The World Trade Organization Predicts Global Economy to Slow in 2023

By Staff
Friday, November 18, 2022 10:46 AM The global economy is on the decline, according to the latest numbers from the World Trade Organization (WTO). Recent international trade statistics show that momentum is slowing with an expected increase of just 1.0 percent in 2023, down from the previous forecast of 3.4 percent.

As many countries enter a recession in 2023, demand for imports is also expected to slow down. This, paired with high-energy prices resulting from the Russian-Ukraine war, is expected to drive higher energy prices, driving up the cost of fuel, food and fertilizer. 

As the war continues, energy prices will rise as much as 36 percent. This is on top of the already 250 percent increase year over year. Natural gas has risen 350 percent in Europe year over year, while in the U.S. prices have risen 120 percent. 

This increase is driving concern of food security, particularly among low-income households. Grain prices have risen 15 percent year over year, with wheat alone rising 18 percent. Experts remain concerned about the rising cost of fertilizer which has tripled in price since 2020. This could lead to a reduction in crop yields and drive increased food insecurity.

Consumers Plan to Maintain Spending Levels This Holiday Season Despite Threats of a Recession

By Staff
Thursday, November 17, 2022 1:47 PM New figures from Deloitte are somewhat optimistic even as the U.S. economy continues to head toward a recession this holiday season. The organization recently released its Holiday Retail Survey, which finds that American households are continuing to feel the pressure of inflation and economic pressures but will continue to maintain holiday spending levels. 

The report found that 37 percent of American households say their financial situation is worse than last year. As a result, 73 percent of households are anticipating an increase in the cost of products, impacting how they plan to spend their holiday dollars. 

An increase in spending is not predicted, however, as numbers are expected to match 2021 levels reaching $1,455 per consumer. The report finds that consumers are changing their buying habits, focusing on shopping smarter and purchasing fewer gifts. 

Consumers are also adjusting their shopping habits in a return to pre-COVID travel and gathering. This is motivated by a desire to reconnect with family and friends after nearly three years of social distancing. Over half of consumers are expected to travel this holiday or attend social events.

With Estee Lauder's Acquisition of Tom Ford Brand, Marcolin Announces a New Long-Term License for Tom Ford Eyewear

By Staff
Wednesday, November 16, 2022 12:30 AM NEW YORK and LONGARONE, Italy—The Estée Lauder Companies Inc. (NYSE: EL) (ELC) announced that it has signed an agreement to acquire the Tom Ford brand, a global leader in luxury. The major deal will establish that ELC, a long-term partner of Tom Ford in the beauty arena, will be the sole owner of the Tom Ford brand and all its intellectual property. Under the stewardship of ELC, the purchase of the brand and the extension of its current licensing partners, including Marcolin S.p.A. for eyewear and Ermenegildo Zegna for fashion, "will allow for continuity and the further evolution of the Tom Ford brand as one of the preeminent global luxury brands of the twenty-first century," ELC's announcement said.

Luminopia Announces Oversubscribed Seed Extension Financing Round

By Staff
Monday, November 14, 2022 12:27 AM CAMBRIDGE, Mass.—Luminopia, a prescription digital therapeutics company pioneering a new class of treatments for neuro-visual disorders, announced an oversubscribed $5.7 million seed extension financing round. ShangBay Capital led the round, with participation from Sony Innovation Fund, The Vertical Group, and SSI Strategy, as well as support from existing investors. With the closing of the round, William Dai, founding managing partner of ShangBay Capital, will be joining Luminopia’s board of directors. The company will be using the funding for a staged rollout of its lead product for amblyopia to pediatric ophthalmologists starting this month, before expanding to a broader launch in the second half of 2023.

Canada's Kits Eyecare Ltd. Reports Revenue Gains in Q3

By Staff
Monday, November 14, 2022 12:21 AM VANCOUVER, British Columbia—Canadian online eyewear retailer Kits Eyecare Ltd. (KITS) (TSX: KITS) has released its financial results for the third quarter of 2022.

Tarsus Pharmaceuticals Reports Q3 Net Loss but Reiterates NDA Acceptance

By Staff
Monday, November 14, 2022 12:15 AM IRVINE, Calif.—Tarsus Pharmaceuticals, Inc. (NASDAQ:TARS), which addresses patient needs starting with eyecare through the application of proven science and new technology, announced a net loss of $22.5 million for third quarter ended Sept. 30, 2022, up from $15.7 million for the same period in 2021. Third quarter R&D expenses for 2022 were $10.9 million, including stock-based compensation of $1.0 million, compared to $10.2 million for the year-ago period.

National Vision Reports Q3 Revenue and Earnings Are Down for Q3 But Reiterates Its Fiscal Year 2022 Guidance

By Staff
Friday, November 11, 2022 12:27 AM DULUTH, Ga.—National Vision Holdings, Inc. (NASDAQ: EYE)  reported its financial results for the third quarter ended Oct. 1, 2022. Citing today's overall market "macroeconomic headwinds, constraints to exam capacity, and Omicron surge," the company reported that revenue decreased 3.6 percent to $499.2 million compared to the third quarter of 2021 and net income of $11.5 million, a decrease of 71.9 percent compared to the year-ago quarter. The company did reiterate its fiscal year guidance for 2022 for net revenues of $1.99 billion to $2.01 billion.

Warby Parker Grew 3Q Net Revenue by 8.3 Percent, Despite Inflation and Weaker Consumer Demand

By Staff
Friday, November 11, 2022 12:24 AM NEW YORK—Optical retailer Warby Parker (NYSE: WRBY) reported solid gains for the third quarter ended Sept. 30, 2022, despite economic headwinds that reduced consumer demand for eyewear and eye exams. The company generated $148.8 million in net revenue, up $11.4 million, or 8.3 percent, versus third quarter 2021. Warby Parker posted a net loss of $23.8 million, down $67.2 million compared with the year-ago period, when the company was incurring expenses related to the company’s direct listing on the New York Stock Exchange.

Fielmann Ventures Takes Equity Stake in Smart Glasses Pioneer Deep Optics

By Staff
Friday, November 11, 2022 12:18 AM HAMBURG, Germany—Fielmann Ventures, the venture and investment arm of Fielmann Group, has entered an agreement to acquire a 10 percent equity stake in Deep Optics, a leading deep tech company and developer in the electro-optics space.

SDC Technologies Acquires Coburn Technologies

By Staff
Thursday, November 10, 2022 12:36 AM IRVINE, Calif.—SDC Technologies, Inc. (SDC), a subsidiary of Mitsui Chemicals (TSE: 4183.T) and a leading producer of premium, high-performance specialty coating solutions, has acquired Coburn Technologies, Inc., an established innovator in the production, service and support of precision ophthalmic lens processing systems and instruments for the eyecare industry. SDC purchased Coburn from private investors who took control of the company when it was spun off from Gerber Scientific in 2010, as VMAIL reported at the time. Details of the transaction were not disclosed.

Ocuphire Pharma, FamyGen Life Sciences Sign $35 Million Global License Agreement for Nyxol Eye Drops

By Staff
Wednesday, November 9, 2022 12:15 AM FARMINGTON HILLS, Mich.—Ocuphire Pharma has concluded an exclusive license agreement with FamyGen Life Sciences (Famy) for the development and commercialization of Nyxol across three indications in the U.S., Europe, Japan, India, China and other global markets. In connection with its separately announced transaction with Famy, Viatris, a leading global health care company, has agreed to commercialize Nyxol following each regulatory approval. “Famy and Ocuphire have been engaging for several months, in a collaborative spirit, to conclude this agreement.

Oyster Point Pharma to Be Acquired by Viatris

By Staff
Tuesday, November 8, 2022 12:24 AM PRINCETON, N.J.—Oyster Point Pharma (Nasdaq: OYST), a leading ophthalmology-focused biopharmaceutical company, yesterday announced that it has entered into a definitive agreement under which it would be acquired by Viatris Inc. (Nasdaq: VTRS), a global health care company. Viatris intends to acquire Oyster Point Pharma as the foundation of its new ophthalmology franchise, recognizing its management team, the strength of Tyrvaya (varenicline solution) Nasal Spray and Oyster Point Pharma’s pipeline, according to a statement released by Oyster Point Pharma.

Marcolin Group Sales Rise 21 Percent for the First Nine Months of 2022 to €409.7 Million

By Staff
Monday, November 7, 2022 12:30 AM MILAN—The Board of Directors of Marcolin Group, one of the world's leading eyewear companies, approved on Nov. 3 the economic and financial results of the Group as of Sept. 30, 2022. The Group net sales in the first nine months of the year rose by 21.0 percent based on current exchange rates compared to the same period of 2021, an increase of 13.9 percent at constant exchange rates, amounting to €409.7 million.

Safilo Group Reports Sales and Profit Growth for Third Quarter and Nine Months of 2022

By Staff
Friday, November 4, 2022 12:21 AM PADOVA, Italy—The Safilo Group S.p.A. (SFLG.MI) reported growth in sales and profits for the third quarter, as its board yesterday reviewed and approved results for the three months and the first 9 months of 2022 key performance indicators.

Eyeglass Lens and Contact Lens Sales Helped Drive Hoya’s 2Q Growth

By Staff
Wednesday, November 2, 2022 12:24 AM TOKYO—Hoya Group posted 184,112 million yen in sales for the second quarter of the consolidated fiscal year starting July 1 and ending Sept. 30, 2022, an increase of 13.2 percent over the same period of the previous year.