Online optical company MyOptique Group has acquired the leading German eyewear business 4Care; which sells prescription glasses, contact lenses and sunglasses through its website Lensbest.de, its wholesale operation Acumed and popular brands Lennox Eyewear and Lenscare.
In parallel MyOptique Group has acquired the largest UK premium online eyewear business Eyewearbrands.
The acquisition sees MyOptique Group move further into the luxury eyewear market which it entered in 2012 when it launched MyOptique.com and expanded with the debut of a designer Boutique department on Glasses Direct in October 2014.
The combined businesses will have served a total of 3 million customers and are expected to generate €100m (£71m) of Gross Retail Sales in the current year.
The acquisitions were financed by the Group’s existing investors who were joined in this round totaling €28 million (£20m) by Harbert European Growth Capital and Amery Capital.
Through the acquisition of the 4Care business, the second largest online optical retailer in the German market, MyOptique Group underscores its position as the clear European leader in a burgeoning sector.
4Care joint managing directors Bernd Behrens and Marco Siegmund, with proven experience committed to leading German growth, join the senior management team.
The Eyewearbrands acquisition sees MyOptique Group inject scale and operational efficiencies into its premium designer proposition.
MyOptique Group’s prescription eyewear business has seen growth of over 50 per cent in the last year, led by the launch of a €2.8 million (£2m) TV campaign and the success of its own brand frames like London Retro which have seen a 98 per cent increase year-on-year.
Glasses Direct (founded in 2004), was the first in the eyewear sector to provide customers with a no obligation home trial, which allows them to try up to four frames at home for free – with one in two new customers availing themselves of the service.
Glasses Direct also introduced the first virtual mirror and earlier this year pioneered the first 3D version using augmented reality. Value remains key to the group’s proposition and to date the businesses have saved the public over €200 million (£141m).
MyOptique CEO Kevin Cornils commented: “4Care is a fantastic fit for MyOptique Group with our shared focus on innovation, passion for outstanding customer service and their strong management team.
“We’re excited to have Bernd and Marco 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.”
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