No rose-colored glasses here. Oakley and Ray-Ban sales in North America sunk in the third quarter as the brands enforced stricter minimum advertised price (MAP) policies and parent company Luxottica Group (NYSE:LUX) realigned Oakley’s operations in the U.S.
The Italian company didn’t quantify the decline in each brand, but indicated that overall wholesale sales in North America tumbled 11.2 percent in the quarter to €265 million ($228.6 million). The segment also includes a number of licensed fashion brands such as Chanel and Dolce & Gabbana.
Luxottica CFO Stefano Grassi told analysts that the stricter MAP policy, enacted on July 1, "is impacting quite severely and is definitely stronger than we thought."
The policy, featuring zero discounts and impacting all its proprietary and licensed eyewear brands, resulted in a decrease in sales to online retailers by more than 60 percent in the quarter, officials said. The change was made to clean up the company’s distribution channels and support full-price sales.
Since Oakley had a MAP in place since before Luxottica bought the brand in 2007, the change appears to be particularly impacting its largest brand, Ray-Ban.
Luxottica officials noted that on the positive side, the average discount on Ray-Ban products was down 6 percent at the end of September versus down 37 percent as of April 2016. The number of listings below MAP policy on Amazon was down 90 percent over the same period. Grassi said that "tangible progress" was made toward a cleaner U.S. market.You never want something until you can't have it. So, each week in The Sell-Out, we're getting the scoop from your favorite retailers on what's selling like crazy. Watch this space to find out what everyone's oakley replica reviews buying, sign up for wait lists, and keep tabs on restocks. We're used to shoes, bags, and even jeans selling like crazy. Some pieces, especially when they're part of a celebrity collaboration or a limited-edition collection, just can't stay on the shelves.
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