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Bright Eyes Sunglasses was established in Cairns, Queensland, Australia, by Robert Johnson, in 1985. By 1995, the chain included 115 stores. In 1997 the franchise was sold to Ian Thomas, a Cairns property developer. Ian Thomas reduced the stores from 112 to 85 removing the unprofitable stores strenghening the brand and growing the gross profit of the group by 50%.
In 2000, Bright Eyes was sold to a consortium of three businessmen: Geoff Harbert, Graham Bradshaw, and Ralph Edwards. By 2003, 10 franchise stores and 19 company-owned stores. The full chain's 2003 turnover reached $A6.7 million. Harbert stated in 2004 that some stores were expanding their product lines, in order to remain profitable.
In 2006 Sunglass Hut, a subsidiary of the Luxottica Group, attempted to purchase the Bright Eyes franchise but were blocked by the ACCC. Allowing Sunglass Hut to purchase Bright Eyes would have effectively given it a monopoly in Australia and was deemed anti-competitive by the ACCC. In 2007 Sunglass Icon, a retail subsidiary of Oakley, purchased Bright Eyes for a significant amount. Four months later the Luxottica Group acquired Oakley and the ruling of the ACCC was subsequently usurped via international laws.
References
- ^ Walker, Jacqui (October 23, 2003). "Back in the sun". via Highbeam Research (subscription required). Australasian Business Intelligence. Retrieved April 29, 2012.
- "Fashion accessories: undercut and overexposed". via Highbeam Research (subscription required). Australasian Business Intelligence. May 12, 2004. Retrieved April 30, 2012.