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Investment Drives EssilorLuxottica ANZ GrowthEssilorLuxottica has reported strong growth in the third quarter of this year, with Asia Pacific the best performing region, posting revenue of Euro 761 million, up 22.7% compared to the third quarter of 2021. Both professional services and direct to consumer segments sharply accelerated compared to the second quarter.
In Australia, both segments delivered strong growth compared to 2021 when our country was affected by COVID-19 related restrictions and store closures. OPSM’s revenue was up around one third, with branded lenses continuing to gain share. The strength of refurbished stores drove performance at Sunglass Hut and Oakley, more than doubling revenue as a whole. Additionally, the luxury brands in Sunglass Hut continued to advance strongly.
To find out more about this growth trajectory, mivision spoke to Matteo Accornero, EssilorLuxottica’s General Manager of Retail ANZ. Before moving to Australia to take up his current position, Mr Accornero was the company’s Integration and Business Development Director, based in Italy and charged with supporting the integration of Essilor and Luxottica.
“The key challenge of any integration is change management, as every company has its own history, heritage, culture and ways of working. We put a lot of effort in to protecting the two cultures while building a new one, focussing on people and talent, building new ways of working, developing and delivering joint projects with business impact,” he explained.
Now with his feet firmly on the ground in Australia and having successfully integrated the two companies, Mr Accornero says there is plenty to look forward to at a retail level.
“OPSM is about to celebrate its 90th anniversary, and its rich and strong heritage in the Australia market – after almost a century, the brand has become synonymous with optical care and assistance for Australian consumers.”
He said some of OPSM’s original strategic pillars remain high priorities, including store design, consulting rooms and the customer experience.
“As we look at the future, we continue to evolve to keep the OPSM promise and continue to deliver a premium experience based on expertise, service, digital instruments, and product selection for the whole family.
“We continue to invest – not only in the retail space but also in our optometry consulting rooms, with more space dedicated to the professional area, and in cutting edge instruments, such as Clarifye.”
Clarifye, a digital eye examination technology that provides advanced diagnostics and customised prescriptions, is expected to be in almost 150 stores by the end of this year.
Additionally, OPSM stores will have access to more premium lenses, instruments and technologies, and resources will be boosted with the employment of both graduates and experienced optometrists.
Meanwhile at Sunglass Hut, the focus will be on digital innovation and a “premiumisation” of the network.
“We will invest in brick-and-mortar locations, with a strong emphasis on instore service and experience, as well as selectively curating a local needs-based assortment of brands, products and accessories assortment.”
In line with this focus on personalisation and experience, consumers can expect stronger brand engagement via social media channels and customer relationship management. Externally, Mr Accornero confirmed that Myer will remain a key business partner.
DRAWING ON INTERNATIONAL EXPERIENCE
As a global company, EssilorLuxottica benefits from being able to move team members to different geographic locations where they share learnings and gain new experiences. This is particularly valuable in the current uncertain economy, as Mr Accornero explained.
“The eyewear industry is ever changing; creativity and visionary ideas are a must to succeed. International mobility is key in promoting dialogue, diversity, balance and openness, and leveraging different complementary strengths. Fresh perspectives are welcomed as they improve our performance and help to move us forward, and the innovative and entrepreneurial spirit plays a key role in driving success.
“While we tend to speak about those who move from HQ to regional locations, there are also plenty of colleagues who move to Milan. No matter which office you visit, you can find a diverse and inclusive environment, a community of individuals where people feel at ease in expressing themselves and working together as one.
“Private equity was a natural start after my Master Degree in Finance. However, after a year or so I wanted to get closer to the business and I joined management consulting where I spent almost 10 years. As a consultant, I supported more than 20 companies in the retail and consumer goods industry, helping them face strategic and operational issues. I really liked the growth that came from exposure to a broad range of different organisations, cultures and business models.”
Joining a global industry leader with strong Italian roots has presented “incredible opportunities” he concluded.