History
The first Sunglass Hut store opened in 1971 when optometrist Sanford Ziff set up in a freestanding kiosk in Miami's Dadeland Mall. The success of this kiosk prompted Ziff to open other Sunglass Hut locations in Miami, and by 1986, Ziff had opened approximately 100 Sunglass Hut outlets, achieving sales of $24 million a year.
Sunglass Hut continued to grow, and in 1986 Ziff sold a 75% stake in Sunglass Hut to Connecticut investment firm Kidd, Kamm & Co. for $US35-million. Ziff retained the company’s existing management team and shifted part ownership to his son, Dean. Following the partial acquisition, the business was incorporated under the name Sunglass Hut International, Inc.
Ziff retired from Sunglass Hut in 1989. He and his family retained a 25 percent stake in the business, but were no longer involved in its day-to-day operation. They retained the stake until 1991, when the company's annual sales surpassed $100 million, and the Ziff family sold the portion of Sunglass Hut that remained in their control.
In 1993, Sunglass Hut International, Inc. became a public company, with an initial public offering of US$70-million, and by 1996, Sunglass Hut possessed a 30 percent share of the sunglass market in the United States. The company also began selling watches under the names ‘Watch Station’, ‘Watch World’, and as combined Sunglass Hut-Watch Station stores.
In February 2000, the Luxottica Group acquired Sunglass Hut, paying US$653 million and taking possession of 1,300 Sunglass Hut stores, 430 Sunglass Hut-Watch Station combination stores, and 228 stores that operated under either the Watch Station or Watch World banner.
Under Luxottica's control, Sunglass Hut repositioned its brand identity to emphasize the fashionability of the sunglasses it sold. The repositioning began in 2003, and its current inception is the ‘Put Them On’ positioning now used by the Sunglass Hut brand worldwide.
Read more about this topic: Sunglass Hut International
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