$FIE (-0.67%) expands into the USA
Fielmann Group expands into the USA, acquires SVS Vision and Befitting
First step of a long-term plan for more customer focus in the world's largest market
HAMBURG AND DETROIT, MICHIGAN, USA - June 7, 2023 -
The Fielmann Group announces that it is expanding into the U.S. market. The two acquisitions announced today together represent an important milestone in Vision 2025, under which the German family-owned company continues to internationalize its business model.
The Fielmann Group has reached an agreement to acquire 100 percent of the shares in SVS Vision. SVS Vision is an optical company that operates more than 80 stores in nine U.S. states. The market-leading Michigan optometrist generated more than $100 million in sales in 2022. The transaction is expected to close by Aug. 31, 2023, subject to customary closing conditions.
The Fielmann Group also announced that it has entered into an agreement to acquire 100 percent of the shares of Eyevious Style, Inc. This is the company behind the e-commerce platform Befitting, which significantly simplifies online eyewear purchases. The transaction is expected to close as early as today.
In connection with the transactions, the Fielmann Group also announced that it has been able to recruit Lukas Rücker as CEO for Fielmann USA, Inc. Lukas previously worked for Luxottica for more than a decade. Under his leadership, EyeMed Vision Care became the world's fastest growing eye insurance company.
The Fielmann Group is a publicly traded, family-owned company headquartered in Hamburg, Germany. Through an omnichannel business model with digital sales channels and around 1,000 branches, Fielmann supplies 27 million customers with glasses, contact lenses and hearing systems.
About SVS Vision
SVS Vision is an optician based in Mt. Clemens, Michigan, USA. The company is the market leader in Michigan and operates a total of more than 80 stores in 9 U.S. states. The privately held company employs approximately 650 people and generated more than $100 million in external sales in 2022. SVS Vision has a surface grinding and eyewear manufacturing facility, as well as its own eye insurance business.
About Befitting
Befitting (Eyevious Style, Inc.) is a technology provider and e-commerce platform that significantly simplifies online eyewear purchases for customers with medical eye insurance. The company employs 26 people in Canada and the United States.