The Fielmann Group is a renowned stock-listed German family business thriving in the vision care and audiology industries. Serving an impressive 29 million customers, it specializes in providing high-quality eyewear, contact lenses, hearing aids, and primary eyecare services. As a global leader in vision care, the company operates an advanced omnichannel platform that seamlessly integrates digital sales channels with a network exceeding 1,200 stores across Europe and the United States. This strategic approach, combined with a steadfast commitment to customer-centric values, enables the Fielmann Group to help everyone hear and see the beauty in the world, a mission supported by the dedication of its more than 24,000 employees worldwide. The company’s consistent achievement of customer satisfaction and retention rates around 90% underscores its success, with over 200 million pairs of individual prescription glasses fitted to date.
Business Segments
The Fielmann Group’s operations are divided into key business segments, each playing a vital role in its overall growth and market dominance. These segments are strategically designed to address diverse customer needs and expand market reach.
- Vision Care: This segment is the cornerstone of the company, focusing on the production and sale of eyewear and contact lenses. It represents approximately 85% of total revenue, driven by an extensive range of prescription glasses and sunglasses that cater to a wide variety of customer preferences. The segment’s growth is fueled by innovative designs and a strong emphasis on quality, making it a leader in the vision care market.
- Audiology: Specializing in hearing aids and related auditory services, this segment contributes around 10% to the company’s revenue. Its rapid growth is attributed to cutting-edge hearing solutions and an expanding presence in both European and US markets. The segment’s focus on addressing hearing health needs has positioned it as a significant growth driver within the Fielmann portfolio.
- Primary Eyecare Services: An emerging and promising segment, this area recorded sales of about €40 million, largely propelled by the company’s expansion in the United States. It accounts for approximately 5% of revenue and offers innovative eye health services. Since its inception, more than 130,000 customers in Germany, Switzerland, and Austria have utilized these services, with over 26,000 patients referred to local practices, clinics, and hospitals, highlighting its growing importance.
Products and Services
The Fielmann Group offers an extensive array of products and services aimed at enhancing vision and hearing health, with a detailed revenue breakdown reflecting their market performance and customer demand.
- Eyewear (Prescription Glasses): The flagship product of the company, contributing 70% to revenue. With over 200 million pairs fitted to date, this category showcases the company’s unparalleled expertise in crafting individualized prescription glasses. The high demand is driven by a combination of affordability, quality, and personalized service, maintaining a strong customer loyalty base.
- Contact Lenses: This segment accounts for 10% of revenue. While organic growth in Europe remained flat, the product continues to be a popular choice for customers seeking convenient vision correction alternatives. The company’s focus on quality and variety ensures its competitiveness in this market.
- Sunglasses (Non-Prescription): Adding 5% to revenue, this category experienced a 6% growth rate. Appealing to fashion-conscious consumers, the range of non-prescription sunglasses combines style with UV protection, enhancing the company’s diverse product offerings.
- Hearing Aids: A fast-growing category with a 10% revenue share, this product line saw a 10% increase. Driven by innovative technology and an expanding market, hearing aids are becoming a key focus area, reflecting the company’s commitment to auditory health solutions.
- Eye Health Services: This service contributes 5% to revenue and is gaining traction, particularly in the US and parts of Europe. With over 130,000 customers served and a 95% satisfaction rate, it underscores the company’s dedication to preventive eyecare, referring over 2,500 patients for urgent treatment.
Company History
The Fielmann Group’s journey began in 1972 when Marc Fielmann founded the company with a vision to revolutionize vision care. Starting as a single store, it has grown into a global leader under the guidance of the second-generation Fielmann family. Marc Fielmann’s leadership has ensured the family retains majority ownership, steering the company through decades of expansion and innovation. Key milestones include the adoption of an omnichannel strategy and international growth, transforming it into a modern family business with a rich legacy of over 50 years. The company’s evolution reflects a commitment to customer satisfaction and market leadership, with significant investments in technology and infrastructure driving its success.
Brands
The Fielmann Group operates under a unified brand identity, leveraging its core brand to maintain a strong market presence. The revenue breakdown highlights its singular focus:
- Fielmann: The sole brand encompassing all products and services, accounting for 100% of revenue. This brand is synonymous with quality, affordability, and exceptional customer service, resonating with customers across its global footprint. The brand’s strength lies in its consistent delivery of value-for-money products and innovative services.
Geographical Presence
The Fielmann Group’s geographical diversification is a key pillar of its international growth strategy, with a detailed revenue distribution across its key markets:
- Europe: The largest market, contributing 63% of revenue, equivalent to €1,431 million. This region includes strong performances in Germany (6%), Switzerland (5%), Austria (10%), and Spain (10%), with an additional 5% from other European markets. The company’s commitment to value has driven market share gains despite macroeconomic challenges.
- United States: A rapidly growing region, accounting for 37% of revenue, or €833 million. Bolstered by acquisitions such as SVS Vision and Shopko Optical, the US market saw an 11% like-for-like sales increase. This growth significantly outpaces the market, reinforcing the company’s position as a leading vision care provider in the region.
Financial Overview
Consolidated Profit and Loss Statement
| Description | 2024 (€m) | 2023 (€m) | 2022 (€m) | 2021 (€m) | 2020 (€m) |
|---|---|---|---|---|---|
| Consolidated Sales (excl. VAT) | 2,264.1 | 1,970.9 | 1,759.0 | 1,678.2 | 1,428.9 |
| Change (%) | 14.9 | 12.0 | 4.8 | 17.4 | -6.0 |
| Unit Sales (glasses) (‘000) | 9,286 | 8,891 | 8,582 | 8,291 | 7,264 |
| Change (%) | 4.4 | 3.6 | 3.5 | 14.1 | -12.2 |
| Adjusted EBITDA | 491.4 | 398.5 | – | – | – |
| Change (%) | 23.3 | n/a | – | – | – |
| Margin (%) | 21.7 | 20.2 | – | – | – |
| EBITDA | 470.6 | 401.0 | 339.5 | 396.1 | 336.7 |
| Change (%) | 17.4 | 18.1 | -14.3 | 17.6 | -12.5 |
| Adjusted Pre-tax Profit (EBT) | 239.6 | 192.8 | – | – | – |
| Change (%) | 24.3 | n/a | – | – | – |
| Margin (%) | 10.6 | 9.8 | – | – | – |
| Pre-tax Profit (EBT) | 218.8 | 189.6 | 160.4 | 209.7 | 175.5 |
| Change (%) | 15.4 | 18.2 | -23.5 | 19.5 | -30.9 |
| Net Income | 154.2 | 127.8 | 109.7 | 144.6 | 120.8 |
| Change (%) | 20.6 | 16.5 | -24.1 | 19.7 | -31.9 |
| Cash Flow from Current Activity | 415.5 | 282.8 | 245.0 | 346.7 | 278.5 |
| Change (%) | 46.9 | 15.4 | -29.3 | 24.5 | -7.7 |
Consolidated Balance Sheet
| Description | 2024 (€m) | 2023 (€m) | 2022 (€m) | 2021 (€m) | 2020 (€m) |
|---|---|---|---|---|---|
| Financial Assets | 109.0 | 95.6 | 175.5 | 277.9 | 241.4 |
| Change (%) | 14.1 | -45.5 | -36.9 | 15.1 | -9.8 |
| Equity Ratio (%) | 38.5 | 42.1 | 48.5 | 50.3 | 50.1 |
| Investments | 364.5 | 268.4 | 152.5 | 89.2 | 350.6 |
| Change (%) | 35.8 | 76.0 | 71.0 | -74.6 | 200.7 |
| Stores | 1,240 | 1,086 | 968 | 913 | 870 |
| Employees (as at Dec 31) | 24,363 | 23,412 | 22,631 | 22,028 | 21,853 |
| Of which apprentices | 3,973 | 4,058 | 4,107 | 4,374 | 4,516 |
Cash Flow Statement
| Description | 2024 (€m) | 2023 (€m) | 2022 (€m) | 2021 (€m) | 2020 (€m) |
|---|---|---|---|---|---|
| Cash Flow from Current Activity | 415.5 | 282.8 | 245.0 | 346.7 | 278.5 |
| Change (%) | 46.9 | 15.4 | -29.3 | 24.5 | -7.7 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
The Fielmann Group enhances its market presence through strategic subsidiaries, all of which are wholly-owned, contributing to its revenue stream:
- SVS Vision: Acquired and consolidated in 2023, this subsidiary significantly boosts US revenue, contributing approximately 25% of total revenue. It strengthens the company’s foothold in the American vision care market with its established store network.
- Shopko Optical: Acquired in July 2024, this entity adds about 12% to revenue. The acquisition has positioned Fielmann USA as a leading vision care provider in the Upper Midwest, enhancing its competitive edge.
- No associates are mentioned, indicating that all listed entities are fully owned, ensuring centralized control and strategic alignment.
Physical Properties
The Fielmann Group maintains an extensive network of physical assets to support its global operations and customer service:
- Stores: The company operates over 1,240 stores worldwide, serving as primary customer touchpoints. These stores are strategically located across Europe and the US, offering a seamless shopping experience.
- Head Office: Currently based in Hamburg, with an upcoming move to a new facility. This relocation is expected to enhance operational efficiency and foster a modern work environment for its employees.
- Manufacturing and Logistics Facilities: Dedicated plants for producing eyewear and managing logistics operations. While specific locations are not detailed, these facilities are integral to the company’s supply chain and product quality control.
Founders Details
The Fielmann Group was established by Marc Fielmann in 1972. As the visionary founder, he laid the foundation for a business focused on affordable and accessible vision care. Representing the second generation of the Fielmann family, he continues to lead the company, ensuring its growth and adherence to family values. His entrepreneurial spirit and dedication have been pivotal in transforming the company into a global leader.
Board of Directors
The management team comprises a group of skilled professionals overseeing various critical functions of the Fielmann Group:
- Dr. Lukas Ruecker (CEO Fielmann USA): Responsible for insurance until December 31, 2024. His leadership has been instrumental in expanding the US market presence.
- Peter Lothes (COO): Oversees manufacturing and logistics, ensuring efficient production and distribution processes across the company’s global network.
- Katja Gross (CHRO): Manages HR, organization, digital, and IT, driving the company’s cultural and technological advancements.
- Marc Fielmann (CEO): Leads strategy, category management, and purchasing, steering the company’s long-term vision and market positioning as the chief executive officer.
- Steffen Baetjer (CFO): Handles finance, controlling, legal, and compliance, maintaining the financial health and regulatory adherence of the organization.
- Dr. Bastian Koerber (CSO): Oversees sales, marketing, expansion, and real estate, spearheading the company’s growth initiatives and market penetration strategies.
Further information on the responsibilities of the Management can be found in the detailed notes provided within the company’s internal documentation.
Investment Details
In 2024, the Fielmann Group invested a total of €364.5 million, marking a 35.8% increase from the previous year. These investments are strategically allocated to support growth and expansion:
- Store Expansion: The majority of investments, approximately 70% or €255.15 million, are directed towards growing the network of 1,240 stores. This focus enhances the company’s physical presence and customer accessibility.
- Acquisitions: Around 30% or €109.35 million is allocated to acquiring SVS Vision and Shopko Optical. These acquisitions have significantly bolstered the company’s market share in the US, contributing to its international growth.
Future Investment Plans
The Fielmann Group is actively developing its Vision 2035 strategy, with initial targets to be presented at the Annual General Meeting on July 10, 2025. The company aims to achieve a consolidated sales target of nearly €2.5 billion, supported by a strong organic growth rate of 5% in major markets. The adjusted EBITDA margin is projected to increase to 24% at the group level, with Europe reaching the Vision 2025 goal of 25%. Future investments will focus on further digitalization of the omnichannel platform, expansion of the store network, and the rollout of eye health services across additional locations in Europe and the United States. This strategic roadmap underscores the company’s commitment to sustained growth and innovation.
