Italy. Eyewear Key Figures 2016

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1 Italy Eyewear Key Figures

2 General information 2016 Population: (-0,1% vs 2015) GDP per capita: (+1,7% vs 2015) Population over-40: 55% of population Population over-65: 22% of population Population with visual defects: 61,5% Number of optical shops: (-1,8% vs 2015) Population/shops: Population data, GDP data: ISTAT - IMF Optical shops data: GfK Others data: ANFAO 2

3 Source: Anfao 2016 overall situation High economic risks and political instability, which are closely interconnected and tied in a cause-effect cycle, still prevail in the global economic scenario. Before the recession, GDP increased by 3.2% a year and trade by 6.8%. Now this is limited to 2.4% for the former and 1.8% for the latter. With this increasing turbulence worldwide, the Italian economy appears to be weaker than expected. These recent developments have also clearly revealed again the growing divide between Italy s growth and that of other European countries, whose performance on average has not been brilliant either. 3

4 Source: Anfao 2016: ordinary year for Italian eyewear This overall situation has also negatively affected the performance of the Italian eyewear industry. After posting two record years for exports, with doubledigit increases, 2016 closed on a positive note, albeit on a different scale: an ordinary scale. The same is true of the domestic market, which remains positive but is not showing any signs of being able to recapture pre-recession heights. 4

5 Italian eyewear 2016: main figures 862 companies (-0,9% over 2015) people employed (+0,0% over 2015) millions euro production (+3,7% over 2015) millions euro export (+3,6% over 2015) millions euro domestic market (+2,2% over 2015 sell-in value) 5

6 Italian eyewear industry: details of last years Million value Euro var.% Euro var.% Euro var.% Euro var.% Euro var.% Euro var.% Output ,6% ,3% ,5% ,4% ,4% ,7% Export ,3% ,6% ,1% ,2% ,7% ,6% Import 808 5,8% 844 4,4% 885 4,9% ,6% ,0% ,3% Domestic Mkt ,6% 963-4,5% 941-2,2% 932-1,0% 985 5,7% ,2% In 2016, Italian eyewear production totaled 3,697 million Euros, up by 3.7% over This increase in production was lower than for the previous 2 years due to a lower rise in exports and the sluggish domestic market. 6

7 Italian eyewear industry structure YEAR OUTPUT (million value) EMPLOYEES (number) FIRMS (number) INDUSTRIAL FIRMS (employment contract: industry) The number of companies remained basically the same, with 862 businesses nationwide (0.9% less than in 2015). Employment levels also remained the same as in 2015: without taking other employment contracts into account (approx. 500) there were 17,250 people employed at the end of

8 IMPORT-EXPORT 8

9 Source: Anfao Italian eyewear industry: 2016 export performance Exports of frames, sunglasses and lenses, which account for almost 90% of production by the industry, rose by 3.6% versus 2015, totaling 3,579 million Euros. This increase was solely contributed by sunglasses, whereas frames lagged behind, confirming the trend that had already been posted in the last part of In 2016, exports of sunglasses rose by 6.8%, amounting to approx. 2,465 million Euros. Exports of frames instead, decreased by 2.8%, totaling approx. 1,045 million Euros. This slowdown in growth is also reflected in imports which grew by 3.3% at almost 1,184 million Euros. However, the balance of trade for Italian eyewear continues to be largely in surplus (2,395 million Euros in 2016), up by 4 percentage points versus

10 Italian eyewear export: 2016 geographical details As stated, 2016 was an ordinary year for Italian eyewear exports, and in line with the global slowdown in trade and definitely lower economic growth, in both developed and emerging countries. In this situation, sunglasses and the geographical area of Europe were the keys to the positive export results posted by Italian eyewear in Italian eyewear exports to emerging countries were lackluster, both in well-established marketplaces for eyewear imports and new markets. The main market for eyewear exports in 2016 continued to be Europe, with a share of almost 50% of total Italian eyewear exports and rising by 7.1% (+12.2% for sunglasses, -1.3% for frames). The share of exports to America in 2016 was 30.2%, with exports of sunglasses-frames up by 2.7% over 2015 (+3.9% for sunglasses, -0.5% for frames). In Asia, which accounts for 17.4% of Italian sunglass and frame exports, exports in 2016 fell by 1 percentage point. 10

11 Italian eyewear export 2016: first 10 mkt and share Sunglasses Frames 1 USA 26,8% 1 USA 21,5% 2 France 10,9% 2 France 17,5% 3 United Kingdom 7,2% 3 Germany 9,1% 4 Spain 6,6% 4 United Kingdom 7,2% 5 Germany 5,8% 5 Spain 5,9% 6 China 4,5% 6 China 4,0% 7 South Korea 2,8% 7 Netherlands 3,4% 8 United Arab Emirates 2,5% 8 Brazil 2,1% 9 Turkey 2,4% 9 Hong Kong 1,7% 10 Hong Kong 2,3% 10 Portugal 1,5% The first 10 export markets count about for 73% of the total Italian exports of sunglasses and frames. 11

12 Italian eyewear export 2016: countries details Percentage changes by value 12

13 Italian eyewear export 2016: emerging countries Percentage changes by value 13

14 Italian eyewear industry: 2016 export volume 100,1 million pairs The Italian eyewear industry exported about million pairs of glasses in 2016 up by 2.1% over Of the more than 100 million glasses exported, 66.8 million were sunglasses (66.7%) and 33.3 million were optical frames (33.3%). More specifically, the number of sunglasses exported rose by 4.4% over 2015, with frames falling by 2%. 14

15 DOMESTIC MARKET 15

16 Main facts In 2016, the domestic market maintained the positive trend of the previous year, however, the positive result in terms of value (+2.2% for the sell-in) was generally lower than what had been expected, in the hope of a greater momentum that would close the divide which has been building up from 2007 on. In terms of products, sunglasses (+3%) did better than frames (+1%), whereas for ophthalmic lenses (+0.5%), the best performers were still progressives (+3.8%). 16

17 2016 sell-in market share by value 17

18 Frames and sunglasses sell-in: plastic and metal

19 Frames and sunglasses sell-in: brands

20 Frames and sunglasses sell-in: sales channel

21 Plastic lenses sell-in: geometry market share volume value Single vision and progressive lenses share the lenses market. Pal represent 19,7% in term of volume, but count for about 53% of turnover. About PAL position, Italy is recovering (ie 2016 vs 2010). 21

22 Lenses sell-in: photocromathic segment Photocromatic segment represent the 10,6% of total lenses in volume. In 2016 the market share slowly increased 2010 s level. 22

23 Optical trade structure Optical Shops TOTAL POS chain groups and independent pos TURNOVER PER POS

24 Optical trade share of turnover Ophthalmic lenses represent more than 50% of optical trade turnover. 24

25 Millions 2016 Italian eyewear industry sell-out by value Products vs15 care products (solutions) 57,82 56,86-1,7% contact lensens 231,26 242,40 4,8% frames 491,43 514,72 4,7% sunglasses 650,43 661,35 1,7% ophthalmic lenses 1.459, ,22 3,9% Total mkt 2.890, ,54 3,5% 25

26 2017 outlook 26

27 Forecast for 2017 Looking at the overall situation of growth but strongly characterized by uncertainty, forecasts must necessarily remain cautious. Considering the particular structure of the eyewear industry, which is mainly export-oriented, it will certainly succeed, as usual, in drawing the maximum opportunities arising from international markets. Furthermore, 2016 also showed that there can also be interesting opportunities for growth in developed markets like Europe. These many aspects could therefore lead to growth albeit on a smaller scale, but probably steadier over time. 27

28 Last events involving the eyewear industry January 2017: merger of two worldwide giants Luxottica and Essilor, respectively undisputed leaders in eyewear (frames/sunglasses) and lenses February 2017: direct entry of one of the big luxury names, LVMH, into the sector following a joint venture with Marcolin. These events definitely demonstrate the vitality of the sector and the importance that it holds internationally and also follow another trend that had already been observed, that is, the return of very high-end production to Italy. Although the short- and medium-term effects are difficult to forecast, some initial basic evaluations can be made. 28

29 Evaluation Italian eyewear companies possess levels of undisputed excellence and an internationallyrecognized leadership. The know-how and the professional and technological expertise of eyewear companies, especially in the eyewear district of Belluno, stem from a century-old history which has made a decisive contribution to the development of eyewear worldwide. On the one hand, therefore, a maximum level of vertical integration (such as the Luxottica-Essilor operation) will undeniably guarantee the giant from Agordo, sound and solid future development by further expanding its possibilities. The operation could therefore lead to more employment and local investments, as the company s top management has recently pointed out to the press. Last but not least, this situation could be an incentive for small and medium-sized companies towards a greater integration into the chain allowing them, with their strong focus on product innovation or extreme specialization, to take advantage of the opportunities that derive from having a critical mass on the international marketplace. 29 Source: ANFAO On the other hand, the entry of the large luxury groups into the sector (Kering and now LVMH) is similar to what has already happened in other sectors of the fashion, clothing, footwear and leather goods industries. This does not detract from the role of the Italian manufacturing industry, but allows more investments to be made, something increasingly necessary in order to compete on the global stage.

30 Export: 1st Quarter 2017 Products (value in mln ) 1Q Q vs16 FRAMES 284,32 286,28 0,7% SUNGLASSES 632,76 655,16 3,5% FRAMES+SUNGLASSES 917,08 941,44 2,7% The 1 quarter of 2017 shows a slowly increase in export for frames (0.7%), sunglasses perform better (+3.5%): overall export raise by 2.7% versus the same period of It s an outlook for a ordinary growth. 30

31 Domestic Market: 1st Quarter 2017 Sell-out value of the first period of 2017 increased by 2%. In terms of products, sunglasses (+2.7%) did better than frames (+1.1%), whereas for ophthalmic lenses (+2.5%), the best performers were still progressives (+3.6%). From the sell-in data (available until May), a slowdown should be reported. The market seems to be flat again compared to the same period of

32 Thank you for your attention! 32

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