1 00:00:00,240 --> 00:00:04,680 Speaker 1: From UFOs to psychic powers and government conspiracies. History is 2 00:00:04,760 --> 00:00:09,080 Speaker 1: riddled with unexplained events. You can turn back now or 3 00:00:09,200 --> 00:00:12,079 Speaker 1: learn the stuff they don't want you to know. A 4 00:00:12,200 --> 00:00:25,680 Speaker 1: production of I Heart Radio. Hello, welcome back to the show. 5 00:00:25,720 --> 00:00:28,479 Speaker 1: My name is Matt, my name is Noel. They called 6 00:00:28,480 --> 00:00:31,360 Speaker 1: me Ben. We're joined as always with our super producer 7 00:00:31,400 --> 00:00:35,080 Speaker 1: Paul Mission controlled decade. Most importantly, you are you. You 8 00:00:35,159 --> 00:00:38,479 Speaker 1: are here, and that makes this the stuff they don't 9 00:00:38,479 --> 00:00:42,680 Speaker 1: want you to know. You guys, I am so very excited. 10 00:00:42,760 --> 00:00:44,760 Speaker 1: I've wanted to do this episode. I think we all 11 00:00:44,800 --> 00:00:48,320 Speaker 1: have for a number of years. First things First, fellow 12 00:00:48,320 --> 00:00:51,920 Speaker 1: conspiracy realists, if you're watching this video on YouTube, you 13 00:00:52,000 --> 00:00:54,840 Speaker 1: might notice that a writer or die Matt Frederick is 14 00:00:55,240 --> 00:01:00,560 Speaker 1: rocking some cool specs. We're all fans of cool sunglasses. 15 00:01:00,640 --> 00:01:05,360 Speaker 1: Until very recently, I was wearing glasses on the daily. Um, 16 00:01:05,400 --> 00:01:08,480 Speaker 1: I'm terrified of the sun, as you know. You guys 17 00:01:08,480 --> 00:01:13,120 Speaker 1: know that. Yeah, so I can't I can't go. I 18 00:01:13,160 --> 00:01:15,560 Speaker 1: can't go with the day Walkers unless I have some 19 00:01:15,680 --> 00:01:20,960 Speaker 1: sunglasses on. And I was looking some stats. It's crazy 20 00:01:21,319 --> 00:01:23,600 Speaker 1: because if you ask people in the US if they 21 00:01:23,600 --> 00:01:27,280 Speaker 1: own a pair of glasses, just glasses in general, prescription whatever, 22 00:01:27,760 --> 00:01:32,600 Speaker 1: whether we're talking about really nifty product or RayBan sunglasses, 23 00:01:32,680 --> 00:01:36,120 Speaker 1: or whether we're talking you know, bifocal lenses you would 24 00:01:36,120 --> 00:01:38,399 Speaker 1: get at lens Crafter. Is the answer from those people 25 00:01:38,480 --> 00:01:43,200 Speaker 1: is probably gonna be yes of women in the U 26 00:01:43,319 --> 00:01:48,600 Speaker 1: S where sunglasses as of dudes do the same, and 27 00:01:48,720 --> 00:01:52,920 Speaker 1: prescription sunglasses are also on the rise. It's just it's 28 00:01:52,960 --> 00:01:59,240 Speaker 1: a big, big, big, big business. But according to the critics, 29 00:01:59,640 --> 00:02:02,520 Speaker 1: and as everybody knows if you listen to our recent 30 00:02:03,280 --> 00:02:06,880 Speaker 1: conversations on Strange News, according to the critics, there's something 31 00:02:06,960 --> 00:02:11,880 Speaker 1: wrong with this industry, something deeply wrong, and you'll hear it. Yeah, 32 00:02:11,919 --> 00:02:14,240 Speaker 1: and you know, there's also something wrong with my classes 33 00:02:14,240 --> 00:02:17,240 Speaker 1: because I'm wearing contacts right now and these are corrective lenses, 34 00:02:17,280 --> 00:02:23,960 Speaker 1: and I'm getting a headache. So I'm gonna take giving vision. Well, 35 00:02:24,040 --> 00:02:27,360 Speaker 1: but you need those glasses or those contacts. That's something 36 00:02:27,400 --> 00:02:30,359 Speaker 1: we'll get into too, because look, the critics are saying 37 00:02:30,360 --> 00:02:32,760 Speaker 1: that you can go into a Pearl Vision, you can 38 00:02:32,760 --> 00:02:35,360 Speaker 1: go into a lens Grafters sunglass hut, you can go 39 00:02:35,440 --> 00:02:38,240 Speaker 1: wherever the heck you want, and you can buy whatever 40 00:02:38,360 --> 00:02:42,720 Speaker 1: kind of glasses or frames you want very expensive ones 41 00:02:42,800 --> 00:02:46,079 Speaker 1: to bottom of the barrel, and those brands and those 42 00:02:46,120 --> 00:02:50,359 Speaker 1: different prices don't actually matter, because, according to the critics, 43 00:02:50,440 --> 00:02:54,519 Speaker 1: you are ultimately buying your spectacles from one very very 44 00:02:54,520 --> 00:02:59,320 Speaker 1: powerful company, Luxotica, and how it's usually known and they've 45 00:02:59,360 --> 00:03:02,800 Speaker 1: got a different official name now, but we're finally doing it. 46 00:03:02,840 --> 00:03:06,360 Speaker 1: You guys, how ridiculous will it be if this is 47 00:03:06,400 --> 00:03:09,000 Speaker 1: the episode after these many years that sinks our show 48 00:03:10,360 --> 00:03:13,520 Speaker 1: because Lexata is seriously like super powerful. They're like the 49 00:03:13,560 --> 00:03:17,200 Speaker 1: Illuminati of spectacles. Here are the facts. Yeah, I mean 50 00:03:17,200 --> 00:03:20,160 Speaker 1: their name even sounds kind of like Illuminati. Um, yeah, 51 00:03:20,240 --> 00:03:23,920 Speaker 1: it's true. I mean, so the founder of Luxotica is 52 00:03:23,919 --> 00:03:27,200 Speaker 1: a dude name Leonardo del Vecchio. He can't have a 53 00:03:27,280 --> 00:03:30,920 Speaker 1: name like that unless you're like the eyeglasses mogul um. 54 00:03:30,960 --> 00:03:38,040 Speaker 1: But he established Luxotica at a gordo in the Belluno Dolomites, 55 00:03:38,240 --> 00:03:41,400 Speaker 1: which as a region of Italy. Uh. And the name 56 00:03:41,520 --> 00:03:45,040 Speaker 1: is derived it's like a cool portmanteau combination of the 57 00:03:45,080 --> 00:03:49,040 Speaker 1: Italian words for light and optics loose and ottica. You might, 58 00:03:49,040 --> 00:03:52,520 Speaker 1: you know, like the there's like a Roman phrase lux 59 00:03:52,560 --> 00:03:55,040 Speaker 1: e turna that means like the eternal light of God. 60 00:03:55,320 --> 00:03:59,000 Speaker 1: That's what I always think of. And they call this 61 00:03:59,160 --> 00:04:04,000 Speaker 1: a deck. This a perfect marriage. Also, I didn't, uh, 62 00:04:04,240 --> 00:04:08,280 Speaker 1: I mean to over emphasize this in the notes. If 63 00:04:08,320 --> 00:04:11,200 Speaker 1: you saw the notes we have here, this is that 64 00:04:11,240 --> 00:04:13,800 Speaker 1: line is in all caps. Sorry, guys, it's it's not 65 00:04:13,880 --> 00:04:16,600 Speaker 1: that porto. It's just being lazy. But but that is 66 00:04:16,680 --> 00:04:19,280 Speaker 1: that is a really cool name. And in its early 67 00:04:19,400 --> 00:04:25,040 Speaker 1: years this company wasn't a huge, huge player. They made 68 00:04:25,600 --> 00:04:30,479 Speaker 1: accessories for the optical industry, they manufactured components, they didn't 69 00:04:30,480 --> 00:04:37,480 Speaker 1: make their own glasses entire and del Vecchio saw some 70 00:04:37,560 --> 00:04:40,560 Speaker 1: opportunity here, and maybe it was a little bit irritated 71 00:04:40,640 --> 00:04:42,880 Speaker 1: because he might have felt he was leaving some money 72 00:04:42,880 --> 00:04:45,960 Speaker 1: on the table. He had originally started his career as 73 00:04:45,960 --> 00:04:49,839 Speaker 1: a metal worker, but when he moved from Milan to 74 00:04:50,080 --> 00:04:54,680 Speaker 1: a Gordo, he wanted to get into eyewear. And he thought, 75 00:04:54,800 --> 00:04:57,640 Speaker 1: you know, I've been doing this for a few years. 76 00:04:58,000 --> 00:05:02,040 Speaker 1: I can make parts for spectacles all the livelong day. 77 00:05:02,080 --> 00:05:05,080 Speaker 1: But what if, he wondered, I could sell my own 78 00:05:05,120 --> 00:05:08,119 Speaker 1: complete frames. And he did that in nineteen sixty seven 79 00:05:08,160 --> 00:05:11,760 Speaker 1: with the first Lexotica collection, and people loved it. People 80 00:05:11,800 --> 00:05:15,000 Speaker 1: were on board with it. Still wasn't enough. Let's fast 81 00:05:15,040 --> 00:05:17,960 Speaker 1: forward to seventy four. Yeah, at that point he's like, Okay, 82 00:05:18,200 --> 00:05:20,479 Speaker 1: we've made the metal to make the stuff. Now we're 83 00:05:20,520 --> 00:05:22,280 Speaker 1: making the whole frames to make the thing. And then 84 00:05:22,279 --> 00:05:24,040 Speaker 1: he's like, well, what if we could do more than 85 00:05:24,160 --> 00:05:27,760 Speaker 1: just frames? And he thought, well, how do I get 86 00:05:27,800 --> 00:05:31,760 Speaker 1: all of these things lined up vertically for my own 87 00:05:32,040 --> 00:05:36,240 Speaker 1: for my own wealth? And again like this is, in 88 00:05:36,320 --> 00:05:38,560 Speaker 1: my opinion, this is great. This is somebody who's thinking 89 00:05:38,600 --> 00:05:41,480 Speaker 1: really big, right, this is uh. I don't know the 90 00:05:41,800 --> 00:05:46,640 Speaker 1: backbone of industry, of capitalism when it's when it's workings 91 00:05:46,680 --> 00:05:49,200 Speaker 1: figuring out how to do it, so uh, but he 92 00:05:49,520 --> 00:05:51,440 Speaker 1: the whole idea is he wants to vertically integrate as 93 00:05:51,480 --> 00:05:55,000 Speaker 1: much of the the glasses, business, frames and all as 94 00:05:55,040 --> 00:05:57,120 Speaker 1: he possibly can. And the interesting thing too is, like 95 00:05:57,160 --> 00:06:00,720 Speaker 1: I mean, del Vecchio like his background was in materials, 96 00:06:00,720 --> 00:06:03,200 Speaker 1: like he was a metal worker. He was basically like 97 00:06:03,240 --> 00:06:06,320 Speaker 1: I think, an apprentice and never really went to college 98 00:06:06,440 --> 00:06:10,000 Speaker 1: or definitely never completed college. But everything that he learned 99 00:06:10,120 --> 00:06:12,159 Speaker 1: he did so kind of by the sweat of his brow. 100 00:06:12,560 --> 00:06:15,080 Speaker 1: And the bigger picture of lexotica that we're already just 101 00:06:15,080 --> 00:06:17,120 Speaker 1: starting to dip our toes in the notion of like 102 00:06:17,200 --> 00:06:20,000 Speaker 1: taking those materials, making it all about the supply chain 103 00:06:20,240 --> 00:06:22,839 Speaker 1: and the materials and kind of leaving it to others 104 00:06:22,920 --> 00:06:26,040 Speaker 1: to do the design work. Though he was into that too, um, 105 00:06:26,080 --> 00:06:28,400 Speaker 1: but he's sort of setting the groundwork for this master 106 00:06:28,520 --> 00:06:31,960 Speaker 1: plan that we're getting into. Yeah, yeah, very much so. 107 00:06:32,160 --> 00:06:38,080 Speaker 1: And vertical integration is a kind of unsexy term for 108 00:06:38,160 --> 00:06:43,960 Speaker 1: an amazing, impressive and at times dangerous practice, a dangerous strategy. 109 00:06:44,400 --> 00:06:48,719 Speaker 1: I was thinking of different examples. So, like, imagine we 110 00:06:48,800 --> 00:06:54,040 Speaker 1: get together and we make potato chips, conspiracy chips, whatever 111 00:06:54,080 --> 00:06:55,479 Speaker 1: you want to call them, and we're doing all right. 112 00:06:55,600 --> 00:06:57,840 Speaker 1: You know, we got four or five flavors. People are 113 00:06:57,880 --> 00:07:00,880 Speaker 1: into them, but we want to go bigger. So if 114 00:07:00,880 --> 00:07:05,360 Speaker 1: we were vertically integrating, we would also start maybe owning 115 00:07:05,520 --> 00:07:08,720 Speaker 1: stores that sold the chips. Maybe we would start owning 116 00:07:09,120 --> 00:07:13,440 Speaker 1: the potato fields. Right, we would start bringing everything in, 117 00:07:13,480 --> 00:07:16,920 Speaker 1: as you said, Matt, under one figurative roof. And this 118 00:07:17,000 --> 00:07:19,040 Speaker 1: has a lot of advantages for the people who are 119 00:07:19,080 --> 00:07:22,880 Speaker 1: able to pull it off. So by the seventies, del 120 00:07:22,920 --> 00:07:28,200 Speaker 1: Vecchio is selling luxotica glasses directly to customers, and he 121 00:07:28,440 --> 00:07:30,480 Speaker 1: ends up like you are alluding to know. He ends 122 00:07:30,560 --> 00:07:34,120 Speaker 1: up buying a distribution company, and this sets off this 123 00:07:34,240 --> 00:07:38,920 Speaker 1: period of hectic acquisitions and partnerships throughout the nineteen eighties. 124 00:07:39,120 --> 00:07:43,400 Speaker 1: The company expands, it blows up, really, it explodes internationally, 125 00:07:43,840 --> 00:07:47,280 Speaker 1: and then something interesting happens in the world of fashion. 126 00:07:47,760 --> 00:07:50,120 Speaker 1: As you know, I'm not a person very well acquainted 127 00:07:50,160 --> 00:07:52,840 Speaker 1: with fashion, but in the in around the nineteen eighties, 128 00:07:53,160 --> 00:07:56,960 Speaker 1: a lot of people started saying, you know what, classes 129 00:07:57,160 --> 00:08:01,520 Speaker 1: aren't just helping me see better. Glasses can be a 130 00:08:01,520 --> 00:08:04,400 Speaker 1: fashion statement. And now you know, now we live in 131 00:08:04,400 --> 00:08:06,600 Speaker 1: a world where some people wear glasses just because they 132 00:08:06,600 --> 00:08:09,040 Speaker 1: like the look. There's not a corrective lens. They're just like, 133 00:08:09,880 --> 00:08:14,280 Speaker 1: I'm hot stuff with these Warby partners. I call those 134 00:08:14,320 --> 00:08:17,760 Speaker 1: glasses pretenders, Like I'm all about a good sunglass, but 135 00:08:18,200 --> 00:08:19,840 Speaker 1: I don't. I think if you don't need the lenses, 136 00:08:19,920 --> 00:08:22,120 Speaker 1: it's not cool to like be a be a fake 137 00:08:22,160 --> 00:08:25,560 Speaker 1: glasses where during daylight hours, Hey, come on, now, don't 138 00:08:25,600 --> 00:08:27,840 Speaker 1: throw it too much. Shay, I've I've I got those 139 00:08:28,240 --> 00:08:31,800 Speaker 1: blue shift lenses or the ones that aren't corrective. But 140 00:08:32,200 --> 00:08:35,800 Speaker 1: blossers are great and they look I like, I like 141 00:08:35,840 --> 00:08:38,720 Speaker 1: the way they look. At least something functional that's at 142 00:08:38,800 --> 00:08:40,959 Speaker 1: least doing something functional. Isn't that supposed to like make 143 00:08:41,000 --> 00:08:45,640 Speaker 1: you like less depressed or something like like eye strain? 144 00:08:45,760 --> 00:08:51,680 Speaker 1: I think yeah, But but it's it's true. Regardless of 145 00:08:51,720 --> 00:08:55,680 Speaker 1: how I mean personally feel about it, glasses started becoming 146 00:08:55,760 --> 00:08:59,760 Speaker 1: something more than a medical device. They became a fashion statement. 147 00:08:59,800 --> 00:09:02,400 Speaker 1: And Lexotica was very much in the in on the 148 00:09:02,440 --> 00:09:06,480 Speaker 1: ground floor of this shift in attitude. They were arguably 149 00:09:06,520 --> 00:09:08,920 Speaker 1: in on the ground floor because you know, they owned 150 00:09:09,040 --> 00:09:13,600 Speaker 1: the ground by this point. But they partnered with our money, 151 00:09:13,600 --> 00:09:16,840 Speaker 1: which is like, that's a big deal. Our money is 152 00:09:16,880 --> 00:09:19,679 Speaker 1: known for being kind of expensive. Well, let's also consider, 153 00:09:19,840 --> 00:09:22,520 Speaker 1: like I mean, you know, in pop culture, like wearing 154 00:09:22,600 --> 00:09:24,880 Speaker 1: glasses was a sign of considered like a sign of 155 00:09:24,920 --> 00:09:27,480 Speaker 1: weakness or a sign of being some sort of like 156 00:09:27,600 --> 00:09:30,600 Speaker 1: nerd uh. You know, Clark Kent has to take off 157 00:09:30,600 --> 00:09:33,200 Speaker 1: his glasses to become cool, and when he puts them on, 158 00:09:33,520 --> 00:09:37,400 Speaker 1: nobody notices them because he's you know, a glasses wearing outcasts. 159 00:09:37,679 --> 00:09:39,839 Speaker 1: That's true in film and TV and all that stuff 160 00:09:39,840 --> 00:09:43,400 Speaker 1: in comic books. But because of Lexotica and this relationship 161 00:09:43,400 --> 00:09:46,400 Speaker 1: with our money and more, you know, moves that they 162 00:09:46,400 --> 00:09:49,280 Speaker 1: would go on to make they kind of essentially almost 163 00:09:49,280 --> 00:09:52,360 Speaker 1: single handedly made glasses cool and and like a fashion 164 00:09:52,480 --> 00:09:55,480 Speaker 1: accessory rather than you know, the mark of of someone 165 00:09:55,520 --> 00:09:57,800 Speaker 1: that was like, you know, less than It's weird how 166 00:09:57,920 --> 00:10:02,160 Speaker 1: public opinion can shift so easily. You have the right person, 167 00:10:02,840 --> 00:10:07,840 Speaker 1: the right influencer rocking glasses and millions of people can 168 00:10:08,000 --> 00:10:11,600 Speaker 1: change their mind or change their attitudes about them. Uh 169 00:10:11,800 --> 00:10:15,160 Speaker 1: Looxotic a new This was a huge opportunity, and they 170 00:10:15,480 --> 00:10:22,079 Speaker 1: started making partnerships with pretty much every design house that 171 00:10:22,120 --> 00:10:25,640 Speaker 1: you could easily think of. And then there's another big shift. 172 00:10:26,080 --> 00:10:28,400 Speaker 1: So we're kind of, um, we're giving you the high 173 00:10:28,520 --> 00:10:31,720 Speaker 1: points of a very complex story with a lot of steps. 174 00:10:31,800 --> 00:10:35,080 Speaker 1: But if you're telling this story of Lexotica, when you 175 00:10:35,200 --> 00:10:39,080 Speaker 1: talk about Lexotica today, you're probably referring to something that 176 00:10:39,160 --> 00:10:43,240 Speaker 1: happened in October of eighteen, which I think all three 177 00:10:43,280 --> 00:10:45,240 Speaker 1: of us would like to talk a little bit about. 178 00:10:45,280 --> 00:10:49,079 Speaker 1: From the legal side, Lexotica had a merger and they 179 00:10:49,120 --> 00:10:53,560 Speaker 1: created a new powerful holding company the name of Lexotica 180 00:10:53,640 --> 00:10:57,360 Speaker 1: now where there it's holding company is or Lexotica all 181 00:10:57,400 --> 00:11:02,000 Speaker 1: one word. When this thing happen, it created what's called 182 00:11:02,080 --> 00:11:07,760 Speaker 1: market capitalization of around seventy billion dollars. Not bad for 183 00:11:07,840 --> 00:11:10,040 Speaker 1: a hometown guy from Milan, you know what I mean. 184 00:11:10,200 --> 00:11:15,480 Speaker 1: Like today today, this guy del Vecchio is worth an 185 00:11:15,679 --> 00:11:21,479 Speaker 1: estimated thirty one point one billion dollars, just as as himself, 186 00:11:21,960 --> 00:11:25,240 Speaker 1: not as his company. So like this merger though, it 187 00:11:25,320 --> 00:11:27,240 Speaker 1: had a lot of people worried, didn't. I mean we 188 00:11:27,280 --> 00:11:29,839 Speaker 1: all watched this war story talk with one of the 189 00:11:29,920 --> 00:11:32,800 Speaker 1: lawyers involved. Yeah, I just will jump in really quickly. 190 00:11:32,920 --> 00:11:37,000 Speaker 1: So s Lore was a free standing French company and 191 00:11:37,040 --> 00:11:41,480 Speaker 1: they specialized in manufacturing lenses. Okay, and when you've got 192 00:11:41,520 --> 00:11:46,640 Speaker 1: the frame manufacturer in Luxonica going hey, let's get let's 193 00:11:46,679 --> 00:11:50,720 Speaker 1: merge with this lens manufacturer specialist and create one giant thing, 194 00:11:51,120 --> 00:11:54,199 Speaker 1: you could imagine that this was um a bit worrisome 195 00:11:54,280 --> 00:11:57,920 Speaker 1: for people who are looking looking for that big m 196 00:11:57,960 --> 00:12:01,480 Speaker 1: somewhere in there, well monopoly action, just to see what 197 00:12:01,600 --> 00:12:05,320 Speaker 1: could happen. Yeah, but the merger was weirdly like not 198 00:12:05,559 --> 00:12:10,640 Speaker 1: that contested if i'm if I'm yeah, because there's that 199 00:12:10,960 --> 00:12:13,840 Speaker 1: there's that point where they said these are not things 200 00:12:13,920 --> 00:12:18,319 Speaker 1: people have to have, like rebands are very popular, sunglasses, 201 00:12:18,800 --> 00:12:24,199 Speaker 1: but they the authorities what who knows what the back 202 00:12:24,280 --> 00:12:28,000 Speaker 1: room situation was like. But the authorities officially concluded after 203 00:12:28,080 --> 00:12:34,440 Speaker 1: long conversations that ray bands and a lot of sunglasses were, 204 00:12:34,559 --> 00:12:37,319 Speaker 1: in fact, what they call it, they were not must 205 00:12:37,400 --> 00:12:40,120 Speaker 1: have must have items. Yeah, and I mean, you know, 206 00:12:40,160 --> 00:12:42,320 Speaker 1: and that's that's certainly true. That they're more of a 207 00:12:42,400 --> 00:12:45,439 Speaker 1: status symbol in many ways, and they are like a necessity. 208 00:12:45,520 --> 00:12:47,480 Speaker 1: You can buy a pair of twenty dollar you know 209 00:12:47,520 --> 00:12:50,400 Speaker 1: gas stations sun much, which ironically ray bands used to be. 210 00:12:50,679 --> 00:12:53,240 Speaker 1: There was a period where like ray Bands as a 211 00:12:53,280 --> 00:12:56,400 Speaker 1: freestanding company were like failing after you know, getting a 212 00:12:56,400 --> 00:12:59,160 Speaker 1: bunch of hype because of Tom Cruise wearing them in 213 00:12:59,240 --> 00:13:01,600 Speaker 1: risky business, and I believe also in Top Gun where 214 00:13:01,600 --> 00:13:04,120 Speaker 1: he had more of this the mirrored shades. Um they 215 00:13:04,200 --> 00:13:06,600 Speaker 1: kind of took a dive and we're struggling, and there 216 00:13:06,640 --> 00:13:08,480 Speaker 1: was a period in the late nineties. Or you could 217 00:13:08,480 --> 00:13:10,959 Speaker 1: buy a pair of ray Bands at like a drug 218 00:13:11,000 --> 00:13:15,040 Speaker 1: store for you know, Bucks and Lexotico and they you know, 219 00:13:15,440 --> 00:13:18,400 Speaker 1: bought that brand or whether I'm not quite sure exactly 220 00:13:18,400 --> 00:13:22,080 Speaker 1: the relationship because they have various arrangements, but they turned 221 00:13:22,080 --> 00:13:24,880 Speaker 1: it around and made it into one of the most 222 00:13:24,920 --> 00:13:30,120 Speaker 1: recognizable you know, luxury quote unquote you know glasses brands 223 00:13:30,280 --> 00:13:33,440 Speaker 1: in the world and made it, made it, made it 224 00:13:33,480 --> 00:13:35,280 Speaker 1: like a status kind of thing or like a symbol 225 00:13:35,320 --> 00:13:38,040 Speaker 1: of like, hey, I can afford to spend hundred and 226 00:13:38,040 --> 00:13:41,120 Speaker 1: fifty minimum hundred and fifty dollars on a piece of 227 00:13:41,120 --> 00:13:43,280 Speaker 1: plastic that I put on my face. But the thing 228 00:13:43,400 --> 00:13:49,840 Speaker 1: is it's not just ray band, right, Nope, And there's 229 00:13:49,880 --> 00:13:52,360 Speaker 1: a lot of stuff people get wrong about it. Uh, 230 00:13:52,520 --> 00:13:56,000 Speaker 1: they can. There's this status I want to bust later 231 00:13:56,080 --> 00:13:58,960 Speaker 1: on in the show today. Uh, and folks familiar with 232 00:13:59,000 --> 00:14:01,520 Speaker 1: the story, you can probably yes, what that statistic will be. 233 00:14:02,400 --> 00:14:05,360 Speaker 1: But you're absolutely right, Matt. We can. We can laundry 234 00:14:05,360 --> 00:14:08,120 Speaker 1: lists them, but we're not gonna launchry list them all 235 00:14:08,240 --> 00:14:11,640 Speaker 1: because the show would just be us doing that for 236 00:14:11,760 --> 00:14:15,400 Speaker 1: like easily thirty minutes. That's how deep this goes. The 237 00:14:15,480 --> 00:14:19,240 Speaker 1: company still make sunglasses, they still make prescription frames, and 238 00:14:19,280 --> 00:14:24,480 Speaker 1: if you talk to them, they're two big like buckets 239 00:14:24,520 --> 00:14:30,000 Speaker 1: are retailed distribution selling sunglasses, frames, lenses, and stores, and 240 00:14:30,040 --> 00:14:34,720 Speaker 1: then the other one is manufacturing or wholesale distribution. So 241 00:14:34,760 --> 00:14:37,640 Speaker 1: they're not selling directly to consumers in that point, but 242 00:14:38,880 --> 00:14:43,080 Speaker 1: stores that they own, all the damn stores they own. Yeah, 243 00:14:43,240 --> 00:14:46,560 Speaker 1: let's because they own some brands like you. You might 244 00:14:47,120 --> 00:14:50,600 Speaker 1: you might think, I can't wait to buy my Vogue glasses. 245 00:14:50,640 --> 00:14:52,520 Speaker 1: But do I choose between the Vogue or do I 246 00:14:52,600 --> 00:14:57,040 Speaker 1: choose between the Oakley? The same company makes those. Again, 247 00:14:57,200 --> 00:15:01,200 Speaker 1: these glasses are seen as a fashions statement, and they're 248 00:15:01,240 --> 00:15:04,680 Speaker 1: they're supposed to have certain connotations, right because whenever you're 249 00:15:04,720 --> 00:15:08,160 Speaker 1: buying something that has a brand, you are buying an 250 00:15:08,240 --> 00:15:12,480 Speaker 1: idea more so than a physical product. And that's just basic. 251 00:15:12,600 --> 00:15:16,239 Speaker 1: That's day one stuff baby in the world of advertising. 252 00:15:16,520 --> 00:15:19,640 Speaker 1: But they also they don't just own a bunch of stuff. 253 00:15:19,840 --> 00:15:24,600 Speaker 1: They also make these licensing deals or these partnerships with 254 00:15:24,800 --> 00:15:31,040 Speaker 1: names that are familiar to anybody in the world. Chanel, Coach, Brooks, Brothers, Polo, Ralph, 255 00:15:31,160 --> 00:15:34,200 Speaker 1: Laura and product of Versace, you name it. They're they're involved. 256 00:15:34,240 --> 00:15:37,840 Speaker 1: They got a hand in the pie legacy companies like Tiffany, 257 00:15:38,080 --> 00:15:41,200 Speaker 1: you know, I mean and and that that relationship involves, 258 00:15:41,320 --> 00:15:47,840 Speaker 1: you know, those companies basically licensing out their designs to Luxotica, 259 00:15:47,840 --> 00:15:50,680 Speaker 1: who then get to slap the you know, adults and 260 00:15:50,720 --> 00:15:54,680 Speaker 1: Gabbana little logo on the side and therefore they cost 261 00:15:54,680 --> 00:15:58,000 Speaker 1: a thousand dollars. But they are not made of magic, 262 00:15:58,160 --> 00:16:00,600 Speaker 1: you know, I mean they're they're made of this materials 263 00:16:00,600 --> 00:16:04,200 Speaker 1: and everything else is and don't cost near that to manufacture. 264 00:16:04,240 --> 00:16:07,320 Speaker 1: I mean, it's it's like insane markup on the especially 265 00:16:07,360 --> 00:16:10,920 Speaker 1: the luxury kind of licensed ones. You guys forgot Michael 266 00:16:10,960 --> 00:16:14,240 Speaker 1: cores and just want to point out, according to Marshall's 267 00:16:14,240 --> 00:16:17,840 Speaker 1: this shirt is Michael Coerce. Oh yes, sorry, sorry, Mike 268 00:16:18,440 --> 00:16:22,760 Speaker 1: respects credit where its due. These these things are all true. 269 00:16:22,880 --> 00:16:27,280 Speaker 1: And if you travel around the world, you might not 270 00:16:27,480 --> 00:16:31,440 Speaker 1: know that there's a Luxotica operation you're you, but there 271 00:16:31,480 --> 00:16:37,000 Speaker 1: probably is. There thousands, thousands of retail locations and multiple countries, 272 00:16:37,040 --> 00:16:41,520 Speaker 1: the US, North, South America, China, South Africa, the United Kingdom, 273 00:16:41,680 --> 00:16:46,080 Speaker 1: the United Arab Emirates, etcetera, etcetera. But if you walk 274 00:16:46,120 --> 00:16:50,720 Speaker 1: into an eyeglass store sunglass store in these areas, you 275 00:16:50,800 --> 00:16:53,200 Speaker 1: might not know you're walking into a Luxotica store. You 276 00:16:53,280 --> 00:16:56,800 Speaker 1: might think, should I go to Sunglass Hut or should 277 00:16:56,800 --> 00:16:59,200 Speaker 1: I go to Apex by Sunglass Hut, Or should I 278 00:16:59,240 --> 00:17:02,120 Speaker 1: go to Spectacle or should I go to Lens Crafters 279 00:17:02,280 --> 00:17:06,200 Speaker 1: or maybe Pearl Vision huh Target Optical. Yeah, I've been 280 00:17:06,240 --> 00:17:08,520 Speaker 1: there and targets have a lot of lenses that you 281 00:17:08,520 --> 00:17:10,919 Speaker 1: can buy or O P. S M or or a 282 00:17:11,000 --> 00:17:14,119 Speaker 1: Lori or hey, what about you know, getting my vision 283 00:17:14,160 --> 00:17:18,080 Speaker 1: care covered? These frames are expensive, these prescriptions are expensive. 284 00:17:18,560 --> 00:17:22,600 Speaker 1: Uh maybe I'll use imed vision care. That seems legit 285 00:17:22,640 --> 00:17:24,959 Speaker 1: and unrelated to any of these other things. Wait, I'm 286 00:17:25,000 --> 00:17:29,040 Speaker 1: on their website now, and oh why is target optical 287 00:17:29,119 --> 00:17:37,160 Speaker 1: list and sunglass hut vision lenscrafters Wait a minute, OSM 288 00:17:39,560 --> 00:17:45,879 Speaker 1: one sunglass understand the darkness behind them? Yes, it's true. 289 00:17:46,000 --> 00:17:49,000 Speaker 1: It's all true, folks. They're not different. Fingers on a hand, 290 00:17:49,200 --> 00:17:52,399 Speaker 1: that is what we're talking about, fingers on a hidden hand. 291 00:17:52,960 --> 00:17:56,520 Speaker 1: And for some people that's well and good, that's hunky dory. 292 00:17:56,640 --> 00:18:00,399 Speaker 1: For other people, that's a huge problem. Because Exotica Argue 293 00:18:00,400 --> 00:18:03,960 Speaker 1: has become more than just the big boy in the room. 294 00:18:04,000 --> 00:18:07,919 Speaker 1: It has become a monopoly, and therefore it has become dangerous. 295 00:18:08,160 --> 00:18:11,280 Speaker 1: So we're gonna pause for word from our sponsor, and 296 00:18:11,320 --> 00:18:14,639 Speaker 1: we're gonna return, separate some fact from fiction and figure 297 00:18:14,640 --> 00:18:17,720 Speaker 1: out just how much of this, if any, is true. 298 00:18:23,840 --> 00:18:27,800 Speaker 1: Here's where it gets crazy. Uh, finally to the statistic 299 00:18:27,880 --> 00:18:30,159 Speaker 1: All right, Matt Nol, You know you guys, and I 300 00:18:30,240 --> 00:18:32,920 Speaker 1: talked about this off off air. That's something that gets 301 00:18:32,920 --> 00:18:36,399 Speaker 1: thrown around all the time. You'll hear different versions of it, 302 00:18:36,440 --> 00:18:40,959 Speaker 1: but it's usually something like, you know, Exonica controls the 303 00:18:41,160 --> 00:18:45,199 Speaker 1: entire sunglass industry. Something must be done. I don't know. 304 00:18:45,400 --> 00:18:49,760 Speaker 1: That voice is vaguely related to macho man Randy Savage. Um, 305 00:18:49,800 --> 00:18:52,040 Speaker 1: you know, I guess got into optometry or whatever. But 306 00:18:52,680 --> 00:18:55,679 Speaker 1: he always were he always were locally type shades you 307 00:18:57,600 --> 00:19:04,480 Speaker 1: see in his eyes, So snap into a monopoly. What's 308 00:19:04,520 --> 00:19:06,960 Speaker 1: up with the statistic? Well, it makes for great headlines, 309 00:19:07,160 --> 00:19:12,200 Speaker 1: that's inarguable, but it probably isn't accurate. And I dug 310 00:19:12,240 --> 00:19:15,400 Speaker 1: in a little and I think I've figured out part 311 00:19:15,440 --> 00:19:17,080 Speaker 1: of the discrepancy. I want to see what you guys 312 00:19:17,119 --> 00:19:20,000 Speaker 1: think about this. So if you go to the company itself, 313 00:19:20,440 --> 00:19:24,080 Speaker 1: they'll be like, yeah, we're doing pretty well. We're pretty 314 00:19:24,280 --> 00:19:28,159 Speaker 1: we're pretty proud of ourselves, but we don't sell eighty 315 00:19:28,280 --> 00:19:31,520 Speaker 1: percent of all the glasses in the world. They'll tell 316 00:19:31,520 --> 00:19:34,760 Speaker 1: you that their frames, just the frames are probably maybe 317 00:19:34,760 --> 00:19:38,119 Speaker 1: ten percent of sales worldwide, and in the US that 318 00:19:38,200 --> 00:19:42,840 Speaker 1: number bumps up to about so one in five frames. 319 00:19:42,880 --> 00:19:45,000 Speaker 1: Just in general, frames that you buy in the US, 320 00:19:45,560 --> 00:19:48,919 Speaker 1: one in five of those is probably made by Lexotica 321 00:19:48,920 --> 00:19:53,280 Speaker 1: in some capacity. But Snopes broke this down a little bit, 322 00:19:53,560 --> 00:19:56,040 Speaker 1: and we need to learn the history of this statistic 323 00:19:56,119 --> 00:19:58,959 Speaker 1: and how I think how the wires got crossed. This 324 00:19:59,080 --> 00:20:01,359 Speaker 1: is not meant to defend Lexotica, just to be clear, 325 00:20:01,440 --> 00:20:04,440 Speaker 1: We're just trying to be accurate here. There's an episode 326 00:20:04,440 --> 00:20:07,800 Speaker 1: of a show called Adam Ruins Everything, and it's Adam 327 00:20:07,920 --> 00:20:11,239 Speaker 1: Ruins Everything. I think is a solid show. And in 328 00:20:11,320 --> 00:20:13,880 Speaker 1: this show they talk about In this episode, they talk 329 00:20:13,920 --> 00:20:18,639 Speaker 1: about Lexotica, and one of their sources is a blog 330 00:20:18,880 --> 00:20:24,199 Speaker 1: from Forbes written and that blog cites this statistic and 331 00:20:24,280 --> 00:20:28,440 Speaker 1: it refers to another source of Forbes article from two 332 00:20:28,480 --> 00:20:31,400 Speaker 1: thousand twelve. Here's why I think happened. If you look 333 00:20:31,440 --> 00:20:35,280 Speaker 1: at that two thousand twelve article by Dean Crutchfield, you'll 334 00:20:35,320 --> 00:20:39,040 Speaker 1: see the claim that more than eighty percent of major 335 00:20:39,240 --> 00:20:45,160 Speaker 1: eyewear brands are designed and retailed or sold by Lexotica. 336 00:20:45,440 --> 00:20:49,480 Speaker 1: That's not the same thing as of all glasses ever ever. Ever, 337 00:20:50,080 --> 00:20:52,640 Speaker 1: it's more like it's it would be like if you 338 00:20:52,960 --> 00:20:56,560 Speaker 1: had a shoe company and you controlled eighty percent of 339 00:20:56,600 --> 00:20:59,600 Speaker 1: sneaker brands that's not the same thing as eight percent 340 00:21:00,040 --> 00:21:03,439 Speaker 1: of all shoes. Does that make sense? That does make sense. 341 00:21:04,080 --> 00:21:06,480 Speaker 1: And I will say too, I watched a sixty minutes 342 00:21:06,640 --> 00:21:09,960 Speaker 1: UM episode. It was called Sticker Shock, and it was 343 00:21:10,000 --> 00:21:11,760 Speaker 1: all about like it was there kind of deep dive. 344 00:21:11,840 --> 00:21:14,080 Speaker 1: This is before Lexotica was a much of a still 345 00:21:14,119 --> 00:21:15,840 Speaker 1: not really a household name, let's come of the point. 346 00:21:16,000 --> 00:21:18,360 Speaker 1: But it was really like it felt like investigative journalism 347 00:21:18,400 --> 00:21:20,040 Speaker 1: at the time because it was sort of like almost 348 00:21:20,119 --> 00:21:24,320 Speaker 1: this shadowy company, UM. And the headline was why do 349 00:21:24,440 --> 00:21:27,520 Speaker 1: designer glasses cost more than an iPad? Uh, the eyewear 350 00:21:27,760 --> 00:21:31,800 Speaker 1: company with total domination setting astronomical prices. We're gonna get 351 00:21:31,800 --> 00:21:33,560 Speaker 1: to that a second. But at the time, the CEO 352 00:21:33,680 --> 00:21:37,600 Speaker 1: is interviewed by Leslie Stall says that he she asked 353 00:21:37,640 --> 00:21:39,680 Speaker 1: some point blank, how many people do you think are 354 00:21:39,720 --> 00:21:42,919 Speaker 1: wearing glasses that are you know, in some way touched 355 00:21:42,960 --> 00:21:45,439 Speaker 1: by Alexotica, And he just said something in the neighborh 356 00:21:45,520 --> 00:21:49,840 Speaker 1: he said billions, billions. So whether or not it's eight 357 00:21:50,040 --> 00:21:54,800 Speaker 1: percent of the overall market share, I mean billions of people. 358 00:21:55,040 --> 00:21:57,960 Speaker 1: You know, by the admission of the CEO, who's probably 359 00:21:58,000 --> 00:22:00,119 Speaker 1: a job, is that the soft pedal. These ice the 360 00:22:00,200 --> 00:22:04,800 Speaker 1: ideas of monopoly. Uh, that's kind insane and definitely show 361 00:22:04,920 --> 00:22:08,440 Speaker 1: some serious domination of that space. Oh yeah, and there's 362 00:22:08,440 --> 00:22:12,000 Speaker 1: not really am The thing that's fascinating is there's not 363 00:22:12,800 --> 00:22:16,399 Speaker 1: a ton ton of information out there. There's not a 364 00:22:16,400 --> 00:22:20,120 Speaker 1: lot of you could say, visibility on some of the 365 00:22:20,200 --> 00:22:23,840 Speaker 1: ins and outs of how these how the money moves 366 00:22:24,040 --> 00:22:27,040 Speaker 1: in this situation. And that's always something that you want 367 00:22:27,040 --> 00:22:28,880 Speaker 1: to look out for when you're trying to figure out 368 00:22:28,960 --> 00:22:33,800 Speaker 1: if something is a monopoly. There's no mistake Exotica is 369 00:22:33,880 --> 00:22:37,879 Speaker 1: indeed a leviathan. It is the largest single player in 370 00:22:37,920 --> 00:22:42,760 Speaker 1: its industry. But is it a monopoly? Yeah, of course 371 00:22:42,800 --> 00:22:47,080 Speaker 1: it is. It would be. How could it not be. 372 00:22:47,400 --> 00:22:50,520 Speaker 1: Exotica doesn't just own eyewear brands and frames. They don't 373 00:22:50,560 --> 00:22:54,720 Speaker 1: just own distribution, They own insurance services. They have made 374 00:22:54,720 --> 00:22:59,679 Speaker 1: these strategic partnerships and acquisitions that give them a significant 375 00:23:00,720 --> 00:23:03,199 Speaker 1: a significant amount of leverage on the price of a 376 00:23:03,240 --> 00:23:07,240 Speaker 1: pair of glasses. They can kind of decide how the 377 00:23:07,320 --> 00:23:11,440 Speaker 1: market moves. And there are plenty of people who will say, well, 378 00:23:11,440 --> 00:23:13,520 Speaker 1: what's wrong with that? And there are plenty of people 379 00:23:13,600 --> 00:23:17,080 Speaker 1: say that is food bar a lot of industry veterans 380 00:23:17,400 --> 00:23:22,760 Speaker 1: have have a complex relationship with Lexotica. There's one guy 381 00:23:22,840 --> 00:23:26,600 Speaker 1: who found quote in l A Times, Charles dahan Uh. 382 00:23:26,840 --> 00:23:30,560 Speaker 1: He used to be the main dude supplying frames to 383 00:23:30,920 --> 00:23:34,199 Speaker 1: the company Lens Crafters, before they were acquired by you 384 00:23:34,280 --> 00:23:39,320 Speaker 1: guessed at Lexotica, and he says there's no real competition 385 00:23:39,560 --> 00:23:42,520 Speaker 1: in the entirety of the industry anymore. He thinks Lexotica 386 00:23:43,160 --> 00:23:45,920 Speaker 1: is a quote from him. They bought everyone and they 387 00:23:45,960 --> 00:23:49,600 Speaker 1: set whatever prices they please, and those markups can be 388 00:23:49,640 --> 00:23:54,120 Speaker 1: incredibly high, as anybody's ever purchased glasses can attest. Like 389 00:23:54,160 --> 00:23:56,879 Speaker 1: the when we're talking about a markup a profit margin, 390 00:23:58,040 --> 00:24:01,040 Speaker 1: the numbers might surprise you. Yeah, there is a pretty 391 00:24:01,040 --> 00:24:04,440 Speaker 1: great article from The Guardian, if I'm not mistaken, where 392 00:24:04,600 --> 00:24:08,399 Speaker 1: some former lens Crafter high level execs we're talking about 393 00:24:08,480 --> 00:24:12,560 Speaker 1: the markup being like bordering on a thousand percent. Well, yeah, 394 00:24:12,560 --> 00:24:15,720 Speaker 1: I mean think about it. Look look at these Look 395 00:24:15,760 --> 00:24:19,400 Speaker 1: at these things. How much did these cost there? I mean, 396 00:24:19,480 --> 00:24:22,800 Speaker 1: I get it, you're molding some pieces of metal and 397 00:24:22,880 --> 00:24:27,160 Speaker 1: some plastics and the lenses aren't you know, simple to produce? 398 00:24:27,800 --> 00:24:32,359 Speaker 1: But should this be like three That's what they charge 399 00:24:32,400 --> 00:24:35,119 Speaker 1: people in these like lens crafters, like stores, especially when 400 00:24:35,119 --> 00:24:38,000 Speaker 1: you're getting your eyes checked and everything. These are these 401 00:24:38,000 --> 00:24:40,840 Speaker 1: are some of the cheapest glasses I could find, and 402 00:24:41,040 --> 00:24:43,120 Speaker 1: even with eye insurance, I had to pay a lot 403 00:24:43,160 --> 00:24:46,000 Speaker 1: of money for these. And it's like, I just I 404 00:24:46,040 --> 00:24:48,480 Speaker 1: don't get it as a consumer. Just just really quickly. 405 00:24:48,520 --> 00:24:51,399 Speaker 1: The CEO Andrea Guerrera in that sixty minutes piece, I 406 00:24:51,440 --> 00:24:54,680 Speaker 1: mentioned his defense of that as well. This is an 407 00:24:54,720 --> 00:24:57,400 Speaker 1: item that you have to wear on your face all 408 00:24:57,440 --> 00:25:01,800 Speaker 1: the time. It's the perfect crystallization form and function, and 409 00:25:01,880 --> 00:25:04,800 Speaker 1: that's not easy to do. That's that's that's what he 410 00:25:04,840 --> 00:25:06,960 Speaker 1: has to say. Yeah, because there is a lot of 411 00:25:06,960 --> 00:25:11,080 Speaker 1: research that goes into this, right. Uh. There there are 412 00:25:11,080 --> 00:25:14,840 Speaker 1: people who disagree with that estimation, folks like a journalist 413 00:25:14,880 --> 00:25:17,520 Speaker 1: named David Lazarus who was writing for the l A Times. 414 00:25:17,920 --> 00:25:21,920 Speaker 1: He didn't really mince words when he called prescription I 415 00:25:22,040 --> 00:25:26,440 Speaker 1: wear quote perhaps the biggest single mass market consumer rip 416 00:25:26,480 --> 00:25:31,639 Speaker 1: off in the world. Yeah, I know, right, and oil 417 00:25:31,680 --> 00:25:36,200 Speaker 1: companies are still a thing, but whatever. In he broke 418 00:25:36,280 --> 00:25:39,119 Speaker 1: down the math and he verified that the average cost 419 00:25:39,160 --> 00:25:41,119 Speaker 1: of a pair of frames not lens his mind, to 420 00:25:41,359 --> 00:25:44,360 Speaker 1: just the frames was about two and thirty one dollars, 421 00:25:44,359 --> 00:25:47,159 Speaker 1: and that was according to VSP. The SP is the 422 00:25:47,160 --> 00:25:52,280 Speaker 1: biggest provider of um I I care I insurance benefits. 423 00:25:52,800 --> 00:25:54,919 Speaker 1: So if you look at the average costs of a 424 00:25:54,960 --> 00:26:00,600 Speaker 1: pair of just single lenses, that's a hundred and twelve dollars, 425 00:26:00,680 --> 00:26:03,159 Speaker 1: and those are the simple lenses. If you need some 426 00:26:03,760 --> 00:26:06,600 Speaker 1: bells and whistles, then the price can double. So if 427 00:26:06,640 --> 00:26:10,280 Speaker 1: we just take the base value there two one plus 428 00:26:10,320 --> 00:26:13,080 Speaker 1: a hundred and twelve, then what we see is that 429 00:26:13,440 --> 00:26:17,359 Speaker 1: three hundred and forty three dollars tens would be the 430 00:26:17,440 --> 00:26:20,479 Speaker 1: average that people would pay all told, not counting an 431 00:26:20,480 --> 00:26:23,479 Speaker 1: eye exam. I think that's exactly what what these costs. 432 00:26:23,800 --> 00:26:28,800 Speaker 1: And these are made by I'll tear, another company, not Luxotica. 433 00:26:29,600 --> 00:26:35,720 Speaker 1: All tear is associated with VSP, like directly associated with VSP. Yeah, 434 00:26:36,119 --> 00:26:41,840 Speaker 1: what the heck are we being had the question? Uh? Yeah, 435 00:26:42,080 --> 00:26:45,359 Speaker 1: And of course people also pay a premium for designer brands. 436 00:26:45,720 --> 00:26:48,959 Speaker 1: Again many many of these brands are owned by Luxotica 437 00:26:49,160 --> 00:26:52,160 Speaker 1: or Lexotica as a hand in their production. So naturally 438 00:26:52,200 --> 00:26:54,960 Speaker 1: this causes people to say, what am I paying for? 439 00:26:55,200 --> 00:26:57,399 Speaker 1: If so many of these glasses are made in the 440 00:26:57,480 --> 00:27:01,760 Speaker 1: same place. Is the difference, just like a logo stamped 441 00:27:01,760 --> 00:27:05,280 Speaker 1: on the side, Are the pricey posh glasses essentially the 442 00:27:05,320 --> 00:27:08,200 Speaker 1: same as the stuff at the lower end, And it's 443 00:27:08,240 --> 00:27:10,440 Speaker 1: it's a it's a good question. But to be clear, 444 00:27:10,480 --> 00:27:14,000 Speaker 1: you know they have different designs and things like that. Uh. 445 00:27:14,440 --> 00:27:18,280 Speaker 1: Supporters of this system say, look, these costs are justified. 446 00:27:18,280 --> 00:27:21,400 Speaker 1: You're not just buying a pair of glasses. You're you're 447 00:27:21,440 --> 00:27:25,359 Speaker 1: buying the association with the brand. You're buying the designers work, 448 00:27:25,440 --> 00:27:28,359 Speaker 1: you're buying the research that goes into making new frames, 449 00:27:28,720 --> 00:27:33,200 Speaker 1: better lighter lenses, and ongoing innovations. But to a lot 450 00:27:33,240 --> 00:27:37,639 Speaker 1: of critics, this one company, as David Lazarus put it 451 00:27:37,680 --> 00:27:41,240 Speaker 1: in his articles, is getting away with fleecing people for decades. 452 00:27:41,600 --> 00:27:45,320 Speaker 1: And you know who agrees. The guy who founded lens Crafters. 453 00:27:46,040 --> 00:27:50,160 Speaker 1: What yeah, he's he's an interview and he's like, oh yeah, 454 00:27:50,200 --> 00:27:53,680 Speaker 1: this this markup is real. His name's E. Dean Butler. 455 00:27:54,400 --> 00:27:58,399 Speaker 1: He says, you can get amazingly good frames for four 456 00:27:58,440 --> 00:28:02,000 Speaker 1: dollars to eight dollars, and then for fifteen dollars. He says, 457 00:28:02,040 --> 00:28:04,760 Speaker 1: you can get designer quality frames, mad stuff, you get 458 00:28:04,760 --> 00:28:10,199 Speaker 1: it product And yeah, this is real. This is real, Uh, 459 00:28:11,160 --> 00:28:14,199 Speaker 1: but it still doesn't have It's not product though. You know, 460 00:28:14,320 --> 00:28:16,560 Speaker 1: it's all about that stamp. It's all about that like 461 00:28:16,600 --> 00:28:19,199 Speaker 1: status symbol, you know what I mean, Like there are 462 00:28:19,200 --> 00:28:23,680 Speaker 1: people that really matters to I'm know, how many stamps 463 00:28:23,760 --> 00:28:26,920 Speaker 1: you can make for several hundred dollars I can. I 464 00:28:26,960 --> 00:28:32,080 Speaker 1: can put product on everything I own a couple. It's 465 00:28:32,359 --> 00:28:35,200 Speaker 1: it's the same with like shoe people, you know, like 466 00:28:35,280 --> 00:28:38,320 Speaker 1: you know, hype beast type stuff, with like particular brands 467 00:28:38,320 --> 00:28:40,880 Speaker 1: of shoe that are crazy amounts of money, or it's 468 00:28:40,880 --> 00:28:43,560 Speaker 1: about scarcity. You know, it's a combination of all that stuff. 469 00:28:43,560 --> 00:28:46,959 Speaker 1: But you know, it is more about this manufactured idea 470 00:28:47,000 --> 00:28:48,920 Speaker 1: that Ben was referring to than it is about the 471 00:28:49,000 --> 00:28:52,360 Speaker 1: quality of the actual good. I have plenty of cheap sunglasses, 472 00:28:52,360 --> 00:28:54,560 Speaker 1: but I also own a pair of hundred plus dollar 473 00:28:54,680 --> 00:28:57,600 Speaker 1: ray bands because it made me feel cool to own 474 00:28:57,600 --> 00:28:59,240 Speaker 1: them and me feel like I was in some kind 475 00:28:59,240 --> 00:29:01,240 Speaker 1: of club. I'm gonna be completely honest. I know it's 476 00:29:01,240 --> 00:29:03,320 Speaker 1: sort of pathetic, but it is what it is, and 477 00:29:04,120 --> 00:29:06,800 Speaker 1: people a lot of people feel that way. No, it's 478 00:29:06,840 --> 00:29:10,200 Speaker 1: definitely a lot of people do feel that way. It's 479 00:29:10,200 --> 00:29:14,360 Speaker 1: a natural human instinct, you know, and I wouldn't drop 480 00:29:14,360 --> 00:29:17,960 Speaker 1: one more piece here. Butler also says that when it 481 00:29:18,000 --> 00:29:22,600 Speaker 1: comes to lenses, they cost about a dollar a pop. 482 00:29:24,400 --> 00:29:28,040 Speaker 1: Two dollars in fifty cents. Those are the lenses. These 483 00:29:28,160 --> 00:29:32,880 Speaker 1: all the same components we just described, can be you know, 484 00:29:32,920 --> 00:29:37,320 Speaker 1: they can be combined into spectacles or sunglasses, and those 485 00:29:37,400 --> 00:29:40,760 Speaker 1: can sell for as much as eight hundred dollars us. 486 00:29:40,880 --> 00:29:43,760 Speaker 1: This is this is kind of nuts. Now. Of course, 487 00:29:44,320 --> 00:29:47,360 Speaker 1: if it's your money, it's your money, and spend it 488 00:29:47,440 --> 00:29:49,200 Speaker 1: as you choose. No one's here to tell you what 489 00:29:49,280 --> 00:29:51,720 Speaker 1: to do. But I think it's a good question for 490 00:29:51,800 --> 00:29:55,920 Speaker 1: us to ask, which is how much of a role 491 00:29:56,200 --> 00:29:59,320 Speaker 1: does Lexotica play and setting these prices? How much should 492 00:29:59,320 --> 00:30:03,440 Speaker 1: they play? And why is? Why are those questions important 493 00:30:03,520 --> 00:30:07,160 Speaker 1: in the first place, Because right we're talking about just sunglasses, 494 00:30:07,320 --> 00:30:10,080 Speaker 1: We're talking about just classes that might not seem important 495 00:30:10,120 --> 00:30:11,880 Speaker 1: to a lot of people. But we're gonna pause for 496 00:30:11,920 --> 00:30:14,360 Speaker 1: word from our sponsor and we return. We're going to 497 00:30:14,480 --> 00:30:25,120 Speaker 1: dive a little bit deeper into why this matters. We've returned, Okay, 498 00:30:25,120 --> 00:30:28,240 Speaker 1: so that's the situation. What on earth are we supposed 499 00:30:28,280 --> 00:30:33,560 Speaker 1: to do? First? We gotta admit corrective lenses and glasses, right, 500 00:30:33,600 --> 00:30:37,720 Speaker 1: they have ascended to the level of fashion, but they're 501 00:30:37,760 --> 00:30:44,040 Speaker 1: also still medical devices. They're necessary for billions of people, 502 00:30:44,440 --> 00:30:47,800 Speaker 1: and that means it becomes, arguably, I think there's a 503 00:30:47,840 --> 00:30:51,120 Speaker 1: solid argument it becomes a medical concern, like part of healthcare, 504 00:30:51,440 --> 00:30:54,440 Speaker 1: you know what I mean, Like people people need to 505 00:30:54,640 --> 00:30:58,000 Speaker 1: have glasses for more than just looking cool. That's why 506 00:30:58,000 --> 00:30:59,720 Speaker 1: I wanted to talk about this so much with you guys, 507 00:30:59,720 --> 00:31:02,360 Speaker 1: because that's the only reason I have classes, because I 508 00:31:02,360 --> 00:31:05,600 Speaker 1: had to. I couldn't see right. And the first pair 509 00:31:05,720 --> 00:31:08,000 Speaker 1: of lenses I got was that a lens Crafters. I 510 00:31:08,000 --> 00:31:11,480 Speaker 1: remember it very vividly. Uh it was. It was at 511 00:31:11,520 --> 00:31:13,320 Speaker 1: North Point Mall. Oh my god, I'm I can see 512 00:31:13,360 --> 00:31:17,200 Speaker 1: the whole thing happening right now. It was not crazy expensive. 513 00:31:17,800 --> 00:31:20,560 Speaker 1: I didn't have vision insurance or anything like that, and 514 00:31:20,640 --> 00:31:25,200 Speaker 1: it wasn't crazy expensive. I remember the lenses themselves being 515 00:31:25,240 --> 00:31:28,320 Speaker 1: really expensive. For some reason. I don't know. Maybe I'm 516 00:31:28,360 --> 00:31:30,800 Speaker 1: misremembering that I don't have to right to my parents 517 00:31:30,840 --> 00:31:34,920 Speaker 1: or something that was a kid and I've I remember 518 00:31:35,560 --> 00:31:37,960 Speaker 1: something like there was such an up cell while I 519 00:31:38,000 --> 00:31:40,840 Speaker 1: was in this place that's supposed to be an eye doctor. 520 00:31:41,280 --> 00:31:46,760 Speaker 1: But it really felt like a lens distribution like store, right, 521 00:31:47,000 --> 00:31:50,880 Speaker 1: I mean, it's what it felt like exactly. It's it's 522 00:31:50,920 --> 00:31:53,320 Speaker 1: it feels like it's more of a store that also 523 00:31:53,600 --> 00:31:57,440 Speaker 1: has an eye doctor working there, right, Yeah, And that's 524 00:31:57,560 --> 00:32:00,400 Speaker 1: that's very common set up, you know. And even if 525 00:32:00,400 --> 00:32:02,760 Speaker 1: you don't like glasses, but you have to wear them 526 00:32:02,760 --> 00:32:05,280 Speaker 1: and get the eye exam, you're probably gonna look for 527 00:32:05,320 --> 00:32:08,040 Speaker 1: the easiest answer. Right, So you've just had your eye exam, 528 00:32:08,440 --> 00:32:11,880 Speaker 1: they've got your prescription. Why not knock it all out 529 00:32:11,920 --> 00:32:14,240 Speaker 1: while you're here? Why not get the contacts? Why not 530 00:32:14,320 --> 00:32:17,560 Speaker 1: get the get the glasses. And even if you can 531 00:32:17,600 --> 00:32:20,320 Speaker 1: point to examples of glasses that are more expensive just 532 00:32:20,400 --> 00:32:24,400 Speaker 1: because they're fashionable, we can't escape. We cannot escape the 533 00:32:24,600 --> 00:32:28,520 Speaker 1: simple fact these are not nifty little sartorial nods for 534 00:32:28,600 --> 00:32:32,040 Speaker 1: most people wearing them. They're necessary. You need to see. 535 00:32:32,120 --> 00:32:36,000 Speaker 1: And if there's one company raining over an industry that important, 536 00:32:36,240 --> 00:32:39,080 Speaker 1: then those folks have no choice but to interact with it. 537 00:32:39,360 --> 00:32:42,560 Speaker 1: That's it. There's no other option. And that doesn't like 538 00:32:42,640 --> 00:32:46,200 Speaker 1: and maybe it's maybe it's helpful in the long term 539 00:32:46,520 --> 00:32:50,560 Speaker 1: for this company to have many guys is for it 540 00:32:50,600 --> 00:32:55,280 Speaker 1: to appear as though there are many many more manufacturers 541 00:32:55,280 --> 00:32:59,680 Speaker 1: and many many more stores then there are in reality. 542 00:33:00,240 --> 00:33:03,160 Speaker 1: But how do you fix it? You know, would you say, 543 00:33:03,280 --> 00:33:05,840 Speaker 1: would you say, okay, we need Uncle Sam to step 544 00:33:05,880 --> 00:33:11,320 Speaker 1: in and prevent price gouging, right, like, uh, consider the 545 00:33:11,400 --> 00:33:17,440 Speaker 1: example of insulin insulin had the price has exploded right recently, 546 00:33:17,600 --> 00:33:19,880 Speaker 1: and it really shouldn't, is it? Is it only a 547 00:33:19,920 --> 00:33:23,480 Speaker 1: monopoly if it's something that people need, like like like 548 00:33:23,480 --> 00:33:25,800 Speaker 1: like like the like the internet, like telecom or whatever, 549 00:33:26,000 --> 00:33:28,880 Speaker 1: it's maybe a little easier. The barrier to approving a monopoly, 550 00:33:28,920 --> 00:33:32,800 Speaker 1: there's a little easier. I'm just confused, Like this seems 551 00:33:32,840 --> 00:33:36,400 Speaker 1: like a straight up monopoly, and yet they were allowed 552 00:33:36,440 --> 00:33:39,000 Speaker 1: to have that merger where it's all of the pieces 553 00:33:39,040 --> 00:33:41,360 Speaker 1: of the puzzle, you know though, the lenses and the 554 00:33:41,400 --> 00:33:45,320 Speaker 1: and the and the frames. But yet they it's sailed 555 00:33:45,400 --> 00:33:49,680 Speaker 1: right on through with very little um pushback from regulators. 556 00:33:49,880 --> 00:33:52,000 Speaker 1: So I'm just wondering, like, is it because but but 557 00:33:52,040 --> 00:33:55,640 Speaker 1: then the medical device, you know, angle of it, especially 558 00:33:55,680 --> 00:33:58,480 Speaker 1: the fact that they literally own that insurance Carrey we 559 00:33:58,560 --> 00:34:01,959 Speaker 1: talked about i met Vision, which self proclaimed uh the 560 00:34:02,000 --> 00:34:05,440 Speaker 1: second largest vision benefits company in the United States, serving 561 00:34:05,440 --> 00:34:09,439 Speaker 1: approximately fifty two million members, And who do you think 562 00:34:09,480 --> 00:34:12,160 Speaker 1: they cover? Where do you think that the places that 563 00:34:12,160 --> 00:34:14,799 Speaker 1: that you go that are like in network are it's 564 00:34:14,800 --> 00:34:17,480 Speaker 1: as places I named off at the beginning of the 565 00:34:17,480 --> 00:34:20,600 Speaker 1: show that we that we mentioned that they also own. 566 00:34:21,120 --> 00:34:23,719 Speaker 1: So how is that not a total conflict? Avenguer, I 567 00:34:23,719 --> 00:34:28,000 Speaker 1: shou'nt understand how this is allowed to Yeah, a monopoly 568 00:34:28,080 --> 00:34:32,479 Speaker 1: doesn't have to be over necessary good. Uh, it could 569 00:34:32,520 --> 00:34:35,319 Speaker 1: be like a not you could have like back in 570 00:34:35,360 --> 00:34:37,760 Speaker 1: the day, you might have a monopoly on the fur trade. 571 00:34:38,480 --> 00:34:41,280 Speaker 1: People like wearing fur. They're like using it for stuff. 572 00:34:41,520 --> 00:34:45,200 Speaker 1: But you're not gonna die or have your quality of 573 00:34:45,239 --> 00:34:49,040 Speaker 1: life significantly impacted if you don't have, for right, in 574 00:34:49,040 --> 00:34:52,000 Speaker 1: the case of clothing, you just wear something else. So 575 00:34:53,000 --> 00:34:55,560 Speaker 1: that the argument there is that again these are not 576 00:34:55,920 --> 00:34:59,520 Speaker 1: must have items, these are optional, But that isn't really 577 00:34:59,560 --> 00:35:03,400 Speaker 1: the case. It's it's not basically untrue, but it is 578 00:35:03,440 --> 00:35:06,440 Speaker 1: a little bit misleading to frame it that way, especially 579 00:35:06,480 --> 00:35:10,080 Speaker 1: when you consider how convenient that makes the company's position. 580 00:35:10,640 --> 00:35:13,760 Speaker 1: So how would you if you said this was price gouging, 581 00:35:14,160 --> 00:35:16,719 Speaker 1: how would you tackle it? You know, would you take 582 00:35:16,760 --> 00:35:19,520 Speaker 1: an approach similar to the way regulators have tackled the 583 00:35:19,560 --> 00:35:23,080 Speaker 1: pricing on EpiPens, which is definitely must have item for 584 00:35:23,160 --> 00:35:26,200 Speaker 1: some people. Uh, if you're a fan of the free market, 585 00:35:26,360 --> 00:35:30,040 Speaker 1: if you fall more on that side of political economic philosophy, 586 00:35:30,320 --> 00:35:33,120 Speaker 1: you might say, I don't know. I think the government 587 00:35:33,160 --> 00:35:36,520 Speaker 1: interference for sunglasses or classes in general, I think that's 588 00:35:36,560 --> 00:35:41,120 Speaker 1: a bridge too far. But there's a response to that, 589 00:35:41,680 --> 00:35:43,439 Speaker 1: and I think it's a response. It's fair to ask, 590 00:35:43,840 --> 00:35:46,799 Speaker 1: didn't a free market paved the way for Luxotica in 591 00:35:46,840 --> 00:35:51,360 Speaker 1: the first place. Like their Again, their perspective is, you know, 592 00:35:51,440 --> 00:35:53,799 Speaker 1: we're doing very well as a business. That's what we 593 00:35:53,880 --> 00:35:57,560 Speaker 1: do and and we're the best at it. But we're 594 00:35:57,600 --> 00:36:02,040 Speaker 1: not some kind of evil empire. We're giving They'll say, 595 00:36:02,080 --> 00:36:04,920 Speaker 1: we're giving people a ton of options. You know, we're 596 00:36:04,920 --> 00:36:07,799 Speaker 1: giving them a ton of choices. Right, Not everybody has 597 00:36:07,880 --> 00:36:12,800 Speaker 1: to buy eight hundred dollar glasses. We have other stuff available. 598 00:36:12,880 --> 00:36:15,239 Speaker 1: That's their argument. But you can easily see why a 599 00:36:15,239 --> 00:36:17,439 Speaker 1: lot of folks would have a problem with that, both 600 00:36:17,480 --> 00:36:20,680 Speaker 1: inside and outside the industry. UM. One thing that we 601 00:36:20,680 --> 00:36:24,320 Speaker 1: should note is this may not be the situation for 602 00:36:24,320 --> 00:36:28,000 Speaker 1: forever or for long, because now there are new competitors 603 00:36:28,080 --> 00:36:31,520 Speaker 1: out there, their places like U Zenny. You guys remember 604 00:36:31,719 --> 00:36:36,040 Speaker 1: ny people love Zenny because they make stylish looking frames 605 00:36:36,080 --> 00:36:41,160 Speaker 1: for an affordable costs. Because I am uh sponsored by them, 606 00:36:41,200 --> 00:36:43,719 Speaker 1: No I'm not, but like or like Warby Parker, you know, 607 00:36:43,800 --> 00:36:47,880 Speaker 1: they kind of cornered the market on internet only frames. 608 00:36:47,880 --> 00:36:50,360 Speaker 1: But the question there is like are they just gonna 609 00:36:50,520 --> 00:36:51,920 Speaker 1: We didn't talk about this, but I'd love to bring 610 00:36:51,960 --> 00:36:54,919 Speaker 1: it up. Oakley. We we mentioned and I think I'm 611 00:36:54,920 --> 00:36:58,680 Speaker 1: maligned somewhat. Sorry any Oakley Wears out there, But Oakley 612 00:36:59,080 --> 00:37:01,880 Speaker 1: kind of called them on this stuff as a company. 613 00:37:01,920 --> 00:37:05,800 Speaker 1: They called them on this price fixing, you know, Shenanigans. 614 00:37:06,040 --> 00:37:09,120 Speaker 1: But what do you think of Exotica? Did they dropped 615 00:37:09,239 --> 00:37:13,600 Speaker 1: them from all their stores and then they and then 616 00:37:13,600 --> 00:37:19,520 Speaker 1: they bought them over over we sank their stock by 617 00:37:19,640 --> 00:37:21,520 Speaker 1: because they again, if you're the only game in town 618 00:37:21,920 --> 00:37:25,200 Speaker 1: in terms of retail aside from little niche you know stores, 619 00:37:25,200 --> 00:37:27,520 Speaker 1: I mean sunglass Hut, that's kind of where it's at. 620 00:37:27,600 --> 00:37:30,120 Speaker 1: It's in every mall you think of, like where do 621 00:37:30,160 --> 00:37:32,080 Speaker 1: I go to get sunglasses aside from like some cool 622 00:37:32,120 --> 00:37:34,960 Speaker 1: local store that sells all kinds of stuff, or maybe 623 00:37:35,000 --> 00:37:38,480 Speaker 1: like you know, boutique type type shops you're gonna say 624 00:37:38,480 --> 00:37:40,400 Speaker 1: sunglass Hut or one of those places. So if you're 625 00:37:40,400 --> 00:37:43,759 Speaker 1: product is dropped from the one kind of hub for 626 00:37:43,800 --> 00:37:47,200 Speaker 1: buying sunglasses, you're screwed. And then once there's once they're 627 00:37:47,520 --> 00:37:50,799 Speaker 1: their stock price tanked. Uh, they bought them for like 628 00:37:50,840 --> 00:37:54,640 Speaker 1: a deep discount. That's some real I drink your milkshake stuff, 629 00:37:54,760 --> 00:37:58,279 Speaker 1: you know what I mean. And it was, it was successful, 630 00:37:58,360 --> 00:38:02,600 Speaker 1: it worked. You will you'll see other people criticize Lexotica. 631 00:38:02,800 --> 00:38:07,200 Speaker 1: This is not necessarily a hidden thing. It was last 632 00:38:07,200 --> 00:38:09,720 Speaker 1: week tonight. I had a piece on it. We mentioned 633 00:38:09,719 --> 00:38:13,360 Speaker 1: Adam Ruins everything. There's been a lot of reporting over 634 00:38:13,400 --> 00:38:19,520 Speaker 1: the years, but the situation hasn't really changed. That's that's 635 00:38:19,560 --> 00:38:21,960 Speaker 1: the thing. People might be more aware of it, but 636 00:38:22,040 --> 00:38:27,120 Speaker 1: that's that's not stopping what people would characterize as monopolistic practices. 637 00:38:27,360 --> 00:38:30,640 Speaker 1: And this is not a case like the de Beers cartel, 638 00:38:31,120 --> 00:38:33,680 Speaker 1: which has to advertise in the US through a number 639 00:38:33,719 --> 00:38:36,600 Speaker 1: of other fronts. You know what I mean, Lexotica is here. 640 00:38:36,680 --> 00:38:40,200 Speaker 1: They actually just relocated a bunch of jobs to Dallas. Uh. 641 00:38:40,360 --> 00:38:44,879 Speaker 1: They've been expanding during the COVID pandemic. They've got they've 642 00:38:44,920 --> 00:38:47,400 Speaker 1: got irons, irons in the fire, and it makes me 643 00:38:47,440 --> 00:38:50,759 Speaker 1: wonder what the future is out there or what it 644 00:38:50,760 --> 00:38:55,920 Speaker 1: should be. Right, should authorities interfere with this? Should they say, hey, 645 00:38:55,960 --> 00:38:59,400 Speaker 1: this is we're we're using antitrust laws to break up 646 00:38:59,400 --> 00:39:02,200 Speaker 1: this monopoly. Lee. I don't know, because right now, the 647 00:39:03,000 --> 00:39:05,279 Speaker 1: at least in the US, the government has been very 648 00:39:05,400 --> 00:39:08,480 Speaker 1: very friendly to monopolies. Check out our two part episode 649 00:39:08,480 --> 00:39:12,760 Speaker 1: on Lobby. Yeah. Well, and add to that, this year 650 00:39:12,840 --> 00:39:18,080 Speaker 1: in March s a lord Looxotica acquired another giant company 651 00:39:18,120 --> 00:39:21,680 Speaker 1: called Grand Vision for eight eight and a half billion dollars. 652 00:39:22,520 --> 00:39:29,640 Speaker 1: So like they're they're still expanding. It blows my mind 653 00:39:29,640 --> 00:39:31,279 Speaker 1: to imagine that they are already that big and they're 654 00:39:31,320 --> 00:39:34,960 Speaker 1: just going to continue The blob is going to continue 655 00:39:35,000 --> 00:39:38,319 Speaker 1: expanding out yea, yeah, for sure. I mean it does 656 00:39:38,360 --> 00:39:40,319 Speaker 1: that surprise you though, I mean, it seems like it's 657 00:39:40,320 --> 00:39:42,480 Speaker 1: what they've what you know, from back when our boy 658 00:39:42,960 --> 00:39:45,920 Speaker 1: Leonardo was just a wee lad you know, in uh 659 00:39:45,920 --> 00:39:49,360 Speaker 1: in Milan. He had a dream and it wasn't to 660 00:39:49,960 --> 00:39:53,759 Speaker 1: make handmade artisanal glasses for the people. It was to 661 00:39:53,920 --> 00:39:57,040 Speaker 1: be like the octopus that that that that makes glasses 662 00:39:57,080 --> 00:40:00,640 Speaker 1: for the the universe. You know, well, you right. But but 663 00:40:00,360 --> 00:40:03,279 Speaker 1: but it's a weird situation where for this specific one 664 00:40:03,320 --> 00:40:07,520 Speaker 1: in March that they just got antitrust approval for whatever 665 00:40:07,560 --> 00:40:10,600 Speaker 1: it is. To to go along with the acquisition, they 666 00:40:10,640 --> 00:40:12,839 Speaker 1: have to sell off a bunch of their stores in 667 00:40:13,280 --> 00:40:16,600 Speaker 1: Italy and the Netherlands and a couple other places in 668 00:40:16,719 --> 00:40:20,080 Speaker 1: order to have more stores under this new brand that 669 00:40:20,160 --> 00:40:24,600 Speaker 1: they're purchasing. Um, it's just a strange shuffling in the 670 00:40:24,719 --> 00:40:27,040 Speaker 1: end too, I think by for more market share, but 671 00:40:27,200 --> 00:40:29,400 Speaker 1: I don't know. I'm not like that attorney who was 672 00:40:30,120 --> 00:40:32,799 Speaker 1: being interviewed for that one thing. We watched. Everybody on 673 00:40:32,840 --> 00:40:38,279 Speaker 1: this call watched. It's just so nonchalantly talking about how 674 00:40:38,320 --> 00:40:41,239 Speaker 1: it's not a monopoly. We like to do what we 675 00:40:41,280 --> 00:40:45,279 Speaker 1: want to take away. But yeah, check that out. Just 676 00:40:45,400 --> 00:40:49,120 Speaker 1: go to YouTube and search war stories like exotica. I 677 00:40:49,160 --> 00:40:51,720 Speaker 1: think that will get you there. Um, it's an interview 678 00:40:51,719 --> 00:40:54,480 Speaker 1: with the lawyer who shepherded a lot of that merger. 679 00:40:55,000 --> 00:40:58,920 Speaker 1: So that that is where that is where the state 680 00:40:59,080 --> 00:41:05,480 Speaker 1: of classes is at. And increasingly people are, oh, forgive 681 00:41:05,560 --> 00:41:09,920 Speaker 1: me seeing the situation with more clarity, But that doesn't 682 00:41:09,960 --> 00:41:13,200 Speaker 1: necessarily mean anything but change. And there are a lot 683 00:41:13,200 --> 00:41:16,719 Speaker 1: of people who think maybe stuff shouldn't change. Maybe that's 684 00:41:16,760 --> 00:41:19,640 Speaker 1: just how the spectacle sausage gets made, you know what 685 00:41:19,680 --> 00:41:22,960 Speaker 1: I mean? Maybe I know, not a pleasant not a 686 00:41:23,000 --> 00:41:26,560 Speaker 1: pleasant image. But we we hope we've been fair at 687 00:41:26,640 --> 00:41:31,520 Speaker 1: least to to give you luxotic as perspective as well 688 00:41:31,560 --> 00:41:34,560 Speaker 1: as the perspective of other people. But the truth of 689 00:41:34,600 --> 00:41:39,560 Speaker 1: the matter is that these things are relatively inexpensive to manufacture, 690 00:41:39,880 --> 00:41:42,720 Speaker 1: and they are sold with a very high profit margin. 691 00:41:43,360 --> 00:41:47,759 Speaker 1: That's not necessarily illegal, at least as the law stands now. 692 00:41:48,400 --> 00:41:49,920 Speaker 1: But then you have to ask yourself one of the 693 00:41:50,000 --> 00:41:53,560 Speaker 1: questions we ask ourselves in our episode on Alec not 694 00:41:53,640 --> 00:41:57,239 Speaker 1: Baldwin a different allogy, and our episode on lobbying, which 695 00:41:57,320 --> 00:42:03,760 Speaker 1: is how how much credibility can you give two laws 696 00:42:03,840 --> 00:42:06,680 Speaker 1: when we're talking about entities that may be powerful enough 697 00:42:06,760 --> 00:42:09,759 Speaker 1: to write the laws that they you know that they 698 00:42:09,800 --> 00:42:13,160 Speaker 1: are constrained by and can if so? Can Luxatic could 699 00:42:13,200 --> 00:42:15,160 Speaker 1: do that? Can they just? Are they at the point 700 00:42:15,160 --> 00:42:18,719 Speaker 1: where they just buy a politician's time? I don't know, 701 00:42:19,680 --> 00:42:23,799 Speaker 1: I think I think it maybe let us it doesn't 702 00:42:23,840 --> 00:42:28,319 Speaker 1: feel like they owe anybody any favors. Yeah, well, let 703 00:42:28,440 --> 00:42:31,239 Speaker 1: I keep thinking about that quote from a show we 704 00:42:31,320 --> 00:42:35,239 Speaker 1: did earlier where the guy was on record blah blah blah. 705 00:42:36,160 --> 00:42:37,879 Speaker 1: Check it out if you want to, if you want 706 00:42:37,880 --> 00:42:40,239 Speaker 1: to hear it. What was it? It was something involving 707 00:42:40,320 --> 00:42:43,280 Speaker 1: a sex act, but it meant to be a stand 708 00:42:43,320 --> 00:42:48,480 Speaker 1: in for like this guy owns everybody, right kind of Yeah, 709 00:42:49,040 --> 00:42:51,160 Speaker 1: and you can you can find it just check out 710 00:42:51,160 --> 00:42:53,920 Speaker 1: our check out our earlier. I believe it was strange 711 00:42:54,000 --> 00:42:58,040 Speaker 1: news or listener mail, but it's out there, and now 712 00:42:58,160 --> 00:43:02,680 Speaker 1: we passed the contact lens is to you, folks. What 713 00:43:02,760 --> 00:43:05,799 Speaker 1: do you think should or should not be done about this? 714 00:43:06,080 --> 00:43:09,440 Speaker 1: Do you think that this is price couching. Do you 715 00:43:09,480 --> 00:43:13,000 Speaker 1: think that it victimizes maybe vulnerable people who have no 716 00:43:13,040 --> 00:43:16,160 Speaker 1: other option, or do you think this is just business 717 00:43:16,200 --> 00:43:19,239 Speaker 1: as business goes? Yeah, we we want to know. You 718 00:43:19,239 --> 00:43:23,359 Speaker 1: can find us everywhere online. If Facebook is working, we're there. 719 00:43:23,680 --> 00:43:26,000 Speaker 1: If Instagram is working, we're there too, as well as 720 00:43:26,040 --> 00:43:30,680 Speaker 1: YouTube and several other places. Usually it's conspiracy stuff on Instagram, 721 00:43:30,719 --> 00:43:34,440 Speaker 1: conspiracy stuff show if you don't want to use social 722 00:43:34,480 --> 00:43:36,680 Speaker 1: media because you know you have a problem with it 723 00:43:36,719 --> 00:43:39,439 Speaker 1: for one reason or another, Yeah, you don't have to, Uh, 724 00:43:39,520 --> 00:43:41,960 Speaker 1: you can call us. We have a phone number, that's right, 725 00:43:41,960 --> 00:43:44,719 Speaker 1: it's one three s t d w y t K 726 00:43:45,000 --> 00:43:47,120 Speaker 1: three minutes of the time which you shall have to 727 00:43:47,280 --> 00:43:50,239 Speaker 1: leave your missive um. Make sure to let us know 728 00:43:50,280 --> 00:43:52,760 Speaker 1: that it's okay to use the audio on the show, 729 00:43:52,800 --> 00:43:54,160 Speaker 1: and then you might hear yourself at one of our 730 00:43:54,200 --> 00:43:56,600 Speaker 1: weekly listener mail episodes. Also, if you would be so 731 00:43:56,719 --> 00:43:58,640 Speaker 1: kind as to tell us what to call you, give 732 00:43:58,640 --> 00:44:01,719 Speaker 1: yourself a cool nickname. We're cool with anonymous whatever. If 733 00:44:01,760 --> 00:44:03,680 Speaker 1: we want to see one of those fancy voice disguise 734 00:44:03,800 --> 00:44:05,560 Speaker 1: or things on you, we might even go so far 735 00:44:05,719 --> 00:44:07,879 Speaker 1: as to do that. If your story is super cool, Hey, 736 00:44:07,880 --> 00:44:10,640 Speaker 1: and if you got more to say, you want to 737 00:44:10,719 --> 00:44:13,279 Speaker 1: send us more things, why not use our good old 738 00:44:13,280 --> 00:44:17,360 Speaker 1: fashioned email address. We are conspiracy at i heeart radio 739 00:44:17,520 --> 00:44:39,719 Speaker 1: dot com, a subsidiary of lookxotica. Kidding, Kidding, Stuff they 740 00:44:39,719 --> 00:44:41,600 Speaker 1: don't want you to Know is a production of I 741 00:44:41,760 --> 00:44:44,879 Speaker 1: Heart Radio. For more podcasts from my Heart Radio, visit 742 00:44:44,880 --> 00:44:47,680 Speaker 1: the i heart Radio app, Apple Podcasts, or wherever you 743 00:44:47,680 --> 00:44:48,840 Speaker 1: listen to your favorite shows.