Online optical retailer MyOptique Group has acquired the German eyewear retailer Netzoptiker at an investment of $23 million to move further into Europe, having identified Germany as an area of potential growth because only 3% of frames are purchased onli ne in the country, although 20% of customers choose to shop online for other items. Additionally, Germany is the largest market for prescription eyewear in Europe and more than 40 million Germans wear glasses.
MyOptique has already been selling glasses to the German market through local versions of its Glasses Direct, Sunglasses Shop and LensOn websites but it believes the acquisition of Netzoptiker will improve the experience for German customers.
“This is a great opportunity for the MyOptique Group to bring its expertise and experience in the online optical market and great product to the existing Netzoptiker customer base and to German consumers. We believe our decade-long experience in the market, customer-centric approach and strong product propositions will position us well to not only improve the Netzoptiker offerings but also improve its ability to grow in the German market,” says Kevin Cornils, MyOptique chief executive.