De Rigo, Essilor, Kering Eyewear, Luxottica, Marchon, Marcolin and Maui Jim have underscored their commitment to drive the next wave of travel retail growth in the sunglasses category through a shared vision, which launched last month.
Titled Vision 2020, it includes four key objectives for the sunglasses category, formulated by the collective of sunglasses suppliers:
- For the sunglasses category to account for 4% of overall travel retail sales in 2020, up from 2.7% in 2015
- To drive a Compound Annual Growth Rate (CAGR) of 15% between 2016 to 2020 in order to achieve a 4% share of travel retail sales
- To be the ‘expert channel of choice’ for sunglasses consumers through a focus on elevating retail standards from ‘basic’ to ‘enhanced’ and ‘expert’ levels in all channels and regions
- To act as a pilot category for innovation in travel retail, particularly for omni-channel initiatives.
In a statement, the co-creators of Vision 2020 said: “As a group, we are fully committed to raising standards in sunglasses retail and driving sustainable growth for all Trinity stakeholders. In plotting a new direction for the category, we have put in place four key objectives which we must now focus on achieving.
“Vision 2020 is deliberately ambitious, but reflective of the fantastic potential for growth that exists and how our category is perfectly positioned to shape the future of travel retail. We lay down the challenge to all retailers and landlords to join us on this journey.”
Vision 2020 was unveiled during the Sunglasses Workshop at the TFWA World Exhibition in Cannes in October 2016. The workshop, presented by specialist travel retail marketing and design agency FILTR, also highlighted some key consumer and product trends that will influence sunglasses consumers to 2020.
Research from m1nd-set also highlighted the need for a connected omni-channel approach to the sunglasses category in travel retail which touches consumers before, during and after they travel.
