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After procrastinating for years, I finally got my new prescription for glasses. My current glasses are at least 10 years old and I had forgotten how expensive and time-consuming it is to buy new classes.
For someone who cannot even decide on which leg to get out of bed, the choice of frames is overwhelming. Besides, trying on frames is an exercise in futility since all you see is a blurred self in the mirror.
I finally selected a frame in the midrange. But frames are not much use without lenses and those make up the bulk of the cost. I finally settled on a pair of Flexon, high-index, anti-glare titanium glasses and went home with a $500 hole in my pocket.
Barely out of the door, the thought of having paid a small fortune for 3 pieces of plastic stuck together with screws that I knew doesn't cost more than $20 to produce, gave me a severe case of indigestion . I returned them the next day.
I figured there was enough juice left in my 10-year-old glasses to research why the industry puts a 1000% markup on their glasses. Especially for something that should be fully covered by insurance, like high blood pressure medication.
The reason is simple: the eyewear industry is a near-monopoly, dominated by an Italian/French company called ‘Essilor Luxottica’.
It was founded in 1961 by Leonardo Del Vecchio. The company owns the biggest retail chains, such as LensCrafters and Sunglass Hut, and controls over 80% of the major eyewear brands, including Ray-Ban, Oakley and Vogue Eyewear. Without competition, this company keeps the prices so high that it bears no relation to reality. It even owns Eyemed, the biggest eye insurance provider in the world. So, you see quite a big party! Read more...