Fielmann Group closes acquisition of Shopko Optical and increases FY2024 outlook

Fielmann Group closes acquisition of Shopko Optical and increases FY2024 outlook
German family business forms leading optical retailer in the Upper Midwest of the United States
 

• Shopko Optical acquisition closed today, business will be consolidated from 1 July 2024
• Fielmann Group’s FY2024 sales outlook upgraded to around €2.3 billion (+15% over last year), EBITDA margin remains in line with previously issued guidance

HAMBURG, GERMANY / DETROIT, MICHIGAN & GREEN BAY, WISCONSIN, USA – 1 July 2024 – The Fielmann Group, a leading global eyewear provider, announced today that it has closed on its acquisition of Shopko Optical. This transaction was signed on 10 June 2024. It marks another important milestone in the German family business’ plans to expand internationally and execute on its Vision 2025 growth strategy.

Shopko Optical is consolidated as part of the Fielmann Group as of 1 July 2024 and will contribute six months of business sales this year. As our existing business performs in line with our prognosis communicated in April, we raise our sales outlook for 2024 proportionally to around € 2.3 billion (previously: around € 2.2 billion). Shopko Optical has a similar margin profile as the Fielmann Group. However, the company’s FY2024 profit contribution is expected to be limited, as the North America segment will be affected by transaction and integration costs.

Marc Fielmann, CEO of the Fielmann Group: “Fielmann’s purpose is to help everyone hear and see the beauty in the world. With the addition of Shopko Optical we are delighted to welcome 1,100 new members to our family business. Together with our great teams from SVS Vision and Befitting, we look forward to redefining what US customers can expect of eyecare and eyewear.”

Lukas Ruecker, CEO of Fielmann USA, Inc.: “Fielmann USA is growing strongly and gaining market share. We have enhanced the service and quality our customers have come to expect, expanded capacity to significantly shorten the waiting time to get an eye exam and introduced a novel omnichannel shopping experience. In the coming months, changes in our assortment and service are going to further improve the customer experience, especially for consumers with insurance. By joining forces with the great team at Shopko Optical we are thrilled to extend our unique offering to millions of people across the Midwest.”

Fielmann USA is pleased to announce an addition to its Executive Management: Russ Steinhorst, former CEO of Shopko Optical, has been appointed Executive Vice President and Chief Financial Officer (CFO) of Fielmann USA. Lukas Ruecker continues: “With Russ Steinhorst we welcome an industry veteran with an outstanding track record in re-building Shopko Optical and turning it into a leading optical retailer across Wisconsin, Nebraska, and Minnesota, in addition to 10 other US states. We also extend a warm welcome to the many other Shopko Optical executives that have joined our family business and will be part of our mission to redefine the customer experience across the Midwest.”

More information on the Shopko Optical transaction and our US strategy will be provided during Fielmann Group’s Annual General Meeting on 11 July 2024.

Hamburg, Germany – 1 July 2024


Fielmann Group AG
The Management Board


About Fielmann Group AG
The Fielmann Group is a German family business that serves 29 million customers with eyewear, contact lenses, hearing aids and primary eyecare services. It operates an omnichannel platform consisting of digital sales channels and more than 1,200 retail stores worldwide. Founded in 1972, the company is led by Marc Fielmann, representing the second generation of the Fielmann Family who still owns the majority of the company’s stock. By staying true to its customer-centric values, the Fielmann Group helps everyone hear and see the beauty in the world. Thanks to the dedication of its 24,000 people worldwide, the company is consistently reaching customer satisfaction and retention rates of more than 90% and has to-date fitted more than 200 million pairs of individual prescription glasses.

About Shopko Optical
Shopko Optical (Shoptikal Topco, Inc.) is an optical retailer operating more than 140 stores in Idaho, Illinois, Iowa, Michigan, Minnesota, Montana, Nebraska, North Dakota, Ohio, South Dakota, Utah, Washington and Wisconsin. The company generated US$168 million in sales in 2023. At year-end, close to 1,100 employees were driving the growth of Shopko Optical.

Pictures
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Further information
Katrin Carstens · Director Communications & Public Relations · press@fielmann.com · Phone +49 40 270 76-5907
Ulrich Brockmann · Director Investor Relations · investorrelations@fielmann.com · Phone +49 40 270 76-442