Ray Ban sold for $640 Million

Denoting something from the past of high quality, especially something representing the best of its kind

What comes to mind when you hear "Ray Ban"? Tom Cruise from Top Gun (if you were born in the early 80s), or maybe Michael Jackson or Breakfast at Tiffany's?
Most of us hear "Ray Ban," and an iconic figure will come to mind. Or what about the Aviator Sunglasses worn by army Pilots? People might not know that these were one of the first sunglasses ever made. It's an American Brand. Well, kind of. But undoubtedly, Ray Ban has changed the way we see (through) eye-wear. 

Ray Ban became a strong brand but struggled to keep it up, and was losing strength due to poor marketing. Not many people know that Ray Ban was bought by the Luxoticca Group for $640 Million in 1999. Luxoticca owns such brands as Oakley, Oliver Peoples, Persol and many more. All their glasses are produced in a huge, high-tech factory in Italy or China - including Ray Bans. Before 1999, Bausch & Lomb, (the original manufacturer) made great efforts to constantly innovate in different frame designs and lens technology

60 Minutes have created a short and very informative video asking why glasses are so expensive. If you really want to understand the Sunglasses culture, design and trends of today this is a must watch.

Did you know Ray Ban was sold in 1999? Do you own a Vintage piece made by Bausch & Lomb? You can leave a comment below!

60 Minutes: Why are Sunglasses so expensive? The world's largest eyewear company, the Italian firm Luxottica, controls a big chunk of the business. Lesley Stahl reports.