HAMBURG, Germany, GREEN BAY, Wis. and DETROIT—The Fielmann Group, a global eyewear provider, announced yesterday that it had closed on its acquisition of Green Bay, Wis.-based retailer Shopko Optical. In the announcement, the company also upgraded its 2024 sales outlook and announced an addition to its executive team. The transaction was first signed on June 10, 2024, and calls for the group's U.S. subsidiary, Fielmann USA, to acquire 100 percent equity ownership in Shopko Optical from Monarch Alternative Capital LP, as reported in VMAIL last month.

At the time of the announcement in June, Shopko Optical was operating more than 140 stores across 13 states and had generated $168 million in sales in 2023. The deal marks a milestone in Fielmann Group’s plans to expand internationally and execute on its Vision 2025 growth strategy, the company stated.

As of yesterday, July 1, 2024, Shopko Optical is now consolidated as part of the Fielmann Group and will contribute six months of business sales this year, the company stated. As part of the announcement, the group also raised its sales outlook for 2024 from €2.2 billion to approximately €2.3 billion. Shopko Optical has a similar margin profile as the Fielmann Group, the company stated, but its fiscal year 2024 profit contribution is expected to be limited, as the North America segment will be affected by transaction and integration costs.

“Fielmann’s purpose is to help everyone hear and see the beauty in the world. With the addition of Shopko Optical we are delighted to welcome 1,100 new members to our family business," said Marc Fielmann, CEO of the Fielmann Group. "Together with our great teams from SVS Vision and Befitting, we look forward to redefining what U.S. customers can expect of eyecare and eyewear.”

“Fielmann USA is growing strongly and gaining market share," said Lukas Ruecker, CEO of Fielmann USA. "We have enhanced the service and quality our customers have come to expect, expanded capacity to significantly shorten the waiting time to get an eye exam and introduced a novel omni-channel shopping experience. In the coming months, changes in our assortment and service are going to further improve the customer experience, especially for consumers with insurance. By joining forces with the great team at Shopko Optical we are thrilled to extend our unique offering to millions of people across the Midwest.”

 
 Russ Steinhorst.
Fielmann USA also announced that Russ Steinhorst, former CEO of Shopko Optical, has been appointed as executive vice president and chief financial officer (CFO) of Fielmann USA, joining its executive management team.

“With Russ Steinhorst we welcome an industry veteran with an outstanding track record in rebuilding Shopko Optical and turning it into a leading optical retailer across Wisconsin, Nebraska, and Minnesota, in addition to 10 other U.S. states,” said Ruecker. “We also extend a warm welcome to the many other Shopko Optical executives that have joined our family business and will be part of our mission to redefine the customer experience across the Midwest.”

The Fielmann Group is a German family business that serves 29 million customers with eyewear, contact lenses, hearing aids and primary eyecare services. It operates an omni-channel platform consisting of digital sales channels and more than 1,200 retail stores worldwide. More information on the Shopko Optical transaction and its U.S. strategy will be provided during Fielmann Group’s annual general meeting on July 11, 2024, the company said.