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Hot List: March 2007
The Price is Right
1 According to the annual STORES Favorite 50 online retailers list, customers are less likely to be brand loyal and are instead focusing on price. "For a growing number of shoppers it's not about the retail channel or the nameplate over the door—it's about getting the best price, wherever they can find it," says Wendy Liebmann, CEO of WSL Strategic Retail.
| CAN EYE EXAMS WAIT? |
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| New results from the American Eye-Q, an annual consumer survey commissioned by the American Optometric Association (AOA), 36 percent of Americans say they are limiting doctor visits because of the recession. 52 percent of respondents indicated they are visiting their eye doctor less often. 49 percent of Hispanics indicated they are visiting doctors less often due to the recession, compared to 36 percent of African Americans and 33 percent of Caucasians. 63 percent of survey respondents living in rural areas said they have cut visits to their eye doctor, compared to 50 percent of urban and suburban respondents. |
Safilo Group
Announces Tentative Next Steps, Restructuring
Ongoing speculation regarding the future of eyewear manufacturer Safilo Group may be resolved by the end of the year. The Board of Directors of Safilo Group S.p.A. (Safilo or Company) approved a recapitalization plan for the company to be executed in connection with a binding investment agreement underwritten by HAL Holding N.V., Only 3T S.p.A (the holding company of the Tabacchi family, which currently holds 39.9 percent of Safilo), and Safilo.
The proposed recapitalization transaction aims at strengthening the company's capital structure via the injection of new equity by HAL, an industrial partner that will become the new Safilo reference shareholder with a stake between 37.23 percent and 49.99 percent, company representatives say. The plan includes the purchase by HAL of all the outstanding high yield notes issued by the Luxembourg company Safilo Capital International S.A. with principal amount of Euro 195 million and in any case not less than 60 percent; the restructuring of Safilo's senior debt facilities, implemented through an arrangement with Safilo's main financing banks; and the sale of certain non-core retail chains (the plan does not include the sale of the Solstice chain in the U.S.).
The first step of the transaction is the launch by HAL of a voluntary cash tender offer on 100 percent of the outstanding high yield notes for a price equal to 60 percent of their nominal value. The Tender Offer is conditional upon HAL reaching an acceptance threshold equal to or higher than 60 percent. The offer started on Oct. 20 and will remain open until Nov. 19. Cash settlement is expected on Nov. 24, 2009.
An agreement has been reached with certain holders of the HY Notes to tender a total of 38.76 percent of the principal amount of HY Notes currently outstanding in the Tender Offer and to "generally take, encourage, assist or support any action that would result in the Tender Offer being accepted." Company reports stressed that if the 60 percent figure is not reached, the tender offer will fail as will the recovery plans attached to it. In an investor call, CEO Roberto Vedovotto noted, "There will be no other solution to save Safilo Group." An extraordinary General Meeting for Nov. 23 will discuss the tender results.
Carl Zeiss Vision Names New CEO
Michael Hoffmann has been appointed Chief Executive Officer of Carl Zeiss Vision, the world's number two in the eyeglass lens market, effective Dec. 1.
"The advisory board and shareholders are very pleased to announce the appointment of Michael Hoffmann as CEO of Carl Zeiss Vision. He joins us from Hewlett- Packard, where he held a number of key positions over a period of more than 20 years. We are delighted to welcome such an experienced top international manager, who will lead Carl Zeiss Vision successfully in a highly dynamic market," says Arne Frank, chairman of the advisory board and interim CEO since February 2009.
"I look forward to further strengthening Carl Zeiss Vision's position as a global leader in eyeglass lenses and vision solutions together with my management team and all our employees in over 50 countries," says Hoffmann.
| Test Your Mettle! |
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| OPTOMETRY Q. Polyuria, polydipsia, and polyphagia are common symptoms of what untreated systemic disease? OPTICIANRY Q. What type of prism is placed in front of the eye with a weak muscle to displace the image in the same direction that the eye turns? For the answers, please see at the end. |
Silmo: New Location, Plans
Despite reduced visitor numbers (down to 32,000, a fall of 20 percent), the Silmo exhibitors present were ready and open for business.
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1. The courtyard at the Museum Antoine Bourdelle, setting for Alain Mikli's presentations; 2. A display of the creative process by Lafont; 3. The Silmo d'Or Award-winning frame by Face a Face, 4. Francesco Pellegrini from InterCast speaks about NXT as a frame material; 5. Less traffic, but strong interest in the latest; 6. Orgreen's super-gold sunwear; 7. Bollé's d'Or winner |
While companies such as Luxottica were notably absent from Silmo and the number of American representatives at the booths was down, there was still a strong international flair at the show. The event's distribution of visitors from France and other countries remains unchanged, at 49 percent and 51 percent respectively, Silmo representatives note.
At the event, organizers were looking to 2010's show to provide a change in venue and a renewed mission for operations. The theme for next year: "new ambitions, new contacts, new business areas."
"Our proactive attitude encourages us to always do our best for the profession," says Guy Charlot, president of Silmo, "We are living through a period of transition, and so it seemed to us that the 2010 event would be an appropriate occasion to improve the show, making it more welcoming and more effective. This was behind our decision to move the show to the Paris-Nord Villepinte international exhibition centre, close to Charles de Gaulle Airport, TGV CDG2 (high speed rail) station and intersection of major road networks."
Next year's Silmo 2010 will retain all the advantages of an event that is both appreciated and eagerly awaited, organizers note, while offering exhibitors and visitors enhanced services.
Among the myriad changes, the event will still be held over four days but run from Thursday to Sunday, Sept 23 through 26.
For more information, visit www.silmo.fr.
Vision Expo West: Gambles Pay Off
New programs and product offerings helped make a success of International Vision Expo West.
Preliminary unaudited attendance figures for International Vision Expo West, held at the Sands Expo and Convention Center in Las Vegas, indicate that 11,758 eyecare professionals attended the show, down six percent from 2008 preliminary unaudited attendance.
The continuing education program drew 3,873 eyecare professionals, while the exhibit hall saw 7,885 attendees.
A final complete third-party audit of International Vision Expo West will be available approximately six weeks after the show.
"Given today's economy, we are extremely pleased with these preliminary numbers," said Tom Loughran, event director for Reed Exhibitions. "The show floor felt vibrant with new décor and our attendance demonstrates the prominence this event holds for buyers and eyecare professionals alike. For exhibitors, this event continues to be the best way to maximize face-to-face interaction with their customers."
Next year, the conference for International Vision Expo West will be held October 6 through 9, 2010, and the exhibition will be held October 7 through 9, 2010, at the Sands Expo and Convention Center in Las Vegas. International Vision Expo West has show dates confirmed with the Sands Expo and Convention Center through 2012 and will continue to hold the event each year in the September/October timeframe.
The next Vision Expo event will be held in March 18 through 21 in New York. For more information, visit www.visionexpo.com
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1. Prevent Blindness America raised more than $100,000 at the 2009 Swing Fore Sight golf tournament in Las Vegas. The event held in conjunction with Vision Expo West raised funds to support Prevent Blindness America and its sight-saving services and programs. Mark Durrick of Eyecare Business (in front), Dan Meyers, BrandDNA, Inc., and Joe Parsons, Sperian. 2. Members of the Transitions Optical team also participated in the event (l to r): Alan Bullington, Erin Byrne, Connie Falvo, and Gerald Goodman. 3. Silhouette celebrated the 10th anniversary of Titan Minimal Art with artistic presentations at its booth. 4. Toasting the new Skechers collection at a Viva International Group launch party. 5. Paris Hilton celebrates her new Gripping Eyewear collection with a fashion show. 6. Marchon's Al Berg (l) and Marchon Canada's Bill Hennessy at the company's annual party. 7. The show flow had healthy traffic and attendees flocked to the exhibit hall, especially between classes. 8. Eyecare Business' Mark Durrick and Ed Meagher with Michael Ross at REM's annual cocktail party. 9. Safilo's Eden Wexler and Kelley Hayes (r) were up extra early to present product to the Las Vegas television viewers on early news Fox 5 Vegas (KVVU-TV) prior to the show's opening. 10. ClearVision's Sheila Hale and Jen Coppel at the company's annual celebration at Tao. 11. Optometrists attending the show enjoyed the Oom-pah band and other entertainment at the first-ever Doctoberfest. 12. Pop star and athlete Pit Bull signs autographs at the Revolution booth. 13. Highly hued hens marched into l.a. Eyeworks' suite at the Palazzo to help usher in the company's 30th anniversary. 14. Golf swing coach Matt Killen (r) and sports vision expert Larry Lampert, OD, conducted skill sessions at the Transitions booth. 15. David Freidfeld (r) and Dave Edwards at ClearVision's party, which celebrated the company's anniversary as well as working together throughout the year. 16. Shamir's Raanan Naftalovich and Matt Lytle (r) talked to the press about the company's new Freeform Blank™. 17. The Vision Council's Greg Chavez and Mike Daley enjoyed show-floor festivities. 18. Samantha Toth, president of Innereactive Media (l) and Diane Charles, LDO & manager of Children's Eye Doctors & Woodlawn Optical, discuss strategy prior to participating in the panel discussion, "Don't Remake, Prethink." 19. Shamir drawing winner Sean Connolly, OD, of Insight Eye Care in Macomb, Mich., (l) with Matt Lytle of Shamir. 20. Celebrating his win at the Shamir booth, Roland Depietto of Town Centre Eyecare In Mill Creek, Wash. 21. Good times at the OWA networking party with the Live's (l to r) Mark Haupt, Morgan Piatt, Amy Ware, Samantha Biller, and Karen Zappia. 22. Vision Council's Ed Greene discussed the new Healthy Eyes for Life Foundation, along with Jeff Todd, Prevent Blindness, and Dori Carlson, AOA. 24. Diane Etchells and Dr. Phillip Etchells from Apple Valley, Calif., with their video eyewear from Shamir. 23. Celebrating their drawing win at the A&A booth, Dr. Heather Betsko from Acuity Eye Center in Mesa, Ariz., She is with her colleagues (left) and A&A Optical's, David Hill and Robert Liener (r). 25. A&A Optical drawing winner Eryn Graef From Greene Eyes in Bryan, Texas, with A&A's Robert Liener. |
| American Optometric Association President Speaks Out |
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| Randy (Randolph E.) Brooks, OD, president of the American Optometric Association, wants to make one thing perfectly clear to his fellow optometrists. "Let me state as plainly as possible: There are no provisions in proposed healthcare reform legislation that would limit your access to current vision plan patients." In the face of conflicting reports and confusion regarding the issue, Brooks says, "Contrary to what you may have been told, healthcare reform legislation will not jeopardize the coverage of millions of Americans who currently access optometrists through vision plans." Why the confusion? "Unfortunately," explains Brooks, "some insurers misunderstand the current legislation and have misinformed [optometrists] on the AOA's position." Speaking of the group's role, Brooks adds, "The AOA is proud that—through our efforts—millions of uninsured children in America will…have access to comprehensive eyecare provided by optometrists." |
Eye Health Summit Forms Foundation
The core planning team of the Eye Health Summit announced the formation of The Healthy Eyes for Life Foundation. Jim Anderson, attorney for Anderson, Howe, and Steyer, is acting chairman of the organization. Interim board of directors are: Barry Barresi, OD, American Optometric Association; Ed Greene, The Vision Council; Tom Hicks, Opticians Association of America; Steve Ingram, National Association of Vision Care Plans; Wally Lovejoy, Luxottica Retail; Greg Marko, Transitions; Daniel Monaco, Essilor; Stan Rogaski, Contact Lens Institute; Dave Sattler, Alcon Labs; and Jeff Todd, Prevent Blindness America.
| Luxottica Wholesale Shifts |
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| Luxottica Wholesale NA, the North American-based wholesale arm of Luxottica Group, announced new investments to support the further growth of its wholesale business. These investments and improvements are part of a long-term, strategic plan that includes the global rollout of SAP as a common IT platform and the ongoing alignment of cross-functional operations across its global organization. "We look forward to a much improved logistics structure that will equip our wholesale business in North America to better serve customers and to capture, together, the growth opportunities that we continue to see ahead," says Pierre Fay, executive vice president of Luxottica Wholesale NA. During the coming months, wholesale distribution (warehouse) operations will consolidate into existing Luxottica facilities in Atlanta and Ontario, Calif. "These facilities are technologically superior. They're best-in-class in terms of inventory management as well as picking, packing, and shipping technology. Over time, we expect day-to-day benefits to include higher fill rates, reduced back orders, and greater shipping efficiencies," notes Fay. "By investing in the distribution structure, we are improving our ability to deliver greater value to wholesale customers and customers across all of our market segments." The company also announced improvement plans for the New York City Luxottica showroom and offices in 2010. The new showroom will complement the recently opened showrooms in Los Angeles and Miami. The consolidation of wholesale distribution (warehouse) operations into the two facilities in Georgia and California will result in the discontinuation of those operations at the Port Washington, N.Y., facility by early 2010. All other Wholesale Division functions will remain at the facility for at least another year prior to moving to a new, class-A location on Long Island. |
Licensing Lineup
McGee Group has announced a new partnership with Orvis. This will allow The McGee Group to design, manufacture, and distribute optical frames, sunwear, and readers beginning 2010.
The collection will initially consist of designs for men ages 35+, offer 6 and 8 base styles in metals and plastic, as well as offer Carl Zeiss Vision Polarized Polycarbonate lenses and Polarized Glass lenses. The Orvis brand's core is deeply rooted in sporting traditions that will be reflected in the line's styling, note McGee representatives.
| STAR Gazers | |
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| 1. Bellingham, Washington, native Hilary Swank has come a long way from since her film debut as Kimberly in "Buffy the Vampire Slayer" in 1992. Here, the two-time Oscar winner sports Persol style PO 2691S by Luxottica. 2. Britney Spears is back—back on track, back in shape, and back to blonde for her popular "Circus" concert tour and hit single, "Womanizer." Here she was spotted wearing Carrera Champion sunglasses by Safilo. CREDIT: Britney Spears photo by JFX Olycom 3. New York City-born and Florida-raised Angela Bassett's most recent stint was on the long-running television drama "ER." The 51-year-old looks as amazing in Tommy Bahama style TB111 by Altair. 4. Australian Simon Baker's boyish charm as Patrick Jane on TV's "The Mentalist" has won him plenty of new fans. Baker isn't new to television, however; he played Nick Fallin on the series "Guardian" from 2001 to 2004. Here, he looks dashing in Oliver Peoples style Tycoon. |
| Test Your Mettle ANSWERS |
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| Thanks to Essilor and the NFOS for providing this month's questions and answers. Optometry Answer: Diabetes Opticianry Answer: Relieving prism |
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