Luxottica. It’s a company you’ve probably never heard of, but chances are you have one or more of their products in your household. And chances are, you’ve been in one of their stores as well.

Who or what is Luxottica? They are an Italian-based eyeglass manufacturer that controls nearly the entire eyeglass and sunglass industry. In this 60 Minutes report, CBS uncovers the shocking reason why frame prices have not gone down in recent years despite so many companies sprouting up and creating new and competing products. The reason is mainly because Luxottica owns, operates, and/or designs most of the eyeglass frames on the market. From luxury brands like Chanel, Tiffany’s, and Versace to stores like LensCrafters, Pearle Vision, and Sunglass Hut, Luxottica is a powerful force in the eyewear industry. And when you consider that they also own companies like Ray-Ban and Oakley, well, then you get the idea…they control the prices and as long as consumers are willing to pay, they intent to keep prices sky high.