Synsam is a trailblazer in the Nordic optical retail and eye health industry, renowned for its innovative approach, customer-centric services, and commitment to sustainability. With a robust network of nearly 600 stores across Sweden, Denmark, Norway, Finland, Iceland, and the Faroe Islands, Synsam has solidified its position as the leading lifestyle company in optical retail and eye health.
Business Segments
Synsam operates through distinct business segments, each contributing to its market dominance and revenue stream. The company’s operations are segmented by geography, with each region focusing on optical retail, eye health services, and subscription-based offerings. Below is a detailed breakdown of Synsam’s business segments with their respective revenue contributions for 2024:
- Synsam Sweden:
- Description: The largest segment, operating under the Synsam brand, focuses on optical retail, eye health examinations, and subscription services. It includes a mix of directly owned stores and franchise outlets, with a strong emphasis on the Synsam Lifestyle subscription model.
- Revenue Contribution: 48% (SEK 3,091 million of total net sales of SEK 6,435 million).
- Key Highlights: Strong growth in subscription services, particularly Synsam Lifestyle, and the introduction of innovative store concepts like the spectacles centre at Westfield Mall of Scandinavia.
- Synsam Denmark:
- Description: Operates under the Profil Optik brand, offering optical retail, eye health services, and subscriptions. This segment has seen significant growth, bolstered by a new flagship store in Copenhagen opened in January 2025.
- Revenue Contribution: 19% (SEK 1,198 million).
- Key Highlights: Recognized for having Denmark’s best store employees in the Retail Institute’s Employee Awards, reflecting strong customer service.
- Synsam Norway:
- Description: Focuses on optical retail and eye health, with a significant push in subscription services. The implementation of Synsam EyeView has enhanced optician capacity, supporting expansion in smaller towns.
- Revenue Contribution: 20% (SEK 1,260 million).
- Key Highlights: Strong organic growth driven by the subscription business and technological advancements in eye examinations.
- Synsam Finland:
- Description: Operates in a highly competitive market, offering optical retail, eye health services, and subscriptions under the Synsam brand. The segment has shown resilience and growth despite market challenges.
- Revenue Contribution: 11% (SEK 710 million).
- Key Highlights: Strong organic growth, capturing market share in a competitive landscape.
- Other and Central Functions:
- Description: Includes central operations, such as the production and innovation centre in Frösön, Östersund, and other administrative functions supporting the group’s activities.
- Revenue Contribution: 3% (SEK 176 million).
- Key Highlights: Supports group-wide innovation, sustainability initiatives, and supply chain efficiency.
Revenue Breakup by Segment (2024):
| Segment | Revenue (SEK million) | Percentage of Total Net Sales |
|---|---|---|
| Synsam Sweden | 3,091 | 48% |
| Synsam Denmark | 1,198 | 19% |
| Synsam Norway | 1,260 | 20% |
| Synsam Finland | 710 | 11% |
| Other and Central Functions | 176 | 3% |
| Total | 6,435 | 100% |
Products and Services
Synsam offers a comprehensive range of products and services, blending eye health, fashion, and innovative subscription models. The company’s offerings are designed to cater to diverse customer needs, from vision correction to lifestyle-oriented eyewear. Below is a detailed list of products and services with their revenue contributions:
- In-Store Sales:
- Description: Includes sales of spectacles, sunglasses, sports eyewear, and contact lenses through Synsam’s physical stores. The product range features both Synsam’s own brands and well-known external brands.
- Revenue Contribution: 37% of total net sales.
- Details: Offers a unique range of eyewear, including sustainable alternatives like recycled frames available in Synsam Outlet stores and select Synsam locations.
- Synsam Lifestyle Subscriptions:
- Description: A pioneering subscription service launched by Synsam, offering customers a combination of spectacles, sunglasses, contact lenses, annual replacement spectacles, eye examinations, insurance against loss, theft, and damage, and free lens replacement if vision changes.
- Revenue Contribution: 53% of total net sales.
- Details: By year-end 2024, Synsam had approximately 703,000 Lifestyle subscription customers, driving significant growth with a 13% increase in subscription revenue.
- Contact Lens Subscriptions:
- Description: Subscription-based service for contact lenses, providing regular deliveries and eye health services.
- Revenue Contribution: 6% of total net sales.
- Details: Part of Synsam’s broader subscription model, contributing to the total of approximately 840,000 subscription customers by year-end 2024.
- Online Sales:
- Description: E-commerce platform offering spectacles, sunglasses, and contact lenses, complemented by digital services like online eye examinations and virtual try-on features.
- Revenue Contribution: 3% of total net sales.
- Details: Supported by a strong digital presence on social media, allowing customers to book eye examinations, manage subscriptions, and try on spectacles via mobile devices.
- Eye Health Examinations:
- Description: Comprehensive eye health exams utilizing advanced tools to assess vision and detect potential eye issues. The Synsam EyeView technology enhances optician capacity and accessibility.
- Revenue Contribution: Included within in-store and subscription revenues, not separately quantified.
- Details: Exams assess internal eye structures for early diagnosis, supporting tailored vision solutions.
- Hearing Examinations and Services:
- Description: Offered in select stores, including three new hearing units established in 2024, focusing on auditory health services.
- Revenue Contribution: Included within in-store revenues, not separately quantified.
- Details: Complements Synsam’s eye health offerings, expanding its health-focused services.
- Sustainable Products:
- Description: Includes recycled frames and sunglasses offered through Synsam Outlet and select stores, aligning with the company’s sustainability goals.
- Revenue Contribution: Included within in-store sales, not separately quantified.
- Details: Part of Synsam’s commitment to sustainable alternatives, reducing environmental impact.
Revenue Breakup by Sales Category (2024):
| Sales Category | Percentage of Total Net Sales |
|---|---|
| In-Store Sales | 37% |
| Lifestyle Subscriptions | 53% |
| Contact Lens Subscriptions | 6% |
| Online Sales | 3% |
| Total | 100% |
Company History
Synsam’s journey began in 1968, evolving from a modest optical retailer to the Nordic region’s leading player in optical retail and eye health. Key milestones include:
- 1968: Founded in Sweden, Synsam started as a provider of optical retail services, focusing on eyewear and vision correction.
- 1980s–1990s: Expanded its presence across Sweden, establishing a network of stores and building a reputation for quality eye care.
- 2000s: Began international expansion, entering Denmark, Norway, Finland, Iceland, and the Faroe Islands, operating under Synsam and Profil Optik brands.
- 2014: Introduced the Synsam Lifestyle subscription model, a first in the Nordic market, revolutionizing how customers access eyewear and eye health services.
- 2022: Opened a production and innovation centre in Frösön, Östersund, Sweden, enabling local frame production and enhancing supply chain efficiency. Launched the Jämtö frame collection.
- 2023: Introduced the Oscar Eide frame collection and continued implementing Synsam EyeView, a technological solution for eye examinations.
- 2024: Achieved a record year with 9.2% organic growth, established 46 new stores, and launched innovative concepts like the spectacles centre at Westfield Mall of Scandinavia. Continued the “Everyone should see!” initiative, distributing 66,000 activity spectacles to children.
Synsam’s history reflects a commitment to innovation, customer focus, and sustainability, positioning it as a market leader with a vision to redefine optical retail and eye health.
Brands
Synsam operates under two primary brands, each tailored to specific markets, with additional proprietary collections enhancing its portfolio:
- Synsam:
- Description: The flagship brand operating in Sweden, Norway, and Finland, offering optical retail, eye health services, and the Synsam Lifestyle subscription model.
- Revenue Contribution: 79% (encompassing Synsam Sweden, Norway, and Finland, totaling SEK 5,061 million).
- Details: Known for its innovative store concepts, comprehensive eye health exams, and sustainable product offerings.
- Profil Optik:
- Description: Operates in Denmark and Iceland, focusing on optical retail and eye health services, with a strong customer service reputation.
- Revenue Contribution: 19% (aligned with Synsam Denmark, SEK 1,198 million).
- Details: Awarded for having Denmark’s best store employees in 2024, reflecting high service standards.
- Proprietary Collections:
- Jämtö: Launched in 2022, produced at the Frösön innovation centre, focusing on sustainable, locally produced frames.
- Oscar Eide: Introduced in 2023, a premium frame collection available across Nordic markets.
- Peter Forsberg™: Launched in 2024 in collaboration with former hockey star Peter Forsberg, targeting men with elegant, timeless designs.
- Revenue Contribution: Included within in-store sales (37% of total net sales), not separately quantified.
- Details: These collections enhance Synsam’s brand portfolio, emphasizing innovation and sustainability.
Revenue Breakup by Brand (2024):
| Brand | Revenue (SEK million) | Percentage of Total Net Sales |
|---|---|---|
| Synsam | 5,061 | 79% |
| Profil Optik | 1,198 | 19% |
| Other Functions | 176 | 3% |
| Total | 6,435 | 100% |
Note: Proprietary collections are included within in-store sales and not separately quantified.
Geographical Presence
Synsam’s operations span six Nordic countries, with a strategic focus on both urban and smaller markets. The company’s geographical presence is supported by a mix of directly owned and franchise stores:
- Sweden:
- Description: The largest market, with a significant store network and the production and innovation centre in Frösön, Östersund.
- Store Count (2024): 517 (directly owned), 30 (franchise).
- Revenue Contribution: 48% (SEK 3,091 million).
- Key Highlights: Home to the innovative spectacles centre at Westfield Mall of Scandinavia, offering extended eye examination hours.
- Denmark:
- Description: Operates under the Profil Optik brand, with a new flagship store in Copenhagen enhancing market presence.
- Store Count (2024): Not separately detailed, but part of the total 560 directly owned and 26 franchise stores.
- Revenue Contribution: 19% (SEK 1,198 million).
- Key Highlights: Strong customer service recognition and expansion in key urban areas.
- Norway:
- Description: Focuses on subscription growth and Synsam EyeView implementation, expanding into smaller towns.
- Store Count (2024): Not separately detailed, but part of the total store count.
- Revenue Contribution: 20% (SEK 1,260 million).
- Key Highlights: Robust organic growth driven by subscription services.
- Finland:
- Description: Operates in a competitive market, with a focus on capturing market share through subscriptions and eye health services.
- Store Count (2024): Not separately detailed, but part of the total store count.
- Revenue Contribution: 11% (SEK 710 million).
- Key Highlights: Resilient performance in a challenging market.
- Iceland:
- Description: Operates under the Profil Optik brand, serving a smaller but strategic market.
- Store Count (2024): Not separately detailed, but part of the total store count.
- Revenue Contribution: Included within Synsam Denmark’s revenue, not separately quantified.
- Key Highlights: Supports Synsam’s Nordic-wide presence.
- Faroe Islands:
- Description: A niche market with limited store presence, focusing on optical retail and eye health.
- Store Count (2024): Not separately detailed, but part of the total store count.
- Revenue Contribution: Included within other segments, not separately quantified.
- Key Highlights: Contributes to Synsam’s comprehensive Nordic coverage.
Revenue Breakup by Geography (2024):
| Country/Region | Revenue (SEK million) | Percentage of Total Net Sales |
|---|---|---|
| Sweden | 3,091 | 48% |
| Denmark | 1,198 | 19% |
| Norway | 1,260 | 20% |
| Finland | 710 | 11% |
| Other and Central Functions | 176 | 3% |
| Total | 6,435 | 100% |
Note: Iceland and Faroe Islands are included within other segments’ revenue, as specific breakdowns are not provided.
Financial Performance
Synsam’s financial performance in 2024 was marked by record growth, with net sales increasing by 9.0% to SEK 6,435 million and organic growth of 9.2%. Below are the consolidated financial statements, including the profit and loss statement, balance sheet, and cash flow statement, presented in tables.
Consolidated Profit and Loss Statement (2024 vs. 2023):
| Item | 2024 (SEK million) | 2023 (SEK million) |
|---|---|---|
| Net Sales | 6,435 | 5,905 |
| Gross Profit | 4,846 | 4,459 |
| Gross Margin (%) | 75.3% | 75.5% |
| EBITDA | 1,595 | 1,440 |
| EBITDA Margin (%) | 24.5% | 24.1% |
| EBITA | 957 | 850 |
| EBITA Margin (%) | 14.7% | 14.2% |
| EBIT | 819 | 696 |
| EBIT Margin (%) | 12.6% | 11.6% |
| Profit After Tax | 366 | 311 |
| Earnings Per Share (SEK) | 2.48 | 2.08 |
Consolidated Balance Sheet (2024):
| Item | Amount (SEK million) |
|---|---|
| Assets | |
| Non-Current Assets | Not specified |
| Current Assets | Not specified |
| Total Assets | Not specified |
| Equity and Liabilities | |
| Equity | Not specified |
| Net Debt | 3,002 |
| Total Equity and Liabilities | Not specified |
Note: The report does not provide a detailed balance sheet, but net debt is explicitly stated as SEK 3,002 million.
Consolidated Cash Flow Statement (2024 vs. 2023):
| Item | 2024 (SEK million) | 2023 (SEK million) |
|---|---|---|
| Cash Flow from Operating Activities | 933 | 1,150 |
| Cash Flow from Operating Activities/EBITDA (%) | 58.5% | 79.9% |
Note: The report provides limited balance sheet details, focusing primarily on net debt and cash flow metrics.
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Sweden, Denmark, Norway, Finland, Iceland, and the Faroe Islands are conducted through wholly-owned subsidiaries or directly managed entities under the Synsam and Profil Optik brands. Below is a summarized structure based on available information:
- Synsam AB (publ):
- Description: The parent company, a Swedish entity governed by Swedish law, overseeing all operations.
- Ownership: 100% control over operational entities in each country.
- Revenue Contribution: Consolidates all segment revenues (SEK 6,435 million).
- Inferred Subsidiaries:
- Synsam Sweden: Likely a wholly-owned subsidiary managing Swedish operations.
- Synsam Denmark (Profil Optik): Likely a wholly-owned subsidiary managing Danish and Icelandic operations.
- Synsam Norway: Likely a wholly-owned subsidiary managing Norwegian operations.
- Synsam Finland: Likely a wholly-owned subsidiary managing Finnish operations.
- Revenue Contribution: Aligned with segment revenues (see Business Segments section).
- Associates: No associates are mentioned in the report, indicating that Synsam operates primarily through wholly-owned entities or direct operations.
Revenue Breakup by Inferred Subsidiaries (2024):
| Entity | Revenue (SEK million) | Percentage of Total Net Sales |
|---|---|---|
| Synsam Sweden | 3,091 | 48% |
| Synsam Denmark (Profil Optik) | 1,198 | 19% |
| Synsam Norway | 1,260 | 20% |
| Synsam Finland | 710 | 11% |
| Other and Central Functions | 176 | 3% |
| Total | 6,435 | 100% |
Note: The report does not explicitly confirm subsidiary structures, so this is an inferred list based on operational segments.
Physical Properties
Synsam’s physical footprint includes nearly 600 stores and a production and innovation centre, detailed as follows:
- Store Network:
- Description: Comprises 560 directly owned stores and 26 franchise stores as of 31 December 2024, spread across Sweden, Denmark, Norway, Finland, Iceland, and the Faroe Islands.
- Key Locations:
- Sweden: 517 directly owned, 30 franchise stores, including the spectacles centre at Westfield Mall of Scandinavia in Solna (over 600 square metres, offering 5,000 unique frames and extended eye examination hours).
- Denmark: Includes a new flagship store in Copenhagen opened in January 2025.
- Norway, Finland, Iceland, Faroe Islands: Specific store counts not detailed, but part of the total network.
- Details: Stores offer optical retail, eye health services, hearing examinations, and sustainable product options. The network is complemented by a strong online presence.
- Production and Innovation Centre:
- Location: Frösön, Östersund, Sweden.
- Description: Opened in 2022, this facility produces proprietary frame collections (e.g., Jämtö, Oscar Eide) and supports innovation in eye health technologies like Synsam EyeView.
- Details: Enables local production, reducing reliance on Asian supply chains, shortening lead times, and minimizing environmental impact.
- Head Office:
- Location: Sankt Eriksgatan 60, SE-112 34 Stockholm, Sweden.
- Description: Serves as the administrative hub for Synsam AB (publ), overseeing group operations and strategic initiatives.
List of Physical Properties:
| Property Type | Location | Description |
|---|---|---|
| Stores (Directly Owned) | Nordic Region (560 stores) | Optical retail, eye health, and hearing services |
| Stores (Franchise) | Nordic Region (26 stores) | Operated by franchisees under Synsam/Profil Optik |
| Spectacles Centre | Westfield Mall of Scandinavia, Solna | 600+ sqm, 5,000 frames, extended exam hours |
| Production & Innovation Centre | Frösön, Östersund, Sweden | Frame production and innovation hub |
| Head Office | Sankt Eriksgatan 60, Stockholm, Sweden | Administrative and strategic headquarters |
Board of Directors
Synsam’s Board of Directors comprises experienced professionals guiding the company’s strategic direction. The 2024 Annual General Meeting re-elected and elected the following members:
- Peter Törnquist:
- Role: Chairman of the Board.
- Details: Re-elected in 2024, providing leadership and strategic oversight.
- Kenneth Bengtsson:
- Role: Board Member.
- Details: Re-elected, contributing expertise in corporate governance and retail.
- Ann Hellenius:
- Role: Board Member.
- Details: Re-elected, with a focus on digital transformation and innovation.
- Terje List:
- Role: Board Member.
- Details: Re-elected, bringing financial and operational expertise.
- Håkan Lundstedt:
- Role: Board Member and President/CEO.
- Details: Re-elected, leading Synsam’s strategic and operational initiatives.
- Gustaf Martin-Löf:
- Role: Board Member.
- Details: Re-elected, contributing to financial and strategic planning.
- Christoffer Sjøqvist:
- Role: Board Member.
- Details: Re-elected, with expertise in market expansion and operations.
- Anna Omstedt:
- Role: Board Member.
- Details: Re-elected, focusing on sustainability and corporate strategy.
- Petra Axdorff:
- Role: Board Member.
- Details: Newly elected in 2024, bringing fresh perspectives to the board.
List of Board of Directors:
| Name | Role | Details |
|---|---|---|
| Peter Törnquist | Chairman | Strategic leadership |
| Kenneth Bengtsson | Board Member | Corporate governance, retail expertise |
| Ann Hellenius | Board Member | Digital transformation, innovation |
| Terje List | Board Member | Financial and operational expertise |
| Håkan Lundstedt | Board Member & CEO | Strategic and operational leadership |
| Gustaf Martin-Löf | Board Member | Financial and strategic planning |
| Christoffer Sjøqvist | Board Member | Market expansion, operations |
| Anna Omstedt | Board Member | Sustainability, corporate strategy |
| Petra Axdorff | Board Member | Newly elected, fresh perspectives |
Note: Helena Johnson declined re-election in 2024.
Investment Details
The report does not detail passive investments or stakes in other companies, focusing solely on Synsam’s operational investments:
- Store Expansion: Invested in 46 new stores in 2024, including three hearing units, as part of the 2024–2026 expansion plan targeting 90 new stores.
- Production and Innovation Centre: Continued investment in the Frösön facility to support local production and innovation.
- Synsam EyeView: Ongoing investment in this technological solution to enhance optician capacity, with full implementation planned for 2025 in Sweden and Norway.
- Flagship Store: Investment in a new flagship store in Copenhagen, opened in January 2025.
List of Investments:
| Investment Type | Description | Amount (SEK million) |
|---|---|---|
| Store Expansion | 46 new stores, including 3 hearing units | Not specified |
| Production & Innovation Centre | Frösön facility for frame production | Not specified |
| Synsam EyeView | Technology for eye examinations | Not specified |
| Flagship Store (Copenhagen) | Opened January 2025 | Not specified |
Future Investment Plan
Synsam’s future investment strategy aligns with its 2024–2026 expansion plan and ongoing initiatives:
- Store Expansion: Aims to open 90 new stores by 2026, with 46 already established in 2024. The focus is on smaller towns with lower rental costs and high demand, as well as upgrading and relocating existing stores.
- Synsam EyeView: Completion of implementation in Sweden and Norway by 2025, enhancing optician capacity and accessibility.
- Sustainability Initiatives: Continued investment in the Frösön production centre to expand local production, reduce environmental impact, and improve supply chain efficiency.
- Subscription Growth: Further development of the Synsam Lifestyle subscription model to increase customer base and revenue.
- Innovation and Technology: Investment in new store concepts, such as the spectacles centre model, and technological advancements in eye health services.
- Market Share Expansion: Focus on capturing additional market share in Denmark, Norway, and Finland through strategic store openings and enhanced service offerings.
List of Future Investment Plans:
| Investment Area | Description | Timeline |
|---|---|---|
| Store Expansion | 90 new stores by 2026 | 2024–2026 |
| Synsam EyeView | Full implementation in Sweden and Norway | 2025 |
| Sustainability Initiatives | Expand Frösön production centre | Ongoing |
| Subscription Growth | Enhance Synsam Lifestyle offerings | Ongoing |
| Innovation and Technology | New store concepts and eye health tech | Ongoing |
| Market Share Expansion | Strategic store openings in key markets | 2024–2026 |
Conclusion
Synsam’s position as the Nordic region’s leading optical retail and eye health company is underpinned by its innovative subscription model, expansive store network, and commitment to sustainability. With a record-breaking 2024, marked by 9.2% organic growth and a robust financial performance, Synsam continues to capture market share in a resilient industry. Its strategic focus on store expansion, technological advancements like Synsam EyeView, and sustainable practices positions it for continued growth in 2025 and beyond. By blending eye health, fashion, and customer-centric services, Synsam is redefining the optical retail landscape, ensuring accessibility and quality for its 840,000 subscription customers and beyond.
