Sun Hing Vision Group, one of the world’s leading eyewear manufacturers, acquired the trademark and all derivative trademarks of Jill Stuart from Solitaire Designs Limited for US$7.11 million. The acquired trademarks will be used solely for eyewear and related products. The move is expected to further strengthen Sun Hing Vision Group’s position in the global eyewear manufacturing sector. At the same time, its subsidiary, New Prosperity Optical Mfy Ltd. (“New Prosperity”) launched a personalized smart manufacturing project, leading the integration of the upper, middle and lower segments of the industry chain as well as the digital transformation of the interconnected eyewear industry.
In contrast to the relatively low rate of growth taking place across the world of manufacturing, the eyewear segment has recently been on the rise. According to data from Zion Market Research, the global eyewear market was valued at US$117 billion in 2017, with a growth rate of approximately 7.68 per cent over the next five years, mainly attributable to the increasing number of myopia patients and enhanced fashion attributes of eyewear. New Prosperity plans to reconstruct its eyewear manufacturing value system and move towards Industry 4.0.
Accumulating a new round of transformative capability
Founded in 1965 and listed on the main Board of the Hong Kong Stock Exchange in 1999, Sun Hing Vision Group is dedicated to providing innovative product solutions for internationally renowned ODM customers through its design and production operations, as well as a global distribution network with exclusive franchise and distribution rights for diverse brands, with special focus on the Asian market.
With the support of Sun Hing Vision Group, New Prosperity has found itself at an inflection point after more than 30 years of research and development, with expansive OEM production capacity and independent innovation coupled with R&D capabilities that are at the forefront of the industry.
Globalisation and the rise of the Internet have led to unprecedented demand for personalization and expectations for more efficient service from consumers purchasing eyewear. The traditional large-scale production model of eyewear will soon be banished to the dustbin of history, as it will be nearly impossible to adapt to the soon-to-arrive personalized manufacturing process at scale. Traditional models dependent upon extensive decision-making and one-to-many marketing will eventually be eliminated by the new global Internet economy.
Chairman of Sun Hing Vision Group Otis Ku Ngai-yung, following substantial research into the fashion trends across the sector, said, “The eyewear market is sizing up to become a major one in the new era, yet New Prosperity has no plans to be a disrupter or dominate the market.” The eyewear industry depends on high precision manufacturing to service an area of importance to human health. The production of a piece of eyewear requires more than 200 processes, with a precise division of labor and a high amount of added value for both the upstream and downstream segments. Upgrading the eyewear industry means integration and innovation across the entire supply chain for better synergy.
Leading the transformation of the eyewear industry with all things connected
Inside the boardroom and production facilities of New Prosperity, innovation and talent development have become two of the firm’s priorities. For innovation, the company has allocated a massive amount of funding for eyewear R&D accompanied by an increase in its investment in new materials and new technologies, in a move to constantly improve the level of independent innovation. For talent development, the company aims to develop a team of high-quality eyewear professionals and establish an industry skill evaluation system. The company has launched the Gold Idea and 360S programs, in a move to bring out the innovative spirit residing within their employees. From January 2017 to December 2017, the 360S program alone has contributed 10 million yuan to the bottom line.
In terms of working with their peers, New Prosperity has taken the lead in proposing an industry development strategy focused on “Alliance, Growth, and Sharing”. The company, as the synergistic element in the value chain, has promoted the connections between consumers, retailers, material suppliers, manufacturers, and logistics firms, creating a fully transparent, networked interaction model where all things are connected and without borders.
With the industrial revolution that is taking place here and now, New Prosperity has a clear vision for achieving collaboration between R&D and consumers, integration of production management and control, adaption of purchase and sales operations to social media, as well as making the internet a fundamental component of the manufacturing process. This will serve to promote advances in technology, improvements in efficiency and organizational changes that can be expected to accelerate industry iterations and transformation, creating a future-proof, internationally influential eyewear industry cluster.
The transformation of the industry is a challenge and it will take time in order to achieve it. With more than 30 years of continued development, New Prosperity is well-positioned to take the lead in gradually achieving the new transformation of the eyewear industry. It is New Prosperity’s mission and will benefit both consumers and all industry players.