MyOptique is to expand into Germany with the acquisition of Netzoptiker. The move follows MyOptique receiving a €20 million investment to bring its latest funding round to €43 million, mostly to be used for international expansion.
MyOptique has already been selling glasses on the German market through local versions of its Sunglasses Shop, Glasses Direct, and LensOn websites. The acquisition of Netzoptiker is expected to further expand the customer base in the country, especially for the prescription glasses category, which is said to offer substantial growth potential on the German online market.
The group posted gross retail sales for the year ended April 2014 of €42 million, with the turnover for prescription glasses projected to grow by more than 50 percent over the next 12 months. Non-UK sales accounted for nearly two-thirds of its overall revenues.