Consumers are becoming increasingly willing to buy their glasses online, according to the CEO of glasses e-tailer MyOptique Group, which has today announced two major European acquisitions.
CEO Kevin Cornils said shoppers are purchasing optical products more frequently than historically has been achieved on the high street, in the wake of agreeing deals to take over German eyewear business 4Care and UK-based premium online eyewear company Eyewearbrands.
"It is our goal to be number one or two in each of the leading European markets, and with these acquisitions we've done that across the UK, German and Scandinavian markets where the online segment is most developed," Cornils explained.
4Care sells prescription glasses, contact lenses and sunglasses through its website Lensbest.de, its wholesale operation Acumed and popular brands Lennox Eyewear and Lenscare, while the Eyewearbrands offers more than 75 designer labels for men and women, including Dior, Oliver Peoples and Miu Miu, attracting in excess of four million unique visitors to its website per year.
By taking on these new businesses, MyOptique says it is on track to deliver sales across Europe of €100 million (£71 million) this year, serving over three million eyewear customers online in the process.
"4Care is a fantastic fit for MyOptique Group with our shared focus on innovation, passion for outstanding customer service and their strong management team," explained Cornils.
"We're excited to have [joint managing directors of 4Care] Bernd [Behrens] and Marco [Siegmund] join our executive team and help lead our continued European expansion into Germany and beyond. At the same time the acquisition of Eyewearbrands will substantially increase our premium designer offering in a fast-growing market segment."
The new acquisitions join Glasses Direct, Sunglasses Shop, LensOn, MyOptique and Netzoptiker as part of MyOptique Group's retail brand portfolio. The latest deals were financed by the group's existing investors who were joined in this round totalling €28 million by Harbert European Growth Capital and Amery Capital.