Bright Eyes Sunglasses
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Bright Eyes Sunglasses is a company that was established in Cairns, Queensland, Australia, by Robert and Antonina (Ann) Johnstone, in 1985.[1] By 1995, the chain included 115 stores.[1] 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 strengthening the brand and growing the gross profit of the group by 50%.[citation needed]
In 2000, Bright Eyes was sold to a consortium of three businessmen: Geoff Harbert, Graham Bradshaw, and Ralph Edwards.[1] By 2003, 10 franchise stores and 19 company-owned stores.[1] The full chain's 2003 turnover reached A$6.7 million.[1] Harbert stated in 2004 that some stores were expanding their product lines, in order to remain profitable.[2]
The company having grown to 155 stores, 1/3 of which company run, eventually came under the control of Oakley, Inc.,[3] which was itself purchased by Luxottica in 2007, transferring ownership of the chain to Luxottica.[3] The takeover resulted in Luxottica becoming "by far the biggest eyewear chain in Australia."[4]
In 2008 Luxottica having reduced the business to 47 stores, sold the business back to business partners Ralph Edwards and Geoff Harbert.
References[edit]
- ^ a b c d e Walker, Jacqui (October 23, 2003). "Back in the sun". Australasian Business Intelligence. Archived from the original on October 11, 2014. Retrieved April 29, 2012.
- ^ "Fashion accessories: undercut and overexposed". Australasian Business Intelligence. May 12, 2004. Archived from the original on October 11, 2014. Retrieved April 30, 2012.
- ^ a b Shankar, Vivek & Forden, Sara Gay (June 21, 2007). "Luxottica, Oakley Shares Rise on $2 Billion Purchase (Update5)". Bloomberg. Retrieved April 30, 2012.
- ^ White, Lyn (February 20, 2008). "Luxottica to absorb Bright Eyes". Australasian Business Intelligence. Archived from the original on October 29, 2014. Retrieved April 30, 2012.