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MyOptique expands into Germany with Netzoptiker acquisition

MyOptique Group, the owner of Glasses Direct, is to expand into Germany with the acquisition of Netzoptiker.

GENERAL MERCHANDISE

MyOptique expands into Germany with Netzoptiker acquisition

MyOptique Group, the owner of Glasses Direct, is to expand into Germany with the acquisition of Netzoptiker.

The move follows MyOptique’s receipt of a €20 million investment to bring its latest funding round to €43 million, much of which will be used for international expansion.

MyOptique chief executive Kevin Cornils, said: “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 10 years of experience in the market, customer-centric approach, and strong product propositions will position us well to improve the offering of Netzoptiker and improve its ability to grow in the German market.”

MyOptique's gross retail sales for the year to April 2014 were €42 million. Its prescription glasses turnover is expected to grow by over 50% over the next 12 months. Non-UK sales now account for nearly two-thirds of turnover.

Netzoptiker founder Dirk Meier will continue to work with MyOptique as a consultant following the acquisition to help manage the integration of the two businesses. 

 

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