Oakley, Inc.

Last updated
Oakley, Inc.
Company type Subsidiary
Industry
Founded1975;49 years ago (1975)
Founder Jim Jannard
Headquarters,
Key people
Jim Jannard: Chairman [1]
Parent EssilorLuxottica
Subsidiaries ESS (Eye Safety Systems) [2]
Oliver Peoples [3]
Website www.oakley.com

Oakley, Inc. is an American company headquartered in Foothill Ranch, California, which is an autonomous subsidiary of EssilorLuxottica. The company designs, develops and manufactures sports performance equipment and lifestyle pieces including sunglasses, safety glasses, eyeglasses, sports visors, ski/snowboard goggles, watches, apparel, backpacks, shoes, optical frames, and other accessories. Most items are designed in house at their head office, but some countries hold exclusive designs relevant to their market. Oakley currently holds more than 600 patents for eyewear, materials, and performance gear. [4] [5]

Contents

History

Oakley was started by Jim Jannard in 1975 in his garage with an initial investment of $300. The name "Oakley" came from Jim's English Setter, "Oakley Anne". Jannard began by selling what he called 'The Oakley Grip' out of the back of his car at motocross events. His motorcycle grips were unlike other grips available at the time. The material is still used to make the earsocks on Oakley glasses, and many of the nose pieces and now the bands of their watches. Oakley went on to produce number plates, gloves, grips, elbow guards, chin guards, and goggles for the BMX and motocross communities. [6]

In 1980, Jannard released a pair of goggles called the O-Frame. With the 'Oakley' logo present on the strap, the brand garnered increasing recognition and prominence throughout the sports industry. [7] In 1983, Oakley began selling ski goggles. [8]

The first Oakley sunglasses, Factory Pilot Eyeshades, were sport-oriented, resembling goggles and were released in 1984. These were followed in 1985 by the Oakley Frogskin, a casual sunglass style that was made in Japan. [6]

The company went public in 1995, raising $230 million. [9]

In early 1996, Oakley had a pricing dispute with Italian company Luxottica, the world's largest eyewear manufacturers and retailers. Luxottica stopped carrying Oakley's products in their stores, including Sunglass Hut, and Oakley's stock market value declined 33%. [10] [11]

In 2001, Oakley bought Iacon, Inc., operator of mall-based sunglasses stores Sunglass Designs, Sporting Eyes, and Occhiali da Sole. [12]

Oakley signed a four-year agreement to manufacture eyewear designed by themselves and Fox Racing in September 2004. [13]

Starting in 2004, Jannard bought large quantities of Oakley stock: $2 million in 2004, $16 million in 2005, and $4.6 million in early 2006, bringing his personal stake in the company to 63%. [14]

In 2006, Oakley acquired the Oliver Peoples group, a manufacturer of high-end fashion branded eyewear (under the Oliver Peoples, Mosley Tribes, and Paul Smith brands) for $55.7m, [3] and Optical Shop of Aspen, a luxury eyewear retailer with fourteen stores. [15] Later in 2006, Oakley acquired Eye Safety Systems, Inc. (ESS), another major manufacturer of tactical eye protection, for US$110m. [2]

A mall shop Oakley at the SM City Pampanga in the Philippines Oakley, Inc.1.jpg
A mall shop Oakley at the SM City Pampanga in the Philippines

On June 21, 2007, Luxottica announced a plan to purchase Oakley in a cash deal worth $2.1 billion, paying a 16% premium over the extant share price. [16] The deal was completed on November 15, 2007, making Oakley part of a portfolio that includes brands such as Ray-Ban, Persol, and Vogue. [17] [18] After the sale, founder James Jannard went on to found Red Digital Cinema. Luxottica's acquisition of Oakley was criticized as a potential violation of antitrust laws. This move also moved Oakley's manufacturing out of the US and its frames and many portions of its sunglasses products began to be produced in China.

During the preparations for the ultimately successful rescue of thirty-three miners trapped for ten weeks in a Chilean mine in October 2010, a journalist covering the story contacted Oakley about donating sunglasses to the rescue effort, aware that the miners would need eye protection after having spent weeks in darkness. Oakley donated 35 pairs of its Radar sports glasses, fitted with specially selected tints. [19]

A pair of Oakley sunglasses Oakley sunglasses.jpg
A pair of Oakley sunglasses

Oakley sponsored members of the US Olympic Team in 2012, and that same year, extended the partnership through 2020. [20] [21]

In August 2013, Oakley sold its REVO brand to Sequential Brands for $20m. [22] [23] [24] In November 2013, Oakley signed a multi-year deal with Scuderia Ferrari. [25]

In September 2015, Oakley shut down the website of its outlet arm Oakley Vault, while continuing its brick and mortar retail presence of the brand. [26] [27]

In March 2021, Aston Martin F1 Team announced a partnership with Oakley. [28]

Design

Most of Oakley's technological designs, fashion pieces, gear, etc. were developed with extensive athlete input and testing in the field – including extreme conditions. Oakley also maintains US Standard Issue, which provides U.S. military and law enforcement eye protection. [29] Oakley M Frame sunglasses are included as part of the U.S. Army's Authorized Protective Eyewear List (APEL), and have been assigned a National Stock Number (NSN) for ordering through military supply channels. [30] The company has also built at least one 'golf hovercraft', demonstrated as an all terrain replacement for conventional golf carts. This hovercraft was created for marketing purposes, in partnership with the professional golfer, Bubba Watson. [31] During the COVID-19 pandemic, Oakley released the MSK3 mask, which featured an innovative design to prevent eyewear fogging. [32] [33]

Related Research Articles

<span class="mw-page-title-main">Sunglasses</span> Eyewear for protecting against bright light

Sunglasses or sun glasses are a form of protective eyewear designed primarily to prevent bright sunlight and high-energy visible light from damaging or discomforting the eyes. They can sometimes also function as a visual aid, as variously termed spectacles or glasses exist, featuring lenses that are colored, polarized or darkened. In the early 20th century, they were also known as sun cheaters.

Luxottica Group S.p.A. is an Italian eyewear conglomerate based in Milan. As a vertically integrated company, Luxottica designs, manufactures, distributes, and retails its eyewear brands all through its own subsidiaries. The company, presently organized as a subsidiary of EssilorLuxottica which formed when the Italian conglomerate merged with the French optical firm Essilor, is the world's largest company in its industry, both prior to and after its merger with Essilor.

<span class="mw-page-title-main">Ray-Ban</span> Eyewear company

Ray-Ban is a brand of luxury sunglasses and eyeglasses created in 1936 by Bausch & Lomb. The brand is best known for its Wayfarer and Aviator lines of sunglasses. In 1999, Bausch & Lomb sold the brand to Italian eyewear conglomerate Luxottica Group for a reported $640 million.

<span class="mw-page-title-main">Sunglass Hut</span> American retailer

Sunglass Hut is an international retailer of sunglasses and sunglass accessories founded in Miami, Florida, United States, in 1971. Sunglass Hut is part of the Italian-based Luxottica Group, the world’s largest eyewear company.

Leonardo Del Vecchio was an Italian billionaire businessman, the founder and chairman of Luxottica, the world's largest producer and retailer of glasses and frames, with 77,734 employees and over 8,000 stores. At the time of his death, his net worth was estimated at US$24.1 billion, the second richest person in Italy, and 54th in the world.

James Jannard is an American designer, businessman and founder of Oakley, Inc., an eyewear and apparel company; and Red Digital Cinema Camera Company.

<span class="mw-page-title-main">Essilor</span> French-based optics company

Essilor International is an international ophthalmic optics company that designs, manufactures and markets lenses to correct or protect eyesight. Its headquarters is in Charenton-le-Pont, France.

<span class="mw-page-title-main">Aviator sunglasses</span> Style of sunglasses

Aviator sunglasses are a style of sunglasses that was developed by a group of American firms. The original Bausch & Lomb design is now commercially marketed as Ray-Ban Aviators, although other manufacturers also produce aviator-style sunglasses.

<span class="mw-page-title-main">Ray-Ban Wayfarer</span> Line of sunglasses by Ray-Ban

Ray-Ban Wayfarer sunglasses and eyeglasses have been manufactured by Ray-Ban since 1952. Made popular in the 1950s and 1960s by music and film icons such as Buddy Holly, Roy Orbison and James Dean, Wayfarers almost became discontinued in the 1970s, before a major resurgence was created in the 1980s through massive product placements.

Foster Grant, or FosterGrant, is an American brand of eyewear founded by Sam Foster in 1919. The Foster Grant brand is a subsidiary company of FGX International, a consumer goods wholesaler with headquarters in Smithfield, Rhode Island, which has been owned by Essilor, today EssilorLuxottica, since 2010.

<span class="mw-page-title-main">Eyewear</span> Items and accessories worn on or over the eyes

Eyewear is a term used to refer to all devices worn over both of a person's eyes, or occasionally a single eye, for one or more of a variety of purposes. Though historically used for vision improvement and correction, eyewear has also evolved into eye protection, for fashion and aesthetic purposes, and starting in the late 20th century, computers and virtual reality.

<span class="mw-page-title-main">Maui Jim</span> Sunglasses company

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<span class="mw-page-title-main">Safilo</span> Italian eyewear company

Safilo Group S.p.A. is an Italian company that designs, produces, and distributes prescription frames, sunglasses, sports eyewear, ski goggles and helmets, and cycling helmets under its own five house brands and 32 licensed brands, including Smith Optics.

Oliver Peoples is an American luxury eyewear brand established in 1986, and owned by Luxottica. The brand is sold in Oliver Peoples boutiques, online, and in fashion boutiques and department stores throughout the world. Oliver Peoples eyewear is designed in Los Angeles, Italy, and Japan.

<span class="mw-page-title-main">Recon Instruments</span>

Recon Instruments was a Canadian technology company that produced smartglasses and wearable displays marketed by the company as "heads-up displays" for sports. Recon's products delivered live activity metrics, GPS maps, and notifications directly to the user's eye. Recon's first heads-up display offering was released commercially in October 2010, roughly a year and a half before Google introduced Google Glass.

Randolph Engineering, Inc. is an American manufacturer of sunglasses, shooting glasses, and prescription glasses. Located in Randolph, Massachusetts, it is also the prime contractor for providing aviator sunglasses to the United States military.

<span class="mw-page-title-main">Clearly</span>

Clearly is an online retailer of contact lenses, eyeglasses and sunglasses. The company was acquired by EssilorLuxottica Canada, and is headquartered in Vancouver, British Columbia. They are one of the largest online contact lens retailers in North America, and the largest seller of prescription eyeglasses online in the world.

<span class="mw-page-title-main">Costa Del Mar</span> American sunglasses manufacturer

Costa Del Mar or simply Costa is an American manufacturer of polarized sunglasses based in Daytona Beach, Florida. It is a wholly owned subsidiary of EssilorLuxottica. Their sunglasses are popular in the sport sunglasses market, and are considered good for outdoor sports practicing, such as Summer activities, recreational fishing and boating. Costa's Baffin Sunglasses won Best of Show: Eyewear at ICAST 2018.

EssilorLuxottica SA is an Italian-French vertically integrated multinational corporation based in Paris and founded on 1 October 2018 from the merger of the Italian Luxottica with the French Essilor. The eyewear-focused group designs, produces and markets ophthalmic lenses, optical equipment, prescription glasses and sunglasses.

Bollé Brands is an eyewear and head protection group that designs, markets and distributes sunglasses, safety glasses, goggles and ski and bicycle helmets. The group owns the brands Bollé, Bollé Safety, Cébé, H2Optix, Spy Optic and Serengeti and is headquartered in Lyon, France.

References

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  3. 1 2 "Oakley Acquires Oliver Peoples - a Leading Fashion Eyewear Brand NYSE:OO". Globenewswire.com. 8 February 2006. Archived from the original on 22 January 2022. Retrieved 2013-08-13.
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