Rosario Toscano, the CEO of Akoni, is revolutionizing the traditional business model in the eyewear industry and finding great success in the process. One of their recent achievements was overseeing the launch of a new range of eyewear for the prestigious fashion brand Valentino. Additionally, Akoni has also partnered with Balmain to develop their own eyewear line. What sets these collaborations apart is the unique manufacturing location – Japan, instead of the usual choice of Italy.
Toscano firmly believes that Japan is renowned for producing the highest quality eyewear, just as Switzerland is for its fine watches. The outcome of these partnerships is a collection of eyewear that exudes sophistication, seamlessly complementing other fashion products such as handbags, shoes, and jewelry from both Balmain and Valentino. In contrast to major brands like Luxottica, Marcolin, and Safilo, Toscano points out that their prices continue to rise annually without a corresponding improvement in quality.
Akoni takes a different approach. Their goal is to create exclusive products that seamlessly integrate with other fashion items, rather than simply placing a logo on a frame. As a result, they work closely with renowned designers, collaborating directly with the likes of Olivier Rousteing of Balmain and Pierpaolo Piccioli of Valentino. Toscano has gained valuable experience in the eyewear industry during his time at Dita in Dublin, where he worked with the eyewear license of Thom Browne. It was there that he discovered the potential for fashion brands to produce high-quality eyewear.
Valentino’s new eyewear collection captures the elegance of couture with its oversized frames, titanium inserts, and intricate shapes. Balmain’s shades embody Olivier Rousteing’s rockstar aesthetic, featuring bold lines and graphic designs. The inspiration for Balmain’s eyewear collection comes from the traditional ornaments found on French officers’ uniforms, reflecting the brand’s military influences.
It’s no surprise that such exceptional quality comes with a higher price tag. Balmain’s eyewear is priced at around €800, while Valentino’s retails for approximately €600. Toscano believes in a selective distribution strategy, similar to that of luxury brand Chanel, which has significantly reduced the number of retail locations they operate. He estimates that there are only 2,500 to 3,000 global retail locations that are truly capable of effectively representing these high-end eyewear brands.
Toscano is not your typical eyewear licensor. With a master’s degree in business from Trinity College Dublin and a background as an optician, he has a unique perspective on the industry. He is focused on the top end of the market and recognized the shift that occurred following the establishment of Kering Eyewear and Thelios at LVMH. These developments inspired Toscano to create Akoni and tap into the luxury market segment.
Akoni operates on a different business model compared to industry giants like Luxottica. While Luxottica allocates 20% of the wholesale price to product development and an additional 30% to marketing, Akoni dedicates a whopping 50% of its resources to product development. Toscano’s vision is to create frames that represent the wearer, rather than relying solely on the presence of a prominent logo.
In spite of being born amidst the COVID-19 pandemic, Akoni has achieved remarkable success, with projected annual sales of over €30 million this year. Toscano’s disruptive approach to the eyewear industry has garnered recognition and acclaim within the luxury fashion sector.
Useful Links:
1. Valentino Eyewear
2. Balmain Eyewear
