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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.
The company eventually came under the control of Oakley, Inc., which was itself purchased by Luxottica in 2007, transferring ownership of the chain to Luxottica. The takeover resulted in Luxottica becoming "by far the biggest eyewear chain in Australia."
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.
- ^ Shankar, Vivek and Forden, Sara Gay (June 21, 2007). "Luxottica, Oakley Shares Rise on $2 Billion Purchase (Update5)". Bloomberg. Retrieved April 30, 2012.
{{cite web}}: CS1 maint: multiple names: authors list (link) - White, Lyn (February 20, 2008). "Luxottica to absorb Bright Eyes". via Highbeam Research (subscription required). Australasian Business Intelligence. Retrieved April 30, 2012.