rates in 2024. The runway success of wearable tech offerings, along with eyewear being an accessible luxury splurge, has created an unique opportunity for brands in today’s retail landscape.

“Sunglasses and eyewear taps into two things: One is technology starting to really be a factor of innovation and the other being that the consumer is quite tight with cash — leading to a boom in accessories because it’s something that’s a bit easier to spend on,” said Jessica Ramirez, co-founder of research firm The Consumer Collective.

But despite customer demand, the eyewear category has seen innovation stagnant in recent years beyond smart glasses and is largely dictated by fast-cycling trends. In order to seize the opportunity in the market, eyewear brands must move nimbly and distinguish themselves, whether it’s through committing to a distinct brand identity or offering unparalleled craftsmanship.

“It’s a question of perceived quality, value and price,” said Tom Daly, co-founder of the eyewear and running label District Vision.

Authenticity Trumps Tech

The likes of Warby Parker and Gentle Monster are all entering the wearable tech space this year, but what’s more important for eyewear brands — particularly the independent players — is to remain true to their vision, according to Rufus Abbott, founder of the London-based independent eyewear consultancy The Goods Agency.

Abbott points out that the century-old brand Moscot and the 2010s indie brand Garrett Leight are still around because they never tried to be something for everybody but instead stuck to their DNA. For Moscot, this means leaning into its Jewish New York City history, whereas Garrett Leight continues to speak toward the Los Angeles surfer community around which it built its foundation.

“These brands took time to hone in on their distinct place of birth, they’ve never diverted from what they do or asked how they’re going to appeal to more people,” said Abbott.

That steadfast philosophy is shared by District Vision. After launching with just one pair of running sunglasses in 2016, Daly and co-founder Max Vallot have scaled the brand into a business that’s slated to make $10 million in sales this year without any outside investment. Although District Vision has since expanded into producing apparel, Daly said its Japan-produced eyewear (priced between $250 and $650) remains to be its biggest category and one they continue to iterate on by balancing performance quality with a fashion-forward sensibility.

While Daly is not writing off the smart glasses trend, he believes it will only be something to consider if it aligns with a brand’s larger mission. “What’s important is that you just stay with the customer and don’t let them down in the long run,” he said.

The Price-Value Equation

Even though premium eyewear is finding traction amongst luxury’s remaining aspirational shoppers, the vast majority of eyeglass wearers are looking for value.

While median prices of frames have increased, eyewear consumers have generally leaned towards value-priced options since 2023, a sector that continues to outpace luxury, according to Alysse Henkel, VP of research and insight for the US-based optical trade association The Vision Council.

The luxury brands that stand out are able to do so by embracing a distinct aesthetic code. Jacques Marie Mage, for instance, has commanded a fanbase despite its $800-$2,000 price range because of its aspirational marketing and craftsmanship, said Abbott.

“[Mage] created this incredibly elevated product with 10-millimeter thick acetate and an insane level of detail that no one had ever seen in eyewear before while maintaining this great vision, an eye for campaigns, and packaging,” said Abbott.

All Eyes on Asia

Eyewear brands are finding traction among Asian customers, who have propelled homegrown players like Korean label Gentle Monster into global powerhouses. Gentle Monster’s success is in no small part thanks to how its design fits Asian faces. As the category continues to grow, the savviest brands are finding ways to address regional preferences.

District Vision’s co-founder Daly said that while most of its customers are in North America, South Korea is a fast-growing market because consumers there are embracing the transitionality of its eyewear along with its performance-focused apparel. These preferences differ from the European consumer, who are more traditional and tend to buy eyewear for separate occasions, Daly added.

Oakley is also gaining “unprecedented” traction in Asia, Amato said, because of effective region-specific partners in China and specific consumer preferences in the market — such as Japanese customers preferring clear lenses.

“If we do not take into consideration the nuances of each of the markets and the culture behind it, we wouldn’t be getting the traction we’re getting right now,” said Amato.