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Fielmann AG
Fielmann AG
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Fielmann Group AG is a German multinational retailer specializing in , contact lenses, hearing aids, and primary eyecare services, operating an business model that emphasizes customer-centric care and affordable, high-quality products. Founded in 1972 by Günther Fielmann in , , the company has expanded from a single store to become the market leader in and one of the largest optical providers worldwide, with a focus on initiatives such as planting over 1.7 million trees since 1986. Under Günther Fielmann's leadership until 2019, the company grew rapidly through strategic store openings and acquisitions, transitioning to his son Marc Fielmann as CEO, who has driven international expansion into markets like the via the 2024 acquisition of Optical, adding 145 stores and bringing the U.S. total to 227. As of September 30, 2025, Fielmann operated 1,257 stores across countries including , , , the Netherlands, , , , , and the , serving 29 million active customers annually. In fiscal year 2024, the company reported consolidated sales of approximately €2.3 billion, a 15% increase from €2.0 billion in 2023, reflecting strong growth in both and international segments. Fielmann Group AG is publicly traded on the and was uplisted to the index in September 2025, underscoring its status as a prominent mid-cap player in the healthcare and retail sectors. With over 24,000 employees, the company continues to prioritize innovation in vision and hearing care while maintaining a family-business .

History

Founding and early expansion

Fielmann AG was founded on September 21, 1972, by Günther Fielmann in , a coastal town in , marking the opening of its first store. At the age of 33, Fielmann, a state-approved optometrist, launched the business under the name Optic im Centrum, introducing a retail model that emphasized affordability and customer choice in . The initial store offered a wide selection of stylish frames and lenses at fixed, transparent prices, accompanied by complimentary vision tests and professional fittings, which contrasted sharply with the era's traditional opticians who often kept products behind closed cases and charged high markups. Central to Fielmann's early success was its revolutionary pricing strategy, which fixed costs for and single-vision lenses at a uniform rate—approximately 99 Deutsche Marks in the —effectively dismantling the industry's customary 200 to 1,000 percent markups over wholesale prices. This approach was underpinned by the company's foundational philosophy, "You are the customer," which prioritized accessibility, mutual respect, and eliminating barriers to quality vision care, earning Fielmann the nickname " of glasses wearers" for democratizing fashionable . By openly displaying dozens of on store walls and providing free services like cleaning and adjustments, the model shifted power to consumers, fostering trust and repeat business in an industry previously dominated by opaque practices. The company's early expansion focused exclusively on during the 1970s and 1980s, with Fielmann opening six additional stores by 1974 and reaching approximately 49 branches by , primarily in the region to build a strong domestic footprint. A pivotal milestone came in when Fielmann signed a groundbreaking agreement with the AOK fund in Esens, , allowing statutory holders access to 90 stylish frame options in over 640 variations at no additional cost beyond standard coverage. This contract expanded frame choices beyond the limited, utilitarian designs previously offered by insurers, significantly boosting adoption and growing the network to 76 stores by 1983. Throughout this period, Fielmann maintained a singular emphasis on vision care products and services, such as eyeglasses and contact lenses, without venturing into international markets or diversifying into .

Public listing and growth

Fielmann went public on June 17, 1994, through an (IPO) on the , which was the most successful IPO of the year in and raised approximately DM 105 million to finance rapid expansion, while the founding family retained majority ownership. Post-listing, the company experienced accelerated growth, reaching 296 stores by the end of 1994, all in . International expansion commenced in the mid-1990s with entry into that year and the acquisition of Pro-optik AG in in 1995, increasing the total to 451 stores by mid-1999, including locations abroad. The 2000s brought further European expansion, including openings in starting in 2003 and the in 2008. By 2010, Fielmann operated more than 600 stores, and it reached its 1,000th store around 2022, aligning with its 50th anniversary celebrations. This growth continued, leading to over 1,200 stores by 2025.

Leadership transition and recent milestones

In 2019, Marc Fielmann was appointed as the sole CEO of Fielmann Group AG, completing the generational succession from his father, Günther Fielmann, who had led the company since its founding and withdrew from the executive board to transition management to . This shift marked a pivotal moment in the company's leadership, with Marc Fielmann steering the family business toward modernization and expansion. Günther Fielmann, the visionary founder, passed away on January 3, 2024, at the age of 84. Under Marc Fielmann's leadership, the company launched its "Vision 2025" growth strategy in 2019, emphasizing a target of approximately , seamless integration across physical and digital channels, and strengthening dominance in the European optical market. Building on this foundation, in July 2025, Fielmann announced "Vision 2035," a forward-looking plan aiming for €4 billion in annual sales by 2030 while evolving into a global provider of vision and hearing care. The 2020s brought several key milestones, including the company's entry into the sector through strategic acquisitions starting in 2020, which expanded its service offerings beyond to include hearing care. On September 1, 2025, Fielmann opened its new head office in , accommodating 1,200 employees and symbolizing the infrastructural advancements aligned with its growth strategies. In response to the , the company accelerated its , rapidly deploying solutions to maintain access and operational resilience during store closures. The Fielmann family's continued majority ownership, held primarily through the family foundation and KORVA SE, has ensured a focus on long-term strategic decisions over short-term gains, preserving the company's customer-centric across generations.

Business operations

Products and services

Fielmann AG's core vision care offerings include eyeglasses, , contact lenses, frames, and related accessories. The company provides a wide selection of frames, encompassing both and in-house collections such as the Fielmann Collection, which features fashionable metal and designs in various styles. Eyeglasses are customized with prescription lenses produced through vertically integrated , while meet or exceed EU UV-400 protection standards. Contact lenses and accessories, including cleaning solutions and cases, complement the portfolio to support comprehensive vision needs. Quality assurance for these products is maintained through rigorous in-house testing at Fielmann's laboratory in Rathenow, , where all frames in the Fielmann Collection undergo standardized evaluations to EN ISO 12870 for durability, rust resistance, and safety—conducting over 13,000 tests annually. Lenses are inspected up to ten times during production to ensure precision and compliance with medical device regulations. In , Fielmann offers hearing aids from major brands, along with professional fittings and maintenance services, which have become integral to its retail model since expansions in the through acquisitions and dedicated store integrations. These services include access to advanced devices via partnerships, with dedicated sections in many locations for consultations and adjustments. Fielmann's service model emphasizes customer-centric features, including free eyesight and hearing tests conducted by trained opticians and audiologists in stores to identify individual needs. Personalized consultations integrate elements, helping customers select that aligns with style preferences alongside functional requirements. The company provides same-day production for many eyeglasses via its in-house facilities, a three-year guarantee on all frames and lenses covering manufacturing defects, and complimentary services. Product sourcing prioritizes responsible materials, such as recycled in sustainable frame collections like "elementra" and bio-based options in "collezioneECCELLENZE," certified under the ISCC PLUS standard to verify recycled content. Annual quality audits and 100% supplier assessments ensure adherence to Fielmann's , focusing on ethical and environmental standards across the .

Store network and international expansion

Fielmann AG operates a network of 1,240 stores as of December 31, 2024, with the majority located in at 626 outlets, establishing it as the dominant market there. The company's international footprint spans 13 European markets plus the , totaling 14 countries, including (47 stores), (45 stores), (126 stores), and the (226 stores), alongside a collective 170 stores in other regions such as the , , , , the , , , and . In 2024, Fielmann added 154 stores to its network through a combination of 10 organic openings and 144 via acquisitions, reflecting a strategy of steady physical expansion amid varying economic conditions. The company's international expansion began in the late and early with entries into neighboring markets like and around 1999-2000, followed by the and during the , primarily through and early acquisitions to build a Central European base. More recent growth has accelerated via targeted acquisitions, including a 70% stake in Slovenia's Optika Clarus in September 2019, marking entry into that market as the 14th in . In , Fielmann acquired an 80% stake in Óptica & Audiología Universitaria effective December 31, 2020, followed by the full acquisition of MFI Group's optical operations (including Ibervision, Medop, and Elaboria) effective December 31, 2022, solidifying its position as the second-largest player there. The entry occurred in 2023 with the full acquisition of SVS Vision, adding over 80 stores across nine states, complemented by the online platform Befitting. Fielmann's acquisition strategy emphasizes securing majority or full ownership in established local chains to enable rapid and integration into its operations, as seen in the 100% purchase of Optical in July 2024, which added 144 stores in 13 states and advanced further expansion through its subsidiary Fielmann USA Inc. This approach allows for quick scaling while leveraging local expertise, with ongoing investments like the full acquisition of the remaining 20% in Spain's Optica del Penedes in 2024 to consolidate control. Stores follow a standardized format optimized for urban high-street locations, featuring dedicated zones for vision care and services to provide comprehensive customer experiences in compact, efficient spaces that typically range from 200 to 300 square meters. This design emphasizes accessibility and modern retail aesthetics, supporting Fielmann's focus on in-person consultations for and hearing solutions.

Digital and omnichannel strategy

Fielmann AG's omnichannel strategy, introduced as part of its Vision 2025 initiative in 2019, emphasizes the seamless integration of digital and physical retail channels to enhance customer accessibility and satisfaction. Customers can browse eyewear selections on the company's website, fielmann.com, utilizing virtual try-on (VTO) technology developed in-house to visualize frames on their face in 3D. This approach supports features like online appointment booking and in-store pickup, ensuring that digital interactions complement physical store visits across Europe and emerging markets. Additionally, Fielmann offers mobile apps for preliminary vision tests, such as the proprietary online vision check tool launched in 2023, which allows users to assess visual acuity remotely before visiting a store. The company's operations have expanded significantly through strategic acquisitions, including Befitting, an online platform for customers acquired in 2023 to bolster its U.S. presence. Sales via fielmann.com and integrated platforms incorporate AI-driven to recommend products based on customer preferences and past purchases. By 2024, the German online store alone generated approximately €127 million in revenue, reflecting robust growth in digital channels amid the broader framework. These efforts align with Fielmann's goal of maintaining high . Key technological innovations underpin this strategy, including digital measurement tools deployed in stores for precise eye scans and fittings. Fielmann utilizes (CRM) systems, such as Teradata's implemented in 2017, to centralize for tailored services. further supports efficiency, exemplified by the fully automated fulfillment center opened in Chomutov, , in 2022, capable of handling up to 8 million items annually to expedite order processing and delivery. The accelerated Fielmann's digital adoption, with enhanced online consultations via teleophthalmology partnerships like Ocumeda, offering preventive eye exams in stores since 2021 and expanded virtually thereafter. Home delivery options for and contact lenses were integrated into the model to meet heightened demand for contactless services. Under the Vision 2035 strategy announced in 2025, Fielmann targets €4 billion in total sales by 2030, positioning digital channels as central to global expansion and improved eyecare accessibility.

Corporate structure

Leadership and management

Fielmann Group AG operates under a dual-board structure as mandated by the German Stock Corporation Act (Aktiengesetz), consisting of a Management Board responsible for day-to-day operations and a that oversees strategic direction and ensures compliance. This model emphasizes long-term value creation in a family-controlled enterprise, with governance practices detailed in the company's annual Declaration on , last updated in April 2025. The Management Board, led by Chairman and CEO Marc Fielmann since 2019, comprises five members as of November 2025, with an average tenure of approximately five years. Fielmann, a member of the founding family, oversees strategy, , purchasing, and the company's vision in vision and hearing care. Steffen Bätjer serves as and Head of since 2023, managing financial operations, investor relations, and supporting international expansions. Other key members include Katja Gross as , responsible for HR strategy; Dr. Bastian Koerber as Chief Sales Officer, directing sales and operations; and Peter Lothes as , appointed in March 2025 to handle operational efficiency. The consists of 16 members, including shareholder representatives, employee representatives, family affiliates, and independent experts, chaired by Prof. Dr. Mark K. since 2024. , a senior partner at & Partner , leads the board in approving major strategies, monitoring compliance, and appointing Board members. The board features family representation through figures like Georg Alexander Zeiss, Managing Director of the Fielmann , alongside independents such as Christian W. E. Haub (CEO of ) and employee representatives including Deputy Chairman Ralf Greve and Jana Furcht. With an average tenure of over ten years, the supports sustainable through committees focused on , , , and . This leadership framework reflects a smooth transition from prior family-led eras, ensuring continuity in Fielmann's customer-centric approach.

Ownership and subsidiaries

Fielmann Group AG is a publicly listed company on the Stock Exchange's Prime Standard segment within the index, with the ISIN DE0005772206, and maintains a family-controlled structure that ensures strategic continuity across generations. The holds approximately 72.9% of the shares through a combination of direct and indirect entities, including the Fielmann Family Foundation, KORVA SE in , Stichting Tranquilitati in the , and personal holdings by family members such as CEO Marc Fielmann and Fielmann-Lobron. These shareholders are bound by a pool contract that coordinates voting rights on 61,243,017 shares, restricting transfers and promoting unified decision-making to protect long-term interests, while transparent reporting occurs through annual general meetings. The remaining 27.1% constitutes free float, primarily held by institutional investors such as and , with individual investors accounting for a smaller portion. As the parent holding company, Fielmann Group AG oversees more than 50 subsidiaries that facilitate regional operations in vision care and audiology across and . In , the core operations are managed through Fielmann Optik GmbH & Co. KG, which handles the majority of the group's 626 domestic stores and related activities. Key international subsidiaries include Fielmann USA Inc., a wholly owned entity established in 2023 to drive North American expansion, incorporating acquisitions such as SVS Vision Inc. (100% stake acquired in 2023, operating over 80 stores) and Optical (100% acquired in July 2024 for €278.5 million, adding 145 stores across 13 U.S. states). In , notable holdings are Óptica & Universitaria S.L. in (80% stake acquired in 2020, with over 100 stores) and Optika Clarus d.o.o. in (70% stake acquired in 2019, as the country's leading optician with 35 stores). These subsidiaries, along with entities in countries like , , and the , enable localized management while aligning with the group's centralized oversight by the executive board.

Financial performance

Historical financial overview

Fielmann AG has demonstrated consistent growth since its early years, transitioning from modest figures in the to multibillion-euro levels by the . In the , the company's consolidated was approximately €10 million in the early part of the decade, expanding to around €395 million by and reaching €1.456 billion in 2000, driven by domestic store expansion and in . By 2017, had climbed to €1.39 billion, reflecting a of about 10% since its 1994 IPO, supported by international ventures and operational efficiencies. This trajectory continued, with hitting approximately €2.0 billion (external sales) in 2022 and €2.26 billion in , underscoring the of its high-volume retail model. Profitability has mirrored this expansion, with net income peaking at €173 million in 2017 amid strong sales momentum, before a slight dip to €110 million in 2022 and €154 million in 2024 due to investments in international acquisitions and store openings. EBITDA margins averaged 15-18% in the pre-2020 period, benefiting from cost controls and in production, though these improved to around 21.7% by 2024 as efficiencies from scale took hold. Employee numbers have grown in tandem with and store expansion, from roughly 100 staff in the 1980s to 18,522 by 2017, correlating closely with the addition of over 1,000 locations worldwide. By 2024, the workforce had expanded to 24,363 employees, enabling enhanced across its network. Key financial ratios highlight the company's prudent structure, including a of approximately 65% sustained by its high-volume, low-price strategy, and low debt levels financed primarily through equity for strategic acquisitions.
YearRevenue (€ billion)Net Income (€ million)EmployeesStores
19950.395N/AN/AN/A
20001.456N/AN/AN/A
20171.3917318,522723
20221.9911022,631968
20242.2615424,3631,240

Recent results and outlook

In the first half of 2025, Fielmann Group reported consolidated sales of €1.224 billion, marking a 12.3% increase year-over-year, with organic growth of 4.4% and contributions from US acquisitions accounting for 7.9% of the rise. For the second quarter specifically, sales reached approximately €621 million as part of this H1 performance, supporting an adjusted EBITDA of €290 million, up 25.9% from the prior year, with a group margin of 23.7%. By the nine months ended September 30, 2025, sales had grown to €1.842 billion, a 9% increase, while the adjusted EBITDA margin in Europe reached 24.8%. These results position the company on track for full-year sales of approximately €2.5 billion. Key profit drivers in 2025 include robust expansion, where the platform—bolstered by acquisitions such as SVS Vision and Shopko Optical—delivered sales of about €215 million in the first nine months, a 69% year-over-year increase and contributing over €100 million to group growth. Digital sales have also shown strong momentum as part of the strategy, supporting overall productivity gains and cost efficiencies that lifted group adjusted EBITDA to €434 million in 9M 2025, up 18%. for the nine months stood at €156 million, with full-year projections aligning toward €200-220 million based on sustained momentum. Looking ahead, Fielmann's Vision 2035 strategy targets €4 billion in annual revenue by 2030, driven by expansion to around 2,000 stores globally and increasing international sales to 30% of , with a focus on the and emerging markets. The company anticipates an adjusted EBITDA margin of about 24% for full-year 2025, with nearing 25%, though risks such as fluctuations—exacerbated by the euro's appreciation—and intensifying in optical retail could impact projections.

Sustainability and social responsibility

Environmental initiatives

Fielmann AG has maintained an Environmental Pledge since 1986, committing to plant one tree for each employee annually, a practice that continues to the present day. By 2023, this initiative had resulted in the planting of over 1.7 million trees and bushes, primarily in public spaces across Germany, Switzerland, Austria, and Italy, contributing to long-term CO2 sequestration. In 2023 alone, the company planted 14,577 trees and 2,960 bushes, including partnerships such as the "Einheitsbuddeln" initiative, through which 12,000 trees were donated to Hamburg. These efforts are coordinated with local nurseries, schools, and municipalities to enhance biodiversity and urban greening. In sustainable sourcing, Fielmann emphasizes ethical supply chain practices, with 100% of suppliers by purchasing volume adhering to the company's Code of Conduct, which includes environmental standards and audits for responsible metal mining. The company has expanded its use of recycled materials in eyewear frames, launching sustainable collections like elementra in 2022 using recycled acetate, followed by additional models certified under the ISCC PLUS standard for bio-based and recycled content. By 2023, 14 new frame models incorporating recycled acetate were introduced, representing a 15% increase from the previous year. To reduce plastic packaging, Fielmann has implemented reusable containers for logistics, removable labels, and FSC-certified recycled cardboard fillers as alternatives to plastic, alongside promoting reusable eyewear cases for customers. Operational efficiency forms a core aspect of Fielmann's environmental strategy, with stores equipped with energy-saving LED lighting—converting 70 stores in 2023, achieving approximately 40% energy savings per store—and plans for usage across operations. The features solar panels, and a 912 kWp planned for the Rathenow production site, with completion targeted by 2025 to further support green energy generation. Fielmann tracks CO2 emissions rigorously, reporting Scope 1 emissions of 2,402 tons in 2023, with reductions including a 5.6% drop in consumption (to 32.7 million kWh) and 30.5% in gas usage (to 3.35 million kWh) compared to ; in 2024, total GHG emissions were 117,315 tCO2eq (Scope 1: 6,362 tCO2eq), serving as the baseline for the company's aim of net-zero CO2 emissions group-wide by 2040. Investments in green manufacturing include €65 million in for a high-tech facility in , , which began operations in 2024, as part of a €100 million program to enhance efficient, low-emission production and . Waste management initiatives focus on recycling within production labs and operations, such as the recycling of demo lenses at the Rathenow facility since August 2023, which processes paper and plastic components to minimize optical waste. Additional programs include IT hardware upcycling in partnership with AfB, avoiding over 1,000 tons of CO2 since 2017 through device reuse rather than disposal. Fielmann pursues zero-waste objectives by integrating circular economy principles, such as high-recyclability packaging via the RESY system and dynamic route planning at Rathenow to reduce material transport waste.

Corporate social responsibility programs

Fielmann AG emphasizes employee development through its Fielmann-Akademie, a training and research center located at Plön Castle in , , which has hosted optical and ophthalmological colloquia since 2007 and attracted over 8,900 attendees across 60 events. The academy supports extensive vocational training, including 4,058 apprentices in 2023 and over 4,000 in 2024, representing 40% of 's future opticians, with the company investing €20 million in employee training in 2023 and €20.3 million in 2024, averaging 5.7 training days per employee. To promote diversity and inclusion, Fielmann mandates e-learning on these topics since 2023, achieving 32% female representation among the first three levels and 25% on the Management Board as of 2024, while 79% of employees reported equal treatment in a 2023 survey. The company ensures fair wages above the minimum set by the Central Association of Opticians (ZVA), complemented by a profit-sharing scheme based on since 2021 and share ownership for 70% of its workforce. In community engagement, Fielmann provides fashionable at no additional cost (Nulltarif) to statutory health insurance holders, effectively supporting low-income individuals by eliminating surcharges on covered frames and lenses. The company partners with ZEISS to donate to those in need, including over 80,000 pairs to Ukrainian refugees in 2022, and supports and , such as a €600,000 contribution in 2025 to the University Medical Center Hamburg-Eppendorf for a study evaluating tele-ophthalmology via its Eye Health Checkup service. This service screened over 20,000 customers for eye conditions like retinal issues and in 2023 and over 130,000 in 2024 across more than 400 stores, identifying over 26,000 abnormalities and providing more than 2,500 urgent treatments. Anti-discrimination policies are embedded in Fielmann's updated 2023 , which prohibits and based on , ethnicity, age, or other factors, supported by a dedicated complaints office and manager training on preventing sexual . Fielmann upholds ethical standards through its Supplier , revised in 2023 and signed by 100% of suppliers by purchase volume, which bans child labor—defined per ILO standards as work by those under 15 or below compulsory schooling age—and requires compliance with conventions like the UN Universal Declaration. Annual audits verify adherence, with 139 stores assessed for risks in 2023, and suppliers must cascade these standards to their own subcontractors. The company's CSR reporting, initiated in 2017 to comply with German Commercial Code sections 289b and 315b, aligns with GRI Standards and incorporates UN Global Compact principles on and labor, as outlined in its supplier guidelines. Health initiatives include the Eye Health Service for accessible screenings and expansions into services, while post-2020 efforts feature free anonymous consultations and flu vaccinations for employees to address pandemic-related . These programs complement broader societal commitments, such as planting 14,577 trees in 2023 to support community environments.

References

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