Cohen's Fashion Optical Company Profile

Background

Company Overview

Cohen's Fashion Optical, established in 1924 by Jack Cohen in New York City, is a prominent optical retailer specializing in fashion-forward eyewear. The company offers a diverse range of products, including eyeglasses, frames, lenses, sunglasses, and contact lenses. With a mission to provide quality eyewear that combines functionality with style, Cohen's has become a significant player in the optical retail industry. The company operates over 100 stores across seven U.S. states and Puerto Rico, making it one of the top eyewear retailers in the country.

Key Strategic Focus

Core Objectives and Specialization

Cohen's Fashion Optical focuses on delivering high-quality, fashion-forward eyewear at accessible price points. The company specializes in offering a wide variety of designer frames from brands such as Prada, Calvin Klein, Gucci, Polo Ralph Lauren, Dior, and Ray-Ban. Additionally, Cohen's provides professional eye examinations conducted by on-site Doctors of Optometry, ensuring comprehensive eye care services for its customers.

Primary Markets

The company's primary markets include urban and suburban areas across the United States, with a significant presence in New York City and surrounding regions. Cohen's targets a diverse customer base seeking fashionable and affordable eyewear solutions.

Financials and Funding

Revenue and Financial Performance

As of 2023, Cohen's Fashion Optical reported annual revenue of approximately $26 million, with a revenue per employee ratio of $245,283. The company employs around 106 individuals, indicating a strong financial performance within the optical retail sector.

Acquisition by Houchens Industries

In 2008, Houchens Industries acquired Cohen's Fashion Optical, aiming to expand the regional optical retail chain into a national presence. Robert Cohen remained as president of the Cohen's division within Houchens, ensuring continuity in leadership and strategic direction.

Product Development

Private Label Collection

In April 2016, Cohen's Fashion Optical launched its first in-house private label collection called "The Collective." This initiative aimed to attract a younger demographic by offering stylish eyewear at a $99 price point. The collection features approximately 50 styles, ranging from classic black and tortoise to brightly colored and ombre designs. Initially, these products were available exclusively at the Delancey Street location.

Technological Platform and Innovation

Proprietary Technologies and Services

Cohen's Fashion Optical was a pioneer in offering on-premise eye examinations with qualified Doctors of Optometry, enhancing customer convenience and service quality. The company continues to integrate advanced technologies in eye care and eyewear, ensuring customers receive state-of-the-art services and products.

Leadership Team

Key Executives

Robert Cohen: Serving as the President and CEO, Robert Cohen has been instrumental in guiding the company through its expansion and strategic initiatives.

Competitor Profile

Market Insights and Dynamics

The optical retail market is highly competitive, with several key players offering a range of eyewear products and services. Cohen's Fashion Optical competes by emphasizing fashion-forward products, competitive pricing, and comprehensive eye care services.

Competitor Analysis

LensCrafters: Founded in 1983 and headquartered in Mason, Ohio, LensCrafters operates over 1,000 stores and offers a wide range of eyewear products and services. The company generates annual revenue between $500 million and $1 billion.

Eyemart Express: Established in 1990 in Farmers Branch, Texas, Eyemart Express operates over 200 stores, providing affordable eyewear solutions. The company's annual revenue ranges from $100 million to $500 million.

National Vision: Based in Duluth, Georgia, National Vision operates over 1,000 stores under various brand names, including America's Best Contacts & Eyeglasses. The company reported annual revenue of approximately $2.2 billion.

Strategic Collaborations and Partnerships

Franchise Opportunities

Cohen's Fashion Optical offers franchise opportunities, allowing entrepreneurs to operate under the established brand name. The company provides support in areas such as branding, marketing, training, and product selection, ensuring franchisees benefit from Cohen's extensive experience and market presence.

Operational Insights

Competitive Advantages

Cohen's Fashion Optical differentiates itself through a combination of fashion-forward product offerings, competitive pricing, and comprehensive eye care services. The company's long-standing presence in the market and commitment to customer satisfaction contribute to its strong brand reputation.

Strategic Opportunities and Future Directions

Expansion and Growth

With a solid foundation and established brand, Cohen's Fashion Optical is well-positioned to explore further expansion opportunities, both through company-owned stores and franchising. The introduction of private label collections and continued focus on fashion trends will help attract a broader customer base.