Latest
News

Mister Spex SE, one of Germany’s leading optical retailers, today announced its financial results for the full year 2024. The year was marked by the launch of the “SpexFocus” transformation and restructuring program in August 2024, aimed at sustainably increasing profitability and ensuring long-term cash generation. As part of this initiative, Mister Spex has streamlined its cost structure, optimized its product portfolio, and enhanced its margin performance, laying the foundation for a stronger and more efficient business model.

Net revenue declined by 3% to € 217 million, which is in line with the guidance range of € 210 million to € 230 million. The International business declined by 13%, primarily impacted by the strategic realignment under “SpexFocus” and the closure of stores in Austria, Sweden, and Switzerland. In its core market, Germany, Mister Spex achieved a 2% like-for-like sales growth, further underscoring its strength and continued relevance in its home market.

EBITDA declined due to reduced discounts, which temporarily impacted revenue. The adjusted EBITDA margin stood at -2.7%, within the adjusted guidance range of +1% to -4%. The cash balance remains solid at € 72 million, with a free cash outflow of -€ 37 million. This includes € 13 million in one-off costs, due to “SpexFocus” program, covering restructuring expenses such as store closures, severance payments, and expenses related to brand repositioning.

As part of the “SpexFocus” transformation and restructuring program, Mister Spex implemented a series of strategic measures to enhance profitability and operational efficiency, with a strong focus on margin improvement and long-term financial stability.

Discount detox and launch of premium private label lenses SpexPro

A key initiative was a targeted reduction in discounts, which initially had a negative impact on sales but ultimately aimed at improving gross margins and positioning the company for sustainable profitability in the medium term. In the second half of 2023, Mister Spex ran nine major discount promotions, a number that was deliberately reduced to just three in the second half of 2024. This disciplined shift towards more profitable sales resulted in a margin improvement of approximately 77 bps. in the prescription glasses category for the second half of the year.

At the same time, the launch of Mister Spex’s private label premium lenses, SpexPro, in September 2024 made a significant contribution to margin improvement. By Q4 2024, SpexPro accounted for roughly 20% of all prescription glasses orders. Additionally, overall average order value (AOV) increased from € 159 in Q4 2023 to € 205 in Q4 2024, while SpexPro orders achieved an AOV exceeding € 300. The gross margin of SpexPro was nearly double that of white-label products, making it one of the key margin drivers.

Rightsizing brand portfolio and inventory optimization

To increase profitability and ensure sustainable long-term cash generation, Mister Spex optimized its inventory and streamlined its product portfolio.

The company reduced the number of brands from approximately 150 to 100 and trimmed its product range from 20,000 to 12,000 SKUs (Stock Keeping Units), creating a more focused assortment that offers an attractive selection of brands and products. As a result, inventory decreased by approximately € 5 million, reaching € 28 million in December 2024, leading to optimized working capital.

Strong focus on German omnichannel business

Mister Spex maintained its focus on the core German market, achieving 2% like-for-like sales growth in its offline business in 2024. Total offline sales increased by 5%, reflecting the continued demand for Mister Spex’s optical services and expertise. In 2024, store-based sales for prescription glasses grew by 7%, while sunglasses sales increased by 5%, reflecting continued demand for Mister Spex’s offline offerings. Online sales for both categories remained positive for the first nine months but faced pressure in Q4 – prescription glasses due to the impact of a lens campaign in Q4 2023, and sunglasses following the discount detox strategy, which led to a more selective customer base, particularly impacting online business.

International Business and Segment Transitioned to a Pure Online Model

By the end of 2024, Mister Spex had fully exited its international store network, retaining only its online business outside the home market. The “SpexFocus” realignment led to a 13% revenue decline in the International segment for the full year. In Q4 2024, total revenue declined 25%, primarily due to the store closures in Austria, Sweden, and Switzerland. Store closures resulted in one-off costs of approximately € 5 million.

By focusing on its core market and strengthening its store network, Mister Spex continues to expand its position as one of Germany’s leading optical retailers. The combination of omnichannel excellence, optical expertise, an attractive selection of brands and products, as well as innovative services will be key to driving future growth.

Structural Optimization for Cost Efficiency and Workforce Reduction 

As part of “SpexFocus”, Mister Spex SE has implemented significant cost reduction measures to enhance operational efficiency and profitability. The company has streamlined its headquarters structure, reduced personnel costs, and achieved substantial efficiency gains in production. Overall, the workforce has been reduced by nearly 20%. These measures create a leaner, more agile structure, ensuring long-term cost efficiency.

“In the 2024 financial year, we initiated the company’s transformation with the goal of establishing Mister Spex as a profitable optical retailer in the market. To achieve this, we will systematically improve our profitability, streamline our processes, and sharpen our focus on high-margin products. Despite a challenging market environment, we continue to successfully evolve our business model. Our offline business in Germany has proven to be a key growth driver. This demonstrates the effectiveness of our omnichannel approach and confirms that, with the right strategy, we are on the right path to achieving sustainable, profitable growth,” said Stephan Schulz-Gohritz, Chairman of the Management Board at Mister Spex.

Outlook for 2025

For 2025, Mister Spex expects the retail market to remain volatile. Furthermore, price repositioning and continuous reduction of discounts will lead to a negative impact on the revenue. Accordingly the company anticipates a revenue decline of -5% to -10%. Starting in the 2025 financial year, Mister Spex is adopting EBIT as its key performance metric to provide clearer visibility on operational performance, ensure transparency on sustainable profitability, and establish a foundation for long-term value creation EBIT margin is expected to land between -5% and -15%.

“SpexFocus” will continue in 2025, where the company will on drive cash flow and profitability through further efficiency improvements, optimize the retail business towards a more profitable store network, and strengthen optical expertise. Mister Spex expects the biggest improvement to come from increasing the average order value (AOV) which, combined with an optimized conversion rate, will lead to improved gross margins. These improvements will be driven by price adjustments, an optimized product mix strategy, and the expansion of the high-margin lens portfolio. Additionally, the company will expand its innovative services, including the systematic collection and analysis of customers’ vision needs and preferences to deliver more personalized recommendations. With these measures, Mister Spex is strategically positioning itself for dynamic growth in 2026.

The full-year 2024 annual report and further analyst and investor information are available on the Mister Spex Investor Relations website.

The Q1 2025 results will be published on May 8, 2025.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.

³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

Change of leadership at Mister Spex: At its meeting today (17 March), the company’s Supervisory Board resolved to appoint Tobias Krauss as CEO of Mister Spex. He will take up his new role on 1 April 2025. Krauss has been a member of the Supervisory Board since 2020 and has been Chairman of the Board since July 2024. He will resign from the Supervisory Board on 31 March 2025; it will be taken over by the current Deputy Chairman of the Supervisory Board, Nicola Brandolese. Tobias Krauss succeeds Stephan Schulz-Gohritz, who has taken over the CEO role on an interim basis since August 2024 in addition to his role as CFO. Schulz-Gohritz will remain CFO of Mister Spex.

Tobias Krauss comes from ABACON CAPITAL, where he has served as CEO since 2019 and was responsible for a portfolio of more than 50 investments. ABACON CAPITAL is one of the largest shareholders of Mister Spex. Krauss began his professional career at Porsche Consulting after studying economics at the Universities of Mannheim and Konstanz. This was followed by further positions, including as Chief Restructuring Officer at DAW, Germany’s largest manufacturer and distributor of paints and coatings, and as CEO at the industrial holding company Possehl Mittelstandsbeteiligungen GmbH (PMB). During this time, Krauss developed a restructuring approach based on lean management principles.

Nicola Brandolese, the incoming Chairman of the Supervisory Board, stated: “We are delighted to have identified Tobias as the perfect leader for Mister Spex. With his extensive expertise as a turnaround manager, he will accelerate the company’s transformation, steering it toward sustainable growth and the success it is destined to achieve. The entire Supervisory Board extends its sincere gratitude to Stephan Schulz-Gohritz for his leadership in initiating and overseeing Mister Spex’s transformation program over the past several months, laying the foundation for the company’s future success.”

“Mister Spex’s potential is enormous – and I look forward to realizing it together with a great team and our loyal shareholders. In my previous role as Chairman of the Supervisory Board, I co-initiated the restructuring program and provided important impetus in terms of content. To pursue these impulses consistently as CEO and Chairman of the Management Board has appealed to me personally”, says Tobias Krauss. “We will lead Mister Spex into a profitable future. This year we are creating the basis for this.”

The “SpexFocus” program, launched in 2024, aims to sustainably increase profitability and ensure solid cash generation in the long term; to this end, the cost structure will be streamlined, the product portfolio optimized and the margin structure improved. As part of a systematic transformation, the restructuring seamlessly transitions into a continuous improvement process towards a lean and scalable organization.

In 2024, Mister Spex SE launched the SpexFocus transformation and restructuring program, which significantly impacted the second half of the year. Notable achievements included substantial progress in transformation initiatives, optimizing its store network through the closure of all international locations, fundamental repositioning of the brand, consistent reduction in promotional and discount activities. However, business performance was negatively impacted by external challenges, such as subdued consumer sentiment and unfavourable weather conditions.

According to preliminary and unaudited figures, in 2024, net revenue amounted to approximately € 216 million and landed near the midpoint of the guidance range with 3% reduction in comparison to previous year. The adjusted EBITDA, as expected, turned negative but remained within the guidance range. This was due to ongoing transformation efforts, cost pressures, and the phase-out of heavy discounting practices.

Resilient Like-for-Like Growth in the German Core Market

In the first half of the year, net revenue grew by 1%, driven by robust growth of 4% in Germany, which fully offset a 7% decline in the International Segment. Net revenue declined in the second half of the year due to strategic decision to significantly reduce discounts, increase prices and close all international stores by year-end. As a result, net revenues turned negative for both segments, Germany and International.

Nonetheless, the German brick and mortar business has continued to demonstrate stability, finishing the year with like-for-like growth of 2%. This performance highlights the resilience and importance of the German store network.

“2024 was a pivotal year for Mister Spex. With SpexFocus, we took decisive steps to future-proof our business model and lay the foundation for long-term profitability. Despite the challenges inherent in a comprehensive transformation, we successfully met our guidance while making significant progress – particularly in our core German market. This underscores the resilience of our business model and the continued relevance of our omnichannel strategy”, said Stephan Schulz-Gohritz, Chairman of the Management Board at Mister Spex.

Prescription Glasses and SpexPro as Key Growth Drivers

One of the key pillars of SpexFocus has been a laser-sharp focus on communicating optical expertise, expanding the lens portfolio through the introduction of SpexPro, and positioning Mister Spex as an optician for life. In the last quarter of 2024, a significant adjustment has already been made to the overall lens portfolio with the launch of SpexPro in September. This shift has contributed to an 12% increase in average order value (AOV) for the year, with a 30% rise in the fourth quarter alone.

In 2025, Mister Spex SE will continue executing the transformation measures outlined in SpexFocus. Key priorities include improving the profitability of brick-and-mortar stores in Germany, streamlining overhead costs, strengthening the brand and optical expertise, and, most importantly, improving company’s cash flow. At the end of 2024, the cash balance exceeded € 70 million.

Further details, including the audited results for 2024 and the outlook for 2025, will be published on March 27, 2025.

Mister Spex SE, Germany’s leading omnichannel optician, has defined a new vision and mission, establishing key guiding principles within the framework of its transformation and restructuring program, SpexFocus. With the commitment to “empower people see and to be seen”, the company prioritizes delivering the best all-around service for eye health to its customers. 

Clear Focus: Eye Health and Individual Style 

The new vision and mission built on the brand repositioning introduced in August 2024. With the claim “The Optician of Your Life”, Mister Spex has solidified its role as a trusted partner for customers throughout all stages of life. This vision evolves the brand promise by ensuring that all company activities focus on two central aspects: enhancing eye health (“to see”) and supporting individual style preferences (“to be seen”). 

“Our new vision is a logical step in our corporate strategy,” explains Stephan Schulz-Gohritz, Chairman of the Management Board of Mister Spex. “It combines our expertise in eye health with our commitment to empowering customers to express their individuality. These elements are the core of our actions and strategy.” 

Vision-as-a-Service: Tailored Solutions for Every Need 

Mister Spex’s new mission aims to transcend traditional eyewear sales by becoming the leading provider of “Vision-as-a-Service.” This includes state-of-the-art technology and comprehensive consultations to create personalized solutions tailored to diverse needs and styles. 

The focus is on delivering long-term value for customers. Mister Spex sees itself not just as a supplier of glasses and contact lenses but as a partner providing meaningful benefits for eye health and personal expression. 

SpexFocus: Profitability at the Heart of Transformation 

The new vision and mission are integral to SpexFocus, Mister Spex’s transformation and restructuring program. The program aims to significantly enhance profitability and ensure sustainable cash generation for the company in the medium term. 

“SpexFocus is our roadmap to a successful and economically stable future,” says Stephan Schulz-Gohritz. “The vision and mission give us the critical focus needed to advance our transformation and meet customer needs with precision. With this, we establish the framework to successfully advance Mister Spex.” 

You can find the brand film for the new vision and mission here: Vision & Mission Mister Spex – YouTube 

Why Regular Eye Tests Are Crucial

Vision can gradually deteriorate, often without the person noticing right away. Symptoms such as headaches, fatigue, or irritated eyes can be early signs of a change in vision. This makes regular check-ups, especially for children and older adults, vital. Children should have an eye test with an ophthalmologist by the age of three at the latest to detect and treat any vision issues early. Older adults should have annual tests due to faster changes in their eyesight, allowing conditions like cataracts to be identified in time.

“Regular eye tests are more than just routine; they are an investment in the long-term health of our eyes. Often, subtle changes go unnoticed but can have serious consequences. At Mister Spex, we want to encourage our customers to keep an eye on their vision and take action early to safeguard their quality of life”, says Stefanie Berger, Optometrist and Purchaser at Mister Spex.

For acute symptoms such as pain, redness, or a foreign body sensation, it is essential to consult an ophthalmologist, as these signs can indicate not only changes in vision but also general eye health issues. For simple vision tests, such as checking prescription strength, an optician is usually a quicker option and can often be visited without the need for an appointment.

Protect Your Vision: Tips for Reducing Eye Strain

In today’s world, our eyes are heavily strained by digital screens and environmental factors. It is therefore important to take preventive measures: a balanced diet, regular breaks from screen work, and protection from UV rays are simple but effective ways to maintain eye health.

For more information, visit: https://www.misterspex.de/c/rat/503.

Free eye tests at Mister Spex can be booked here: https://www.misterspex.de/c/svc/722.

The campaign period generated net revenue of approximately € 10 million. Prescription glasses emerged as a key driver, with sales increasing by 7%, led by an 11% rise in Mister Spex’s own-brand products. 

The company also conducted over 7,500 eye exams during the campaign period, an 11% increase compared to 2023, highlighting the growing demand for comprehensive vision care services. The best-selling product on Black Friday was the Cherry Blossom model from the collaboration between Box of Sweets and Mister Spex. This successful partnership highlights how Mister Spex leverages collaborations and curated offerings to generate strong customer demand. 

Operational efficiency played a critical role in the campaign’s success. Mister Spex processed over 110,000 orders while reducing delivery times by approximately 1.5 days, demonstrating the company’s focus on meeting customer expectations through optimized logistics and inventory management. 

Stephan Schulz-Gohritz, Chairman of the Management Board, emphasizes: “Black Friday is one of the most important periods for the retail industry. Our strong campaign results this year demonstrate that our transformation and restructuring program, SpexFocus, is steering the company in the right direction and laying important foundations for the future. My heartfelt thanks go to our employees, whose dedication and commitment made this success possible.” 

Francesco Liut, Chief Commercial Officer at Mister Spex, stated: “This year’s Black Friday campaign highlights the strength of our omnichannel strategy and the significant growth potential of our stores in Germany. These results reflect the successful execution of our initiatives and underline our ability to deliver value to our customers across all channels.” 

Understanding Eye Diseases: Early Detection and Action
In Mister Spex’s eye health guide, readers will find detailed information on common eye conditions such as conjunctivitis, glaucoma, cataracts, and age-related macular degeneration. The guide not only offers clear explanations of the causes and symptoms of these conditions but also provides valuable insights into treatment options and preventive measures. This allows consumers to recognise early signs and take targeted actions to preserve their vision.

Our daily lives place significant demands on our eyes. To protect them as effectively as possible, Mister Spex offers practical tips on maintaining eye health. Regular eye check-ups, a balanced diet, and protection from UV radiation are just a few of the recommended measures. The guide also extensively covers the importance of reducing screen time and wearing high-quality sunglasses, both of which are crucial factors for eye care.

Many people suffer from symptoms such as dry eyes, redness, or blurred vision. Mister Spex provides advice on how to effectively treat these symptoms and when it is advisable to seek professional help, enabling consumers to keep their eyes healthy and free from discomfort.

Tailored Solutions for Contact Lens Wearers
For the specific needs of contact lens wearers, Mister Spex also offers valuable information. The guide explains the best types of lenses and care routines, especially for those with dry eyes, hay fever, or allergies, ensuring optimal comfort and eye health.

Another key focus of the guide is on preventive measures to avoid long-term damage to the eyes. This includes protection from harmful UV rays, ergonomic adjustments for screen work, and other strategies that contribute to maintaining good vision over time.

Mister Spex recognises the importance of healthy eyes and, through its new eye health guide, offers a comprehensive resource to help consumers protect and improve their vision. With expert advice and high-quality eyewear, Mister Spex supports its customers in keeping their vision sharp in every aspect of life.

“With our eye health guide, we aim not only to provide knowledge but also to show our customers specific ways to protect their eyesight for the long term. It’s about taking action early and implementing preventive measures to maintain healthy eyes”, says Stefanie Berger, Optometrist and Purchaser at Mister Spex.

For more information, visit: https://www.misterspex.de/c/rat/7005.

Mister Spex SE (MRX), Europe’s leading omnichannel optician, has achieved revenue of €57.8 million for the third quarter of 2024, marking a 3% decline compared to the same period last year. This decrease is primarily attributed to the closure of international stores in Scandinavia, Austria, and Switzerland as part of the transformation and restructuring program “SpexFocus”. However, the core German market demonstrated positive development. Additionally, the company achieved a significant improvement in product-level profitability during the quarter. The implementation of “SpexFocus” is already yielding results, as evidenced by an enhanced gross margin and a successful shift toward high-margin categories. The category of prescription glasses achieved a 4% increase in revenue.

Consistent Growth of 2% in German Market

The core German market demonstrated resilience with a 2% revenue increase, driving from both online- and offline growth. Prescription glasses sales were a significant contributor, with a 5% increase in Germany, which boosted the gross margin. This improvement was partial driven by the launch of “SpexPro”, a private label for premium eyewear lenses.

Increasing Profitability and Customer Satisfaction with “SpexPro”

With the launch of the new premium lenses “SpexPro,” the company takes a significant step forward in the ongoing development of its product portfolio, strengthening its premium private label segment. After the initial rollout in Germany, Austria, and Switzerland, “SpexPro” will now be gradually introduced in additional markets. “SpexPro” reports an average order value €30 higher than the “White Label” option for prescription glasses and prescription sunglasses. The product has been well-received by customers, as reflected in an increase in the share of varifocal units sold, rising from 16% to 20%.

“The launch of SpexPro lenses represents a significant advancement that allows us to offer our customers high-quality products, while also enabling us to increase our market share in prescription eyewear lenses, thereby further enhancing our profitability”, says Stephan Schulz-Gohritz, Chairman of the Management Board of Mister Spex SE.

Streamlining International Segment

International revenue declined by 17% in the third quarter year-on-year. This is a result of the strategic closure of international stores announced in August 2024 as part of “SpexFocus”. At the beginning of September 2024, the Swiss store was the first to close. Additionally, exit agreements with all remaining landlords in Austria and Sweden are already in place, with full market exits expected to be completed by year-end. This initiative allows Mister Spex to fully concentrate on the German market, which continues to offer significant growth potential, both in terms of like-for-like sales and through the development of new market segments.

Financial Performance and Outlook

The gross margin improved by 302 basis points year-on-year, reaching 48.8%. This increase is driven by a higher share of margin-accretive prescription glasses sold and a reduction in discounts and promotional activities. These measures also led to a higher average order value, which rose to €99.4, an increase of 3% compared to the same quarter last year. Improvements were seen across the product categories of prescription glasses and sunglasses.

Revenue from sunglasses dropped by 2% compared to last year, partly due to reductions in discounts and promotional activities. Additionally, demand for sunglasses was impacted by adverse weather conditions, especially in September.

Adjusted EBITDA for the third quarter stood at -€1.4 million, compared to €0.2 million in the previous year’s quarter.

“With the focused execution of our transformation and restructuring program, ‘SpexFocus’, we are on a clear path toward sustainable and profitable growth”, said Stephan Schulz-Gohritz. “While we see positive developments in our core German market, our strategic focus remains on delivering enhanced products and services to best meet our customers’ needs. By focusing on high-margin products and streamlining our international business, we are convinced that we can drive both customer satisfaction and sustainable growth.”

Mister Spex reiterates its outlook for the fiscal year, anticipating net revenue between €210 and €230 million. Management expects an adjusted EBITDA margin in the range of -4% to +1%.

The quarterly report and additional information for analysts and investors are available on the Mister Spex Investor Relations website. The FY 2024 results are scheduled for release on March 27th, 2025.

Revenue by product category and segment.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.

³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

A well-fitted pair of driving glasses not only ensures clear vision but also enhances road safety. Mister Spex provides its customers with a large selection of lenses specially developed for the unique lighting conditions encountered while driving. Anti-reflective lenses help to minimise distracting reflections and reduce glare from oncoming headlights.

Anti-Reflective and Polarised Lenses: Must-Haves for Drivers

Anti-reflective lenses are essential for drivers, as they reduce disruptive reflections on the surface of the glasses and provide clear and transparent vision—especially at twilight or during night-time driving. Mister Spex offers lenses with a high level of anti-reflection, making driving in challenging lighting conditions more comfortable and safer. For additional protection in sunlight, polarised lenses filter out light reflections from wet roads or water surfaces, improving contrast and enhancing visual clarity.

In addition to anti-reflective and polarised lenses, Mister Spex also offers tinted lenses, which make it easier to see traffic lights and brake lights. Lenses in brown or grey tones improve contrast and provide greater comfort in changing light conditions.

Safe on the Road with Varifocal Lenses

Drivers who wear varifocal glasses benefit from seamless vision at various distances. However, Mister Spex recommends an adjustment period for driving with varifocal lenses, as wearers need time to adapt to the new visual experience. The company offers custom-fitted varifocal lenses, specifically tailored to the needs of drivers.

“Clear vision is crucial, especially on the road. At Mister Spex, we place great emphasis on offering glasses that meet the specific requirements of drivers. Our lenses are designed not only to optimise vision but also to enhance comfort and safety on every journey”, says Stefanie Berger, Optometrist and Purchaser at Mister Spex.

Free Driving Licence Eye Test at Mister Spex

For all driving licence holders and regular drivers, Mister Spex offers a free driving licence eye test. Since eyesight can change over time, a regular eye test is essential to ensure that your vision remains adequate for driving. Mister Spex recommends testing your eyes every two years to always ensure safety on the road.

For more information on driving glasses and tips for safe driving, visit: https://www.misterspex.de/c/rat/506.

With the rise in screen usage, whether through work, social media, or streaming, our eyes are subjected to high levels of strain daily. Blue light, in particular, which is emitted by digital devices, can cause long-term damage to the eyes and disrupt natural sleep patterns. Prolonged exposure to blue light may lead to symptoms of what is known as ‘digital eye strain’.

Blue Light Filtering Technology: A Daily Essential

To counter these risks, Mister Spex offers a wide range of lenses with integrated blue light filtering technology. These lenses filter out a significant portion of the blue light emitted by screens, helping to reduce eye strain and prevent potential long-term damage. For those who spend many hours a day in front of a screen, blue light filter lenses are a valuable investment in their personal health.

At Mister Spex, customers can select blue light filter lenses for almost any type of glasses, whether single vision or varifocals. This not only maximises eye protection but also enhances comfort. The combination of modern design and advanced technology makes it easy to maintain eye health without compromising on style.

Balancing Fashion with Long-term Protection

“The increase in screen time calls for new approaches to maintaining eye health. To provide our customers with the best possible support, we at Mister Spex rely on blue light filtering technology. Our goal is not only to meet fashion demands but, above all, to protect the eyes long-term and make vision in the digital age as comfortable as possible”, says Stefanie Berger, Optometrist and Purchaser at Mister Spex.

In addition to wearing the right glasses, simple behavioural changes can significantly improve eye health. Mister Spex recommends regular breaks during screen time, the use of eye care products like artificial tears, and maintaining a proper distance from the screen. For instance, the ‘20-20-20 rule’ suggests looking at something 20 feet (6 metres) away for 20 seconds every 20 minutes. Such measures can help reduce the symptoms of digital eye strain.

For more information on blue light filtering technology and tips on eye health, visit:

https://www.misterspex.de/augengesundheit-im-digitalen-zeitalter.

In her role, Preuss will act as the primary point of contact for strategic optical matters within the company and will also lead the continuous professional development of Mister Spex’s opticians. 

With nearly a decade of experience in the international optics industry, Preuss brings extensive expertise in launching optical products and training optical professionals. Her career includes positions with top companies in the field, where she gained valuable experience in global marketing and the strategic introduction of optical solutions. Her strong background, combined with her academic training in optometry, equips her to align optical requirements with Mister Spex’s strategic objectives. 

“We are thrilled to welcome Eileen Preuss as our new Head of Optical Expertise,” said Stephan Schulz-Gohritz, CEO of Mister Spex. “Her deep experience and knowledge of optometry will be instrumental in helping us elevate the quality of our optical services and solidify our position as a leading omnichannel optician.” 

Francesco Liut, Chief Commercial Officer, added: “With Eileen Preuss on board, we’re bringing in an experienced and highly skilled professional who will be essential in maintaining and enhancing our already high optical standards. Her expertise will help us continue to raise the bar in service quality and ensure that our customers receive the best optical care possible.” 

Eileen Preuss herself is excited about her new role: “Mister Spex is at the forefront of omnichannel solutions in the optical industry, and I’m looking forward to applying my experience and knowledge to help further strengthen Mister Spex’s commitment to quality and excellence.” 

At the Extraordinary General Meeting of Mister Spex SE, Europe’s leading omnichannel optician, all management proposals were approved. During the virtual meeting, Chairman of the Management Board Stephan Schulz-Gohritz provided shareholders with the results for the first half of 2024, an overview of the restructuring and transformation program, SpexFocus, and outlined the updated guidance for the full year 2024. 

Reduction of the Supervisory Board 

The General Meeting approved the proposed reduction of the Supervisory Board seats from seven to five. This measure is intended to enhance the efficiency and speed of decision-making while maintaining the Board’s competence and quality in supervision and advisory roles. Additionally, the reduction aims to cut costs and streamline corporate governance. The restructuring of the Supervisory Board committees was also confirmed, which is expected to contribute to more focused and effective work within the Board. In this context, the previously separate ESG and Strategy & Transformation Committees were merged into a single unified committee. This newly formed committee will play a crucial role in driving the company’s strategic development and ensuring an integrated approach to transformation initiatives. 

Confirmation of Formal Resolutions 

Another agenda topic was the confirmation of resolutions passed with a large majority at the Annual General Meeting on June 7, 2024. The confirmation became legally necessary after a single shareholder filed a challenge. The shareholders reaffirmed the resolutions passed in June with a large majority, ensuring clarity and stability in the company’s future leadership. 

All counterproposals submitted by shareholders were rejected by a significant majority of over 75 % of the votes cast, reflecting strong shareholder confidence in the company’s strategic direction and management’s proposals. 

In his speech, Chairman of the Management Board Stephan Schulz-Gohritz highlighted the significance of these decisions for the future of Mister Spex: “Today’s resolutions lay the foundation for a forward-looking strategy focused on profitability and cash flow. In recent months, as part of our ‘SpexFocus’ transformation and restructuring program, we’ve already initiated key steps to help us achieve our ambitious goals. These include, in addition to measures for reducing personnel costs, expanding our high-margin premium portfolio, with the introduction of the new SpexPro private label in the premium lens segment. These actions will strengthen our market position and drive long-term profitability.” 

The Extraordinary General Meeting recorded a high participation rate of over 70 % of the share capital, underscoring the strong trust shareholders have in the company’s strategic direction. 

For further information, please visit: Mister Spex Investor Relations 

“With the introduction of our new premium lenses, we are marking another milestone in the continuous development of our product portfolio, sustainably strengthening our premium private label segment,” said Stephan Schulz-Gohritz, Chairman of the Management Board and CFO of Mister Spex. “The launch of SpexPro lenses represents a significant advancement that allows us to considerably increase our market share in prescription eyewear lenses, thereby further enhancing our profitability.” 

Developed in Germany SpexPro lenses offer high standards in clarity, sharpness, and comfort. Every detail has been meticulously considered to offer users a significant upgrade over standard lenses. The premium lenses not only deliver perfect vision but also provide optimal protection and maximum durability, thanks to high-quality coatings that ensure a long lifespan. Each lens is custom-made based on the individual’s vision prescription and specific eyewear, guaranteeing an exceptional level of personalization and exclusivity. 

“The development of our own premium lenses was a logical step in the evolution of our business model. It is part of our vision to offer our customers not only top-tier eyewear and service but also the best lenses available on the market,” added Schulz-Gohritz. 

SpexPro lenses are now available online and in all Mister Spex stores. 

For more information on SpexPro, please visit: SpexPro lenses by Mister Spex 

Stephan Schulz-Gohritz, Chairman of the Management Board and CFO of Mister Spex, emphasized: “It is crucial for us to continuously expand our offerings with brands that capture the current zeitgeist and meet the highest standards of design and quality. Our vision is to provide our customers access to the most coveted brands worldwide. With Jacquemus, we are making another significant step towards this goal.”

The Jacquemus eyewear collection, featuring ten models crafted from high-quality acetate, stands out with bold designs and a striking color palette. Ranging from classic black tones to vibrant yellows and blues, the collection offers a wide variety. Each model is adorned with the iconic Jacquemus logo and gold accents, highlighting the brand’s luxurious character. All sunglasses provide 100% UV protection, ensuring that style and functionality go hand in hand.

Founded in 2009 by Simon Porte Jacquemus, the brand has quickly become one of the leading names in the fashion world. The sunglasses collection reflects this philosophy by blending contemporary aesthetics with luxurious details.

For more information on the Jacquemus collection at Mister Spex, please visit: Jacquemus sunglasses

Mister Spex SE (MRX), Europe’s leading omnichannel optician, has reported a 1% growth for the Group, achieving sales of € 67.6 million in the second quarter of 2024. The physical retail network achieved a 4% like-for-like growth in Q2 2024 compared to the same period last year. Germany has contributed significantly with 4% like-for-like growth in Q2 2024.

Further Strong Growth in the Core Market of Germany

In the second quarter of 2024, Mister Spex continued to demonstrate robust performance in its core market of Germany. The German segment saw impressive growth, with prescription glasses sales increasing by 11%, supported by a positive calendar impact, as well as the company’s strong brand presence and customer loyalty in this key market. Sunglasses sales, however, decreased by 2% due to mixed weather patterns. The brick-and-mortar segment continued to grow, with a like-for-like increase of 4% in the second quarter of 2024.

Strategic updates and outlook

Mister Spex has started the execution of its restructuring and transformation program, SpexFocus, which aims to deliver over €20 million in EBITDA savings, including rent, by 2025 and 2026. This program is expected to impact cash flow in H2 2024, with approximately €9 million in one-off cash expenses.

The company’s rebranding efforts, which started in August, is intended to further strengthen the company’s market position by focusing on high-quality optical expertise, technological advancements in services and shopping experiences, and an exclusive assortment portfolio. A few days ago, the company launched a new sports eyewear collection which includes both sunglasses and prescription glasses, Mister Spex is entering the rapidly growing category of sports eyewear, a segment that is witnessing substantial growth both locally and globally. Europe, including Germany, currently holds the largest market share for sports eyewear, accounting for around 32 % of the global market. Within this market, Germany plays a pivotal role, significantly contributing to the region’s overall market share [1]. The launch reinforces the company’s strategic objective of successfully positioning Mister Spex in growth segments and thereby further enhancing its profitability.

“We have launched our transformation and restructuring program, SpexFocus, with the clear objective of securing sustainable and profitable growth for our company. We are convinced that the measures we are now implementing will not only position us for sustainable profitable growth but also further strengthen our competitiveness online and offline. We will continue to offer our customers the best service, the highest quality, and a unique shopping experience, thereby further expanding our market leadership as a leading omnichannel optician in Europe” said Stephan Schulz-Gohritz, Chairman of the Management Board and CFO of Mister Spex.

Looking ahead, Mister Spex has adjusted its 2024 guidance as follows:

• Net Revenue: Expected to be between €210-230 million.
• Adjusted EBITDA Margin: Projected to be within a range of -4% to +1%.

The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website.

[1] Source: “Europe Sports Eyewear Market (2024-2030) | Trends, Outlook & Forecast” by 6Wresearch (6Wresearch).

Revenue by product category and segment.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.

³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

Stephan Schulz-Gohritz, Chairman of the Management Board and CFO of Mister Spex, states: “With the introduction of our new private label ‘Mister Spex MOOVE,’ we are setting another milestone in the continuous evolution of our brand portfolio, reinforcing our position as an expert in the optical industry. This new brand allows us to tap into a market segment that is experiencing significant growth, driven by rising awareness of eye protection, innovations in lens technology and global embrace of an active lifestyle. This not only enables us to reach new customer groups but also contributes substantially to the diversification and strengthening of our revenue base.”

“Mister Spex MOOVE” stands out for its ergonomic design and high functionality, particularly suited for sports enthusiasts. The collection includes seven models of glasses (three prescription glasses, four sunglasses) and two accessory models, each available in three color variants. The high-tech lenses provide optimal UV protection and exceptional clarity, while the lightweight yet durable frames ensure maximum comfort.  A distinctive feature of the prescription glasses in the collection is the patented Wing design, which guarantees a secure fit even in strong winds. This is complemented by flexible wire temples that can be quickly and easily adjusted for secure and comfortable wear.

The collection was developed under stringent quality standards to ensure the durability and functionality of the eyewear. Furthermore, the production process placed great emphasis on resource-efficient methods using injection molding. The launch of “Mister Spex MOOVE” not only enhances the company’s product diversity but also strengthens its positioning in the premium segment. The expansion of our portfolio is a crucial step in leveraging future market opportunities and successfully executing the company’s growth strategy.

The collection will be available both online and in selected stores.

Please find more information about MOOVE here: Mister Spex MOOVE

[1] Source: “Europe Sports Eyewear Market (2024-2030) | Trends, Outlook & Forecast” by 6Wresearch (6Wresearch).

Douglas brings extensive expertise in corporate development, restructuring, corporate governance, and financial management. Prior to joining Mister Spex, he held several roles in portfolio support for the Büll family, a major shareholder based in Hamburg. During this time, he was responsible for the strategic and operational development of the B&L Group and served as Managing Director and CFO for the family’s hotel division. 

His career also includes senior positions at POSSEHL Mittelstandsbeteiligungen GmbH, where he served as Head of Portfolio Management, leading the strategic realignment and restructuring of the portfolio companies, and held managing director roles in two subsidiaries. 

Douglas began his career as a consultant at Barkawi Management Consultants, specializing in operational restructuring. There, he played a key role in designing and implementing “Full Potential” programs for international clients, gaining significant experience, including the reform of a major Canadian telecommunications company. 

Stephan Schulz-Gohritz, Chairman of the Management Board and CFO of Mister Spex, stated, “We are delighted to welcome Christopher Douglas as our new Chief Restructuring Officer. With his extensive experience and strategic insight, he will be instrumental in advancing and enhancing the efficiency of our company. His role will be crucial in our ‘SpexFocus’ transformation and restructuring program.” 

Christopher Douglas expressed his enthusiasm for the role at Mister Spex: “The company is currently in a phase of strategic evolution, where targeted initiatives can strengthen Mister Spex’s market position. The optimization and restructuring of Mister Spex is a significant challenge that I approach with both respect and great confidence.” 

The restructuring program includes extensive measures such as reduction of personnel costs, price adjustments, optimization of operations, and closure of all international stores which includes five stores in Austria, two stores in Sweden and one store in Switzerland. Mister Spex has thoroughly analysed alternative options but sees no path to profitable growth in these markets and at this scale. As the result of this program, Mister Spex expects a recurring uplift of approx. € 2 million in cash flow. Mister Spex will make every effort to assist its employees through the transition in a fair manner and act fully in line with employer practice standards.

The transformation program includes a fundamental repositioning of the brand to enhance the company’s relevance and leadership in the optical industry and that will improve the overall margin profile. The new campaign focuses on optician expertise and positions Mister Spex as a trusted optician for life. It aims to particularly strengthen its positioning with its existing consumers and extend it, reaching the discerning 40- to 60-year-old target group, who place with a high demand for multifocal lenses high value on well-founded optical advice and expertise. Additionally, the effort to reposition the brand aims to reduce the promotional and discount participating activities.

As of 2025, Mister Spex will change its key financial performance indicator from Adjusted EBITDA to EBIT to enhance transparency and provide clearer insight into the financial performance.

Stephan Schulz-Gohritz, Chairman of the Management Board and CFO, said: “We are confident that the strategic realignment will reinforce our leadership position as the omnichannel optician in the market, thereby ensuring our sustainable and profitable growth in the future.”

Tobias Krauss, Chairman of Supervisory Board said: “In order to realize the potential of Mister Spex, a clear transformation and restructuring is now necessary. We have great confidence in the expertise and commitment of Mister Spex’s management and team to steer the company through this phase and ensure its long-term success.”

Preliminary financial results for H1 2024

The preliminary H1 2024 results are below the company’s expectations but remain within the guidance range, albeit at the lower end. This shortfall is primarily due to adverse weather patterns.

Based on preliminary financial results, Mister Spex SE concluded the first six months of 2024 with net revenue of €119 million, up from € 117 million the previous year (+1%).

The gross margin was 50.1%, down from 50.8% the previous year. The second quarter was affected by mixed weather patterns, which adversely impacted sunglasses sales. Later Easter in 2024 shifted prescription glasses sales from the first quarter to the second quarter, largely compensating for the lower contribution from sunglasses.

Personnel expenses have continued to improve due to the efficiency program Lean4Leverage (L4L), which was launched in 2022, while the number of stores has remained the same. Other operating expenses grew due to the rebranding project as well as costs for transformation and lean management.

This translates to an adjusted EBITDA of € -0.8 million, compared to roughly € 0.7 million last year. For H1 2024, cash and cash equivalents were € 99.6 million, therefore cash outflows for the company in the first half of 2024 was € 11 million and € 6 million in Q2 2024.

Against this backdrop as well as restructuring and repositioning program impacting second half of the year, the company adjusts its guidance for 2024. Previously, the management expected low-to-medium net revenue growth and an adjusted EBITDA margin in the low single digit percentage range. The company now anticipates net revenue between €210 and €230 million (growth from 3% to -6% for the year) and an adjusted EBITDA margin between +1% and -4% for the full year.

The publication of the full half-year report is scheduled for August 29, 2024. This report will provide further background information on the performance in the first half of the year.

Brand Evolution: From Online Retail Player to Comprehensive Optician Expert  

The evolution of the Mister Spex brand is another step to strengthen its leadership position in the optical industry. In recent years, Mister Spex has distinguished itself through style competence, a broad product range, and technological progress. The new campaign focuses on optician expertise and positions Mister Spex as a trusted optician for life. It aims to particularly strengthen its positioning with its existing consumers and extend it, reaching the discerning 40- to 60-year-old target group, who place high value on well-founded optical advice and expertise. 

Repositioning the brand and thus the business model towards optics and high-margin business is a relevant step in Mister Spex’s current transformation process. The goal is to focus business activities clearly on core competencies and thus increase the company’s profitability. As part of the repositioning, not only is the excellent advice provided by the in-house opticians in the stores highlighted, but the portfolio of varifocal and corrective lenses is also significantly expanded and optimized.  

“With the new slogan ‘The Optician of Your Life,’ we convey a powerful message that provides clear orientation”, says Miriam Steffens, Director of Brand Marketing at Mister Spex, who was instrumental in developing the campaign. “Our customers should know that at Mister Spex, they will find not only a broad, stylish range of branded glasses but also the best advice, highest quality, and outstanding expertise.”   

Francesco Liut, Chief Commercial Officer of Mister Spex, explains: “With ‘The Optician of Your Life,’ we aim to launch not just a strong campaign. For us, it’s about the further development of our brand. Positioning ourselves as optician experts creates a clear internal and external alignment. Our opticians and, therefore, our experts are the heart of this new chapter. They bring the knowledge and experience that our customers need to not only look good but also be well-advised. The importance of our retail business continues to grow, and our locations are becoming destinations for personal advice and first-class service.”  

Stephan Schulz-Gohritz, Chairman of the Management Board and CFO at Mister Spex, emphasizes: “The repositioning is a significant milestone in achieving our profitability goals. By focusing on our core competencies and expanding our high-margin business areas, we are sustainably strengthening the company’s profitability. Our realignment allows us to provide customers with outstanding optician experience while taking a major step towards sustainable, profitable growth.” 

“We See Everything So You Can See Everything” – Talking Glasses Meet First-Class Service 

At the heart of the campaign, alongside static assets and smaller video formats, are three TV commercials that humorously and memorably showcase the modern optician experience. Two talking glasses engage in amusing dialogues about Mister Spex’s outstanding services and products, conveying the core messages of the campaign in an entertaining way. The spots highlight innovative eye test technology, the exceptional quality of (varifocal) lenses, and stylish, individual consultation in selecting glasses. The spots were filmed at Mister Spex’s award-winning flagship store in Cologne’s Schildergasse. In 2023, the store was honored as “Store of the Year” by the German Retail Association (HDE) and offers a unique shopping experience on 400 square meters over two floors, presenting luxury brands and independent labels in an exclusive setting.  

Multimedia Campaign for Maximum Reach  

The new TV spots will be broadcast nationwide in Germany from August 8, 2024, on all major channels, smaller niche channels, and Video on Demand. Additionally, the campaign will be distributed across all relevant online channels and via social media. Accompanying regional activations will occur on radio, print, and Out of Home to highlight store locations and attract customers to experience the modern Mister Spex optician experience firsthand.  

For the development of the campaign, Mister Spex worked closely with the Hamburg-based creative agency Wynken Blynken & Nod, which developed the creative concept and co-conceived the cross-media campaign with the Mister Spex brand department. Renowned Creative Director Max Millies directed the campaign, ideally realizing the talking glasses concept.  

Here are some of the new Mister Spex TV commercials: Der Optiker deines Lebens | TV Spots 2024 – YouTube 

Mister Spex is starting the new 2024 apprenticeship year with 41 new apprentices. A total of 38 apprentices in the field of optometry and three in the commercial field (dialogue marketing, office management, e-commerce) are starting their professional careers at Mister Spex. The high-quality apprenticeship provided by Mister Spex contributes significantly to the strategic reorientation of the company and the brand core. The aim is to position Mister Spex as a leading expert in the field of ophthalmic optics.

Building a new generation of optician experts

The new apprentices are spread across the five locations in Berlin, Cologne, Münster, Reutlingen and Mannheim, where Mister Spex is represented with its training workshops. Since 2016, Mister Spex has continuously opened training workshops to train qualified opticians and thus ensure the high quality of optometry in Germany. The first training workshop was opened in Berlin, followed by further locations in Münster, Reutlingen, Mannheim and most recently in Cologne. This strategic expansion makes it possible to actively combat the shortage of skilled labour in the industry and optimally prepare the next generation of opticians for their professional future.

Since 2016, a total of 205 apprentices have started their career at Mister Spex: 174 in the optical field and 31 in the commercial field.

Holistic and practical apprenticeship at Mister Spex

Apprenticeship at Mister Spex is divided into the areas of store, training workshop and vocational school. Importance is attached to equal training in all three areas. The official training framework plan is supplemented by a company training plan.

An outstanding feature of the apprenticeship programme at Mister Spex is the intensive training in the training workshop. Apprentices spend 14 weeks per apprenticeship year in the training workshop in order to concentrate fully on practical skills. This allows them to focus on their technical skills without being distracted by sales activities in the store. In the store, on the other hand, the apprentices can concentrate fully on customer service and sales.

“We are proud of our training workshop, where we train the optician experts of the future. In this way, we make a valuable contribution to the entire industry and ensure the high quality of optometry,” says Benjamin Hehner, Lead Operational Apprenticeship at Mister Spex.

Mister Spex provides apprentices with intensive support throughout their training period, particularly in school subjects and through exam simulations to optimise preparation for the practical and theoretical exams. The regular apprenticeship period is three years but can be shortened to 2.5 or 2 years under certain conditions. It is also possible to complete the apprenticeship part-time, which can extend the apprenticeship period accordingly.

The success of Mister Spex’s apprenticeship programme is reflected in the recent achievements of Jona-Marie Gerdelmann from Hamburg. Not only did she successfully pass her journeyman’s examination, she is also the first chamber winner to be sponsored by Mister Spex. She will now represent the company in the nationwide competition.

The appointment of Francesco Liut as CCO marks another strategic step in the realignment of Mister Spex. On July 16, 2024, it was announced that Stephan Schulz-Gohritz would assume interim overall responsibility following the departure of founder and CEO Dirk Graber on July 31, 2024.

Francesco Liut brings an impressive track record and extensive experience from his role as Group Marketing Director at Luxottica, the world’s largest eyewear manufacturer. At Luxottica, he led the marketing functions for brands such as Ray-Ban, Oakley, and Vogue Eyewear. In his previous roles, Francesco served as E-commerce Director and Supply Chain Director for Sunglass Hut within the EssilorLuxottica Group. In these positions, he was responsible for the P&L of the e-commerce business, drove the growth and restructuring of the global platform, and optimized the global supply chain. Additionally, Francesco gained valuable experience as a consultant at Bain & Company, where he led projects in strategy, mergers and acquisitions, and market development.

“I am thrilled to take on the role of Chief Commercial Officer at Mister Spex and to actively shape the future of the company together with my team,” said Francesco Liut. “I am confident that through innovative approaches and a strong focus on a seamless customer journey across our online and retail businesses, we can further strengthen our market position.”

Stephan Schulz-Gohritz, Board Member and CFO of Mister Spex SE, emphasized: “We are delighted to welcome Francesco Liut to our leadership team. With over 15 years of industry experience, Francesco has proven his ability to drive growth in brand strategy, communication, and omnichannel execution. His passion for creating unique customer experiences, combined with his expertise in digital strategies and process optimization, makes him a valuable addition to the leadership team at Mister Spex. His extensive experience and achievements in the industry will help us strengthen our market position and provide our customers with a first-class shopping experience.”

Tobias Krauss, Chairman of the Supervisory Board at Mister Spex, added: “With Francesco Liut, we gain an outstanding industry expert who excels in understanding both online and retail businesses. We are confident that his extensive experience and accomplishments in the industry will be instrumental in driving Mister Spex forward on its growth trajectory.”

Tobias Krauss, Chairman of the Supervisory Board: “Dirk is a remarkable person. He has positioned a unique business in the eyewear retail space. Dirk has fostered an engaging culture throughout the company and has built a strong leadership team around him. The Supervisory Board and the Management Team are convinced that we have a very strong basis to position the company for future success. Dirk’s work will be continued. Reaching profitability and generating positive cash flow remains our top priority.”

Tobias Krauss added “The Supervisory Board thanks Dirk for his vision and his leadership over the last sixteen years and wishes him all the best for his future endeavors.”

Dirk Graber, founder and CEO of Mister Spex said: “Starting in 2007 we always aimed to redefine the customer experience in eyewear retail by setting new standards. As an entrepreneur there is nothing more rewarding than seeing that 16 years later, we proudly served more than 8 million happy and satisfied customers. Our success is a testament to the dedication of our team, the support of our investors and the collaboration with our suppliers and partners.

After 16 years of growth with dedication and enjoyment it is time to search for a successor who will lead Mister Spex through the next phase. At the same time, I am looking forward to a break to spend more time with my family.

I am deeply grateful for all this support and the opportunity to learn from everyone around me over the years. I will remain to be a loyal customer of Mister Spex and will continue to support and cheer for the business in the future.”

Nicola Brandolese was also unanimously elected as Deputy Chairman of the Supervisory Board. He has been a member of the Supervisory Board of Mister Spex SE for three years and chairs the Strategy Committee. Nicola Brandolese brings extensive industry knowledge from his previous roles as Group President Retail at Luxottica Group and Managing Director at Net-A-Porter. Since 2021, he has been the CEO of Doctolib Italia.

Tobias Krauss, Nicola Brandolese, and the entire Supervisory Board are committed to the consistent implementation of the company’s transformation strategy, with the goal of significantly increasing the profitability of Mister Spex SE and strengthening its position as a leader in innovation and growth within the eyewear retail sector. Since its founding in 2007, the company has experienced continuous growth, achieving a revenue of 223 million euros in 2023. During this time, Mister Spex has evolved from a leading online retailer in the optical sector to one of the foremost omnichannel retailers in the industry, with over 70 owned stores.

This transition in the Supervisory Board follows the resignation of Claus-Dietrich Lahrs and Gil Steyaert from their respective positions.

Mister Spex SE, Europe’s leading digitally driven omnichannel optician, announces that all resolutions were adopted as proposed by the Company’s boards at last Friday’s Annual General Meeting (“AGM”). The AGM was chaired by Supervisory Board member Birgit Kretschmer, while founder and CEO Dirk Graber as well as CFO Stephan Schulz-Gohritz were also present, delivering a presentation on the results of the past financial year.

During the 2024 Annual Shareholders’ Meeting, shareholders approved all 9 resolutions submitted by the Board of Directors. The agenda included the remuneration policies applicable to the members of the Supervisory Board and Management Board; the election of two new members to the Supervisory Board; and the re-appointment of four existing members to the Supervisory Board. All supplementary motions and countermotions submitted were rejected by the Annual General Meeting after a long, intensive discussion with a clear majority of around 75% of the votes cast.

In his speech, CEO Dirk Graber addressed the 2023 financial year and the future development of Mister Spex “After a challenging financial year 2023, we expect 2024 to be a year when we move on to our next chapter of excellence. We will continue to implement lean processes, further fostering simplicity and building on our optical expertise. Looking ahead, we want to continue to build value for our customers. In 2024 specifically, we will focus on expanding our assortment range and the services that we offer.”

Supervisory Board Membership

The AGM approved the staggered re-appointment of four existing members to the new Supervisory Board of Mister Spex being Nicola Brandolese, Birgit Kretschmer, Pietro Luigi Longo, and Nicole Srock.Stanley. Additionally, the AGM approved the election of Claus-Dietrich Lahrs, and Gil Steyaert, who succeed Peter Williams and Stuart Paterson.

Election of the new auditor

In addition, the AGM appointed Deloitte GmbH Wirtschaftsprüfungsgesellschaft as auditor for the audit of the annual financial statements and of the consolidated financial statements for the financial year 2024.

Remuneration

The Remuneration Report and the new remuneration policies for the Company’s board were approved by shareholders. This includes an adjustment of the long-term incentive program (VSOP) for the Management Board intending to give the remuneration of the Management Board an even stronger long-term focus and align it with the interests of shareholders.

Attendance rate

Attendance at last Friday’s AGM was 76% of the share capital, in comparison to 2023 when the attendance was 51%. The detailed voting results for the individual agenda items of the Annual General Meeting are published on https://ir.misterspex.com/websites/misterspex/English/3000/annual-general-meeting.html.

Mister Spex SE (MRX), Europe’s leading digitally-driven omnichannel optician, has reported a 2% growth for the Group, achieving sales of €51.1 million in the first quarter of 2024. According to the monthly GfK (“Gesellschaft für Konsumgüterforschung”) Consumer Sentiment Index, improvement continues at a slow pace in Q1 2024; however, it remains subdued.

Calendar and weather impact key category development in the first quarter of 2024

The development in the key product categories was impacted by an earlier Easter, which negatively affected the number of working days and, therefore, the production of prescription glasses. Prescription glasses sales have consequently experienced a negative development in March, following 4% growth in the first two months of the year, resulting in -1% for the quarter. Sunglasses had an accelerated growth from last year, generating 9% growth in the first quarter, with double-digit growth in February and March. The acceleration in sunglasses in the first quarter of 2024 was particularly due to good weather conditions and earlier Easter holidays, which positively impacted consumer demand for outdoor activities and products. The contact lens category recorded 2% growth, rebounding from 11% decline in the first quarter 2023.

The segment reporting was impacted by calendar effects and declining business in the International segment

Germany posted a 5% growth in the first quarter. The first two months of the year saw robust single-digit growth. However, this momentum was dampened by the earlier Easter, resulting in fewer working days and declining sales in prescription glasses in March. As a result, revenues in Germany increased in total by 5% against a first quarter in 2023, fuelled by 11% growth in sunglasses, 14% growth in contact lenses, and flat sales in prescription glasses.

The revenue in the International segment declined by 8%, predominantly driven by the Scandinavian entities, Switzerland, and the UK, which could only be partially compensated by positive development in the Netherlands. From a category perspective, the performance in the first quarter was almost fully driven by lower contact lenses revenues, which constitute approximately 41% of the total revenue for the segment.

Profitability remains at the previous year’s level

The adjusted EBITDA has remained roughly flat year-on-year at -3.2% of revenues in the first quarter of 2024. While the gross profit margin has declined due to a lower contribution from prescription glasses in the overall mix, the operating cost profile has improved in the first quarter of 2024. Personnel expenses, adjusted for non-cash IFRS2 adjustments, have improved by 5% year-on-year. This improvement is especially noteworthy given there were 4 additional stores this quarter.

FY 2024 Guidance is confirmed

In 2024, Mister Spex will focus its efforts on improving the store operating model of the existing store portfolio and the rollout of company’s innovative and unique Mister Spex EyeD Technology. Dirk Graber, CEO of Mister Spex SE, stated, “While the first quarter of 2024 presented challenges, we are excited by what lies ahead. In 2024 we will create more value for our customers by expanding the existing assortment and offering additional services both online and offline.”

Mister Spex reiterates its outlook for fiscal year 2024. Management expects revenue growth in the low to mid-single-digit percentage range and a positive adjusted EBITDA margin in the low single-digit percentage range.

The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The results for the first half-year 2024 will be published on August 29^th 2024.

Revenue by product category and segment.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.

³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2022 of Mister Spex, which is available at https://ir.misterspex.com/.

Gil Steyaert (61) is also running for a Supervisory Board position and if elected, he will become Deputy Chairman of the Supervisory Board. His nomination is also endorsed by the current Supervisory Board. Originally from France, Gil brings a wealth of experience in the sports, fashion, and lifestyle sectors. After a decade at the Kellogg Company, most recently as Vice President and Marketing Director for the French-speaking region, Gil joined adidas in 1999 as Managing Director for the French market. For over 20 years, Gil played a pivotal role in the brand’s European success in various capacities. Notably, he was also responsible for the Adidas’s presence at the 2012 Olympic Games in London. His tenure as Managing Director for Western Europe saw a remarkable sales increase of over 50%, earning him a seat at the Adidas Management Board as COO Global Operations in 2017. Since 2019, Gil has been a Senior Advisor for the international management consultancy Simon Kucher, focusing on transformation projects for brand companies. Additionally, he serves as a Director of the Board for Velcro Companies as a Non Executive Director. Velcro being a global leader of the fastening hook and loop solutions.

Claus-Dietrich Lahrs and Gil Steyaert will stand for election at this year’s Annual General Meeting of Mister Spex SE on June 7th in Berlin, succeeding the previous Chairman of the Supervisory Board, Peter Williams, and Stuart Paterson, who are both not seeking re-election. Alongside Nicole Srock.Stanley, Birgit Kretschmer, Pietro Luigi Longo, and Nicola Brandolese, four members of the seven-member Supervisory Board are also standing for re-election. Additionally, Tobias Krauss has been already elected until 2026.

“We would like to thank Peter Williams and Stuart Paterson for their unwavering dedication, expertise and vision in advising the management of Mister Spex. Their invaluable contribution and constructive collaborations over the past years have been truly commendable”, explains Dirk Graber, CEO of Mister Spex. “With Claus-Dietrich Lahrs and Gil Steyaert, we have found two candidates for the Supervisory Board who will bring remarkable expertise in the retail and fashion markets. We trust that the Annual General Meeting will endorse the election proposals put forth by Supervisory Board, and we will be able to welcome both candidates to Mister Spex in June.”

Peter Williams, Chairman of the Supervisory Board at Mister Spex, underscores: “After over a decade as Chairman at Mister Spex, during which the company has established itself as a leading omnichannel optician in Europe, I believe it is time for me to retire from the board. It has been a highlight of my career to work with the Mister Spex team. With their significant fashion retail experience, I am confident that Claus-Dietrich and Gil will bring valuable new perspectives to the Supervisory Board.”

Mister Spex SE, the leading digitally-driven omnichannel optician, announced its financial results for the full year 2023 today. Revenue for the year increased by 6% to € 224 million, up from € 210 million in the previous year and well within guidance range (mid to high single digit percentage growth). The strong growth was driven by key product categories, sunglasses and prescription glasses. The core market, Germany, has been the key driver behind the strong revenue growth in 2023. Adjusted EBITDA margin achieved the outlook (low single-digit percentage range), with 0.4% or € 0.9 million in 2023 which is a € 9.2 million improvement year-on-year.

2023: Navigating Low Consumer Sentiment and Subdued Eyewear Market Growth, whilst implementing the ‘Lean 4 Leverage’ Execution

Overall, 2023 can be characterized by continuously low consumer sentiment, slow but positive growth in the eyewear market and consistent delivery of “Lean 4 Leverage” measures by Mister Spex. In 2023, the eyewear market in Germany showed an overall growth of approximately 3%[i], and Mister Spex continued to increase revenue, growing by 6% overall and by 10% in Germany, thus continuing to gain market share. The overall growth was achieved by strong like-for-like revenue of 3% in 2023 and by eight new store openings. In 2023, consumer sentiment has slightly rebounded from the low levels in 2022 but remains considerably below 2021.

“Lean 4 Leverage” Drives Accelerated Growth in Prescription Glasses with Significant Increase in AOV

At Mister Spex SE, the meticulous execution of the “Lean 4 Leverage” program drove accelerated growth in prescription glasses, resulting in 18% increase for Q4’23 and 10% increase for the full year of 2023. Furthermore, the company is proud to report another year of double-digit growth in sunglasses, with strong growth of 13%, following the 19% growth achieved in 2022. The focus on enhancing the customer experience has also driven positive consumer reaction, as evidenced by a 7% increase in the overall average order value (AOV) and an 8% increase specifically in prescription glasses. The improvement was driven by customers opting for higher value products, such as thinner lenses and additional coatings, alongside a growing share of varifocal glasses. The results highlight Mister Spex’s commitment to delivering exceptional value to its customers.

As part of the “Lean 4 Leverage” program, a focused approach on core operations and rigorous cost management drove significant improvement in adjusted EBITDA

One of the measures of the program involved focusing on the core market in Germany. With revenues reaching €169 million, reflecting a 10% growth compared to €153 million in 2022, Mister Spex significantly expanded its operations in Germany. Simultaneously, improvements in Gross Profit Margin, stemming from reduced discounts, a positive product mix, and price increases, pushed the gross margin to 50.6%, representing a year-on-year increase of 212 basis points. Consequently, the continued implementation of the “Lean 4 Leverage” program not only supports sales growth but also enhances adjusted EBITDA.

Dirk Graber, CEO of Mister Spex SE says: “Mister Spex had a successful year in 2023 by growing market share and adjusted EBITDA despite challenging market conditions. We’ve made significant progress in our efficiency chapter of development, focusing on the core business, expanding gross margin and building a leaner organization. We also rolled out bespoke custom-made frames in all our stores in Germany and are delivering the best omnichannel experience for our customers”.

Outlook for 2024

For the fiscal year 2024, the company expects revenue growth in the low to mid single-digit percentage range. The company expects to open up to five new stores. In terms of reporting segments, Mister Spex expects Germany to be the primary driver of revenue growth. In the international segment, we expect revenue to remain at the 2023 level. The outlook is based on the assumption of constant business portfolio and stable exchange rates.

The company expects a positive adjusted EBITDA margin in the low single-digit percentage range for the 2024 financial year. With the “Lean 4 Leverage” efficiency programme, Mister Spex will continue to improve the profitability of the business during in 2024, including modernising our IT infrastructure and making targeted use of AI technologies in order to realise further efficiencies and thus lay the foundation for sustainable profitable growth. Mister Spex will focus on creating additional value for customers by broadening its product and service offerings, as well as driving innovation in custom-made frames. By implementing these changes, Mister Spex will address an even broader customer segment and thus lay the foundation for accelerated growth in the years to come.

The results for the first quarter 2024 will be published on May 8th, 2024. The detailed Full Year 2023 report, alongside with other information for analysts and investors, is available on Mister Spex’s Investor Relations portal.

[i] Based on the GfK (“Growth from Knowledge”: Consumer Goods Research Company) sales value of the German independent optical market for spectacle frames increased by 3% in 2023.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.

³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2022 of Mister Spex, which is available at https://ir.misterspex.com/.

Based on preliminary and unaudited data, Mister Spex SE (MRX) achieved a 6% growth in 2023, finishing the year with a revenue of € 223 million (compared to € 210 million in 2022). This growth is within the projected guidance range of mid-high single-digit growth. The adjusted EBITDA is expected to be in line with the guidance range, reflecting a positive adjusted EBITDA margin in the low single-digit percentage.

Strong Q4 2023: accelerated revenue and Average Order Value (AOV) growth driven by prescription glasses

In the fourth quarter, revenue increased by 7% year-on-year, driven by a robust 10% growth in the Germany segment. Mister Spex sustained its momentum in growth by further enhancing the Average Order Value (AOV), achieving a strong 10% increase. This improvement was bolstered by a 13% increase in prescription glasses AOV, attributed to both volume growth and price increases. The fourth quarter was the third consecutive quarter with positive adjusted EBITDA and sustained gross margin expansion from the first nine months of 2023. This expansion was supported by favourable product mix and measures introduced under “Lean 4 Leverage”.

Good 2023: strong 10% growth in core market Germany, supporting an overall revenue growth of 6%

In 2023, Mister Spex expanded its retail footprint by opening 7 stores in Germany and 1 in Austria, reaching a total of 75 [2] stores. Overall revenue in Germany grew by 10%, supported by 12% in prescription glasses revenue. Mister Spex SE finished the year with 6% revenue growth. The like-for-like [3] (LFL) growth in 2023 resulted in a notable 3%.

“We take pride in what we have accomplished in Germany, significantly boosting store profitability while maintaining robust topline growth. Though substantial adjustments have already been made, we believe there is room for further optimization. Through increased communication and employee training, we are confident that we can further improve our brick-and-mortar operations,” stated Dirk Graber, CEO and founder of Mister Spex.

Key product categories were instrumental in driving growth in 2023

Preliminary figures indicate that prescription glasses emerged as the fastest-growing product category in absolute terms, with a 10% increase in revenue. This growth was supported by a consistently expanding customer offering, reduced promotional activity aiding gross margin development, and a dedicated training program for store employees. Sunglasses category recorded a 13% increase in revenue in 2023, propelled by both volume growth and price increases. Looking ahead to 2024, Mister Spex will maintain its focus on two key categories: prescription glasses and sunglasses.

Further details, including audited results for 2023 and the outlook for the financial year 2024, will be published on 27 March 2024.

[1] LFL 2021 store panel: All stores before and including 2021.

[2] Store in Hamburg Ottensen closed in Q4 2023

[3] LFL 2021 store panel: All stores before and including 2021.

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2021 of Mister Spex, which is available at https://ir.misterspex.com/.

During his twelve years with Mister Spex, Dr Mirko Caspar played a pivotal role in the development of the business contributing to the growth of Mister Spex’s omnichannel model from €10 million of revenues to over € 200 million in 2022.

Dr. Mirko Caspar, Co-CEO, said: “In the last twelve years on the board of Mister Spex SE, including three years as a publicly listed company, we have opened more than 70 stores and grown our assortment to a portfolio of more than 130 eyewear brands. We won multiple awards for our digitally driven omni-channel retail concept that seamlessly links online and offline. This journey has been both demanding and rewarding. With more than 6 million customers and a very strong position in our core markets, Mister Spex is well-equipped for the future. I want to thank all Spexies and especially Dirk Graber for their courage and their passion over the years to build something new and for the opportunity to build it together. For me it is time to take the next step.”

Dirk Graber, Co-CEO and founder of Mister Spex, said: “With Mirko, Mister Spex successfully grew its brand awareness to over 70% in its core markets. Together, we built a strong leadership team, and I am proud to say that we are now the leading digitally driven omnichannel optician in Germany. This work continues, and we thank Mirko wholeheartedly for his leadership and contribution to our business.”

Peter Williams, Chairman of the Supervisory Board, said: “On behalf of the entire Supervisory Board, I extend heartfelt gratitude to Mirko for his exceptional contributions and unwavering dedication to the company throughout his extensive tenure., I wish him every success in his future endeavors.”

Founder and Co-CEO Dirk Graber and CFO Stephan Schulz-Gohritz will assume the additional responsibilities following the departure of Dr. Mirko Caspar.

Mister Spex, Europe’s leading digitally driven omnichannel optician, is continuing the announced expansion of its store network and is opening three more stores in popular shopping locations. This brings the total number of Mister Spex stores in Europe to 76, with the new store in Breuningerland in Sindelfingen being the first to open its doors on 6 December 2023. Customers will find everything they need to improve their vision and emphasise their individual style, from attractive own brands and trendy designer brands to selected independent labels. On 13 December 2023, the first Mister Spex store will open in Bamberg in the pedestrian zone at Grüner Markt. The first new addition in the new year will welcome customers in the popular Kröpeliner Straße in Rostock from 24 January 2024.

In addition to the extensive selection of glasses, all Mister Spex stores offer a full range of optical services and advice from trained opticians. The new Mister Spex stores are also seamlessly connected to the online shop so that customers can easily buy frames and lenses online or in-store. “In our stores, we combine personalised advice and professional support – from the exact measurement of eyesight to the selection of the right frame shape – with the widest possible range of products both online and offline,” explains Nils Vortmann, Chief Retail Officer at Mister Spex.

Mister Spex also offers “Mister Spex EyeD”, the customised production of spectacle frames using 3D printing, at all three new locations. Mister Spex customers benefit from the use of the latest facial scanning technology. 3D printing is used to create customised frames that not only fit perfectly but also look good thanks to their individual fit and the lightness of the material.

In 2024, Mister Spex will continue to focus on offering customers an unforgettable shopping experience with customised offers and a seamless connection between the online and offline shopping worlds.

Addresses and opening hours of the new Mister Spex stores:

Mister Spex Store Sindelfingen (Breuningerland) (starting 6 December 2023)

Tilsiter Straße 15

71065 Sindelfingen

Mon.- Sat.: 10:00 am till 08:00 pm

Mister Spex Store Bamberg (starting 13 December 2023)

Grüner Markt 3

96047 Bamberg

Mon.- Fr.: 09:00 am till 06:30 pm
Sat.: 09:00 am till 04:00 pm

Mister Spex Store Rostock (starting 24 January 2024)

Kröpeliner Straße 57

18055 Rostock

Mon.- Sat.: 09:30 am till 06:30 pm

Mister Spex SE (MRX), Europe’s leading digitally-driven omnichannel optician continued to deliver on its targets, improving revenue and adjusted EBITDA. In the third quarter of 2023, Mister Spex SE recorded a revenue growth of +2%, once again outperforming the market in a challenging environment. The company significantly improved its adjusted EBITDA, achieving € 0.2 million for the quarter, demonstrating the strength of its business model and its position as a leader in the digital optician industry despite persistently reduced consumer sentiment. Improvement continues to be achieved with consistent delivery on its brand promise and measures implemented a year ago with the efficiency program “Lean 4 Leverage”.

Product mix is impacted by reduced consumer sentiment and unseasonal weather patterns

The quarter has been impacted by a number of external headwinds, such as reduced consumer sentiment and unseasonal weather patterns. This has overshadowed the positive developments in the key categories where Mister Spex focuses on, namely prescription glasses and sunglasses. Revenues from prescription glasses have reduced by 3%. Revenue from sunglasses increased by 4% lower than prior period impacted by worsening weather patterns in August.

Increasing gross margin in prescription glasses

The gross margin in Q3 2023 was 45.8%, driven by a higher share of overall margin-dilutive contact lenses in the overall mix compared to last year. In the third quarter, the company benefited from an increase in the gross margin from prescription glasses, which increased by 260 basis points, bringing the gross margin for the category to 73%.

Growing average order value in all product categories

In Q3, the average order value has increased in all categories. The prescription glasses and sunglasses categories have increased by 13% and 9%, respectively. The consistent delivery of measures initiated with the efficiency program “Lean 4 Leverage” continues to yield results. Mirko Caspar, Co-CEO of Mister Spex SE: “We attach great importance to high-quality brands in the luxury and independent segment. I am very pleased that we are very popular in this area and that our average order value reflects the fact that quality plays a major role for our customers.”

Full year 2023 guidance is confirmed

In the first nine months of 2023, Mister Spex achieved a 6% revenue growth and improved adjusted EBITDA by more than € 5.5 million, reaching a cumulative total of € 902k. For the same period, the operating cash inflow stood at € 7.3 million an improvement of € 20.2 million resulting in € 117 million in cash and cash equivalents at the end of September 2023. This was accomplished through the consistent and meticulous execution of the ‘Lean 4 Leverage’ program, coupled with continued delivery on the brand promise.

Mister Spex reiterates its outlook for the fiscal year 2023. Management expects a revenue growth in the mid to high single-digit percentage range and a positive adjusted EBITDA margin in the low single-digit percentage range. The revenue growth will be supported by slight increases in the number of orders, average order value and number of active customers. In 2023, the management expects to open up to 10 new stores.

Dirk Graber, founder and Co-CEO of Mister Spex SE: “Our team continues to progress our key growth and profitability drivers while navigating through the challenges of this dynamic consumer environment. While the environment remains challenging, we are pleased to see that our products and superior buying experience continues to resonate with our customers. As we look ahead, we are confident in our ability to deliver on our targets for this year and to continue improving our position as Europe’s leading digitally driven omnichannel optician.”

The detailed Q3 2023 report, alongside with other information for analysts and investors, is available on Mister Spex’s Investor Relations portal. The FY 2023 results are scheduled for release on March 27th, 2024.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.
²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.
³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

Mister Spex, Europe’s leading digitally driven omnichannel optician, wins the German Sustainability Award in the “Pharmacies and Medical Retail” sector. The award is the largest of its kind in Europe and is presented by the Stiftung Deutscher Nachhaltigkeitspreis e.V. (German Sustainability Award Foundation) in cooperation with the German Federal Ministry for the Environment and the German Chamber of Industry and Commerce. A jury of four experts decided in favour of Mister Spex in the “Pharmacies and Medical Retail” sector on the basis of publicly available data on sustainability from ten nominated companies in the category. “We are very pleased that our ecological and social commitment to date has been recognised”, says Mirko Caspar, Co-CEO of Mister Spex. “At the same time, the award is an incentive for us to continuously develop in the area of sustainability and to boldly break new ground in the future.”

Corporate responsibility as an integral part of the business model

Since its founding in 2007, Mister Spex has focused on the needs of its customers through the smart use of data-driven technology, so that they can find the perfect pair of glasses for them regardless of time and place. At the same time, the omnichannel optician assumes corporate responsibility and has launched numerous sustainability initiatives. On the one hand, Mister Spex is responding to the growing desire of consumers for a sustainable lifestyle. For example, the company introduced the virtual try-on in 2011 in order to reduce CO2 emissions through fewer shipments and returns. Mister Spex also offers a glazing service to have existing frames re-glazed.

The range of environmentally friendly and sustainable brands is also constantly being expanded. Already, more than 850 pairs of prescription glasses and sunglasses from 30 brands that are considered sustainable are available in the stores and in the online shop. These include the new Mister Spex EyeD collection, whose glasses are individually produced by 3D printing after a face scan. Unlike other processes, there is no waste in 3D printing, as excess material is collected and reused for printing the next batch. Another sustainable brand is “share x Mister Spex“. When you buy a pair of glasses from the collection, Mister Spex, together with OneDollarGlasses, donates another pair of glasses to a person in Burkina Faso. Overall, Mister Spex wants to use only recyclable and sustainable materials in the future and completely do without single-use plastic by 2025.

In addition to the sustainable value proposition, Mister Spex also focuses on the social aspects of its employees. Diversity, equality and inclusion (DEI) are firmly anchored in the corporate culture. Mister Spex is characterised in particular by its socio-cultural diversity, its many international employees from 63 nations and its balanced gender representation. To facilitate the transition to a more equitable, inclusive and regenerative culture, Mister Spex encourages and supports open conversations about DEI and mental health. Internal communication takes place in German, English and Polish and sign language interpreters are available – e.g. at Town Hall meetings at the logistics site. Open dialogue between all levels is promoted in a variety of ways: For example, strategies and plans are broken down into OKRs (Objectives and Key Results) together with the employees three to four times a year and then worked on very independently. The satisfaction and commitment of the employees are then regularly surveyed in anonymous polls and there is always the opportunity to address and discuss questions and concerns directly or anonymously with superiors and the Management Board.

Award ceremony for the German Sustainability Award on 23 November

The German Sustainability Award will be handed out on 23 November in Düsseldorf. Co-CEO Mirko Caspar will receive the award in person on site. It will also be announced who will receive the German Sustainability Award as a lighthouse and role model in a field of transformation. Guests will include the Federal Ministers Steffi Lemke and Boris Pistorius.

Mister Spex, Europe’s leading digitally driven omnichannel optician, underlines its claim to find the perfect glasses for every face with more ease, style and expertise for its customers. By combining the latest facial scanning technology with high-quality 3D printing, a unique made-to-measure collection is created with outstanding wearing comfort due to the individual fit and the lightness of the material. Using the specially developed facial scanning technology, parameters such as the width of the nose bridge, the width of the glasses or the length of the temples are determined and the exactly fitting glasses are produced accordingly. Customers can currently choose from six different models and seven colours.

The perfect match through a combination of innovative technology and timeless design

When choosing the right glasses, personal style, individual fit and wearing comfort are decisive factors. Mirko Caspar, Co-CEO of Mister Spex, says: “Glasses are the extension of personality. By combining our technology and years of style consulting experience, we create customised favourite pieces with EyeD. The initial feedback from our customers has been fantastic.” The personal fit of the glasses is determined via a tablet in the Mister Spex stores. Measuring takes only a few minutes. The designs, which are also created in-house, range from classic to trendy models and are round, square or curved.

Orders can already be placed in 37 stores

Currently, the glasses can already be ordered in 37 Mister Spex stores in Germany and Austria. An overview of all stores that currently offer the EyeD collection can be found online at this link. The glasses are available for 249 euros plus the lenses. After the order has been placed, they are made from high-quality polyamide in a resource-saving process. It takes about three to four weeks until the glasses are ready.

Mister Spex, Europe’s leading digitally driven omnichannel optician, today announced the appointment of Stephan Schulz-Gohritz, as Chief Financial Officer. Stephan is a strategic addition to the Mister Spex’s leadership team, bringing a proven track record of driving growth and profitability, leading turnarounds and building strong finance teams within medical, chemical industries as well as fast-moving consumer goods. As Mister Spex’s CFO, he will lead all aspects of the company’s financial operations, including M&A.

“Stephan’s background encompasses two decades of experience, coupled with a demonstrated history of propelling strategic expansion within publicly listed companies.” said Peter Williams, Chairman of the Supervisory Board at Mister Spex. “His deep expertise in financial planning and corporate strategy will play a key role in driving the growth and increasing profitability of the company.”

“After over 15 years of building and perfecting its omnichannel model” said Stephan Schulz-Gohritz “Mister Spex’s market positioning and revenue outlook are very strong, and I see that there are many opportunities for growth and expansion, to improve profitability and to drive efficiencies. I am excited to contribute to the next chapter of Mister Spex’s success story.”

Stephan Schulz-Gohritz joins Mister Spex from BIOTRONIK SE & Co. KG, a European market leader in Cardiac Rhythm Therapy and Vascular Intervention, where he was most recently Chief Financial Officer. From 2009 to 2019, Stephan was at HARTMANN AG (DE0007474041) a leading provider of Medical Devices in Europe. Stephan was Chief Financial Officer (CFO) for the HARTMANN GROUP and held a business responsibility as Chief Retail Officer for company’s consumer goods businesses (KNEIPP and CMC).  At HARTMANN, Stephan has successfully doubled the size of the consumer goods business, significantly improved profitability and led its internationalization into Europe, USA, and Asia. He has also built-up M&A and Business Development as corporate functions. Earlier in his career, he held executive position in ALTANA AG being CFO its Pigment Division ECKART GmbH.

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2022 of Mister Spex, which is available at https://ir.misterspex.com/.

Mister Spex SE (MRX), Europe’s leading digitally-driven omnichannel optician delivered commendable H1 2023 financials, asserting its market position even in the face of heightened inflation, increasing interest rates, and geopolitical flux. The 8% YoY revenue growth to €117 million was achieved on the back of strategic pillars including optician expertise, a unique assortment of luxury & independent labels combined with own brands at attractive prices, all underlined by increased customer satisfaction metrics.

This revenue surge was assisted by the opening of six new stores in 2023, extending the company’s retail footprint to 74 outlets. The physical retail network achieved an 11% like-for-like growth[a] in H1 2023 compared to the same period last year.

Further strong increase in growth in the core market of Germany

In its German segment, sunglasses and prescription glasses achieved growth of 21% and 16% respectively. At the same time, a deliberate change in emphasis to focus on gross margin, led to an 8% decline in contact lens sales.

The “Lean 4 Leverage” program underscored the company’s commitment to operational efficiency, resulting in less promotional activity and a gross margin elevation of 293 basis points. Marketing expenditure, as a percentage of revenues, was reduced by 160 basis points via marketing efficacy enhancements.

Positive shift in the product mix led to a higher average order value

The second quarter of 2023 has benefited from a positive development in all non-financial performance indicators with number of orders and number of active customers increasing by 1%, while the average order value increased by 10%. Mirko Caspar, Co-CEO of Mister Spex SE: “I am very happy that we saw a positive average order value development across all products. Our focus on our high value BOUTIQUE brands has paid off and our customers were more interested in the latest fashion instead of discounts.” Mister Spex’s recent 15th birthday campaign stood out as a branding campaign, focusing on the company’s optician expertise and its employees.

Full year 2023 guidance is confirmed

Mister Spex reiterates its outlook for fiscal year 2023. Management expects revenue growth in the mid to high single-digit percentage range and a positive adjusted EBITDA margin in the low single-digit percentage range. Revenue growth will be supported by slight increases in the number of orders, average order value and number of active customers. In 2023, the management expects to open up to 10 new stores.

Dirk Graber, founder and Co-CEO of Mister Spex SE: “We have proven once again that our robust omnichannel model is capable of winning new market share even in challenging times. We have taken the right measures with our efficiency program ‘Lean 4 Leverage’, which are now having an impact. I am confident that we will achieve our goals this year.”

The detailed half-year report, alongside pertinent information for analysts and investors, is available on Mister Spex’s Investor Relations portal. The Q3 2023 results are scheduled for release on November 9th, 2023.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.
²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.
³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

[a] Store like-for-like growth includes store cohorts 2021 and earlier.

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2022 of Mister Spex, which is available at https://ir.misterspex.com/.

Since 2016, Mister Spex, Europe’s leading digitally driven omnichannel optician, has been a training company for opticians. In order to create the best possible conditions for future opticians at as many locations as possible, the fifth training workshop was opened on 1 August 2023. This is located directly above the new flagship store in the centre of Cologne, which opened at the end of last year. Mister Spex thus offers the ideal combination of manual work in the workshop, customer advice in one of the most modern optician’s shops in Germany and a direct link to the European e-commerce business.

More than 40 young people are starting their training in optics at Mister Spex this year

The first apprenticeship workshop was opened by Mister Spex in Berlin seven years ago in order to be able to train junior staff and make a contribution to combating the current shortage of skilled workers. This is because, according to the 2022/2023 industry report by the Central Association of Opticians and Optometrists (ZVA), 42 per cent of the opticians’ businesses surveyed were looking for specialist staff at the last count and 68 per cent of vacancies could not be filled in the end. Since 2016, a total of around 140 young people have started their training in the field of ophthalmic optics at Mister Spex, and this year there will be a good 40 prospective specialists. This number could be increased by 30 % from 2022 to 2023 alone. In addition to Berlin and Cologne, there are also training workshops in Münster, Reutlingen and Mannheim. The managers of the workshops support the trainees on site with all questions regarding topics in vocational school and the exams, and attach importance to high-quality training with a focus on craftsmanship and counselling.

Learning in the „Store of the Year 2023“

The Mister Spex flagship store in the middle of Cologne’s city centre opened last December. On two floors and a total of 400 square metres, the Berlin-based company presents a new concept in the centre of Cologne. It is based on the proven omnichannel strategy of Mister Spex, which seamlessly links the online and offline customer journey at all touchpoints. On the ground floor of the flagship store, visitors can choose from a comprehensive range of eyewear and sunglasses from the own-brand collections and popular brands. On the first floor, the first “Mister Spex BOUTIQUE” focuses exclusively on the presentation of luxury brands and independent labels. In April 2023, the company was named “Store of the Year 2023” by the German Retail Association (HDE) for its shop concept. Nils Vortmann, Chief Retail Officer at Mister Spex, says: “From my point of view, there are only a few locations as attractive as our training workshop in Cologne for future opticians. There, they can regularly learn on state-of-the-art equipment and at the same time experience in a young, dynamic team how a store offers its customers the best of the online and offline world and presents one of the most fashionable ranges.”

And even after the apprenticeship, there are various opportunities to be taken on at Mister Spex. In addition to a job in one of the more than 70 stores, there are jobs in the logistics centre, in customer service or at the headquarters of the international e-commerce company, depending on preference and suitability.

Starting in autumn, Mister Spex will again be looking for trainees in the areas of dialogue marketing, office management and e-commerce, in addition to optics. More information is available at: https://corporate.misterspex.com/en/departments/internships-apprenticeships-students/.

Mister Spex SE is making changes to its Management Board team following its Lean 4 Leverage program and to streamline the company structure. Maren Kroll will leave the omnichannel optician by mutual consent in June, 2023. She has been a management board member at Mister Spex since May 2021 and joined the company in 2020 as Chief Human Resources Officer, shortly before the IPO in 2021. “During the last three and a half years, Mister Spex has experienced significant growth, with more than 600 employees added and numerous awards for workplace culture and employee engagement”, says Peter Williams, chairman of the supervisory board at Mister Spex. “The supervisory board thanks Maren for her achievements, contributions and leadership during this period of growth. Maren was strong advocate for diversity, inclusion and equal opportunities. The initiatives that were set up under her leadership have become a cornerstone of our company culture and are included in the company’s values. We wish Maren all the best in future endeavors.”

“We are very sad to see Maren go, but we are confident that the decision to restructure our management board will enable us to simplify processes and become leaner”, says Mister Spex Co-CEO and founder Dirk Graber. “We are committed to ensuring that this transition is as smooth as possible for our employees and all stakeholders.”

On 31 August 2023, Mister Spex will publish its half year results for 2023. The guidance that has been published earlier, remains unaffected by today’s announcement.

Mister Spex SE, Europe’s leading digitally-driven omnichannel optician, has been active on the market for a good 15 years now. Even when the online shop was launched in Germany in April 2008, the aim was to make buying glasses easy, intuitive and innovative, and to make buying the perfect pair of glasses or sunglasses a pleasure. That’s exactly what’s still true today. To celebrate the milestone, Mister Spex is launching a multi-week multimedia campaign on 16 May 23 that portrays various employees and playfully focuses on the Berlin-based company’s optician expertise.

From start-up to leading digitally-driven omnichannel optical brand in Europe

In December 2007, four young men, including today’s co-CEO Dirk Graber, founded the company Mister Spex. Within a very short time, they proved what had long seemed impossible and successfully sold optical products over the internet. Dirk Graber remembers: “When I went to the optician at that time, I always found buying extremely annoying. I couldn’t try on any glasses, was always immediately involved in a sales talk and ended up paying a price that was incomprehensible to me. At Mister Spex, we did all that differently with transparent prices for frames and lenses and a no-obligation try-on at home. We got very good feedback from our customers right from the start.”

Mister Spex gradually expanded into new countries, significantly expanded its product range and proved its digital pioneering role in ophthalmic optics with the introduction of innovative technologies such as the virtual glasses fitting and, most recently, the online eye test. A major milestone, which went hand in hand with a strategic reorientation, was the opening of the first own store in Berlin in February 2016. The online optician became an omnichannel optician. “We knew that selling glasses online worked well, but we had learned so many things that we wanted to transfer to the physical retail business,” explains co-CEO Mirko Caspar. “So, we designed a store where the assortment follows the logic of our web shop, while offering the same transparent prices and giving direct access to the models.” Mister Spex now operates 74 stores in four countries and seamlessly links the online and offline offerings at all touchpoints. This allows customers to conveniently decide for themselves when, where and how they purchase their favourite product, all based on a central customer account.

Since its founding, Mister Spex has grown by double-digit percentages in its first 14 years and regularly exceeds the growth and sales figures of the optical market. The company, which has been listed on the stock exchange since July 2021, now employs more than 1,300 people and has been training people in various areas, including ophthalmic optics, since 2015.

Birthday campaign lasting several weeks with employees in focus

On 16 May, the eleven-week birthday campaign starts under the heading “15 years of optician expertise”. Employees from different departments and in different functions were put in the spotlight for this in various pictures and videos with confetti, balloons, and of course special glasses and sunglasses. The campaign starts from now on online in all countries and on the social media channels of Mister Spex and will celebrate different highlights in several phases. The content will playfully illustrate the competencies and services of the omnichannel optician with claims such as “15 years and more style expertise than Fashion Week” or “15 years and the smartest services cleverly linked both online and offline”. At the same time, Mister Spex will be using the seal of Deutschland Test and Focus Money for the first time from 16 May, which awarded the optician the title of “Company of the Year 2023” in its analysis of customer satisfaction.

In a second campaign phase, a curated birthday collection will be presented in the online shop and in the stores from 1 June. The eyewear and sunglasses reflect the product diversity from attractive own brands, popular perennial favourites and hip independent and luxury brands and show the most sought-after models that were most frequently added to the shopping baskets. A birthday competition with over 15,000 prizes will also be launched in the stores in June. And there are also a few surprises in store for employees.

Mister Spex SE (MRX), Europe’s leading digitally-driven omnichannel optician, has reported strong first-quarter results with a 6% increase in revenue, reaching € 50.1 million compared to € 47.2 million in the same period last year. This growth is noteworthy given the still relatively weak consumer environment.

The notable development of 19% in prescription glasses sales largely drove the growth, a testament to the company’s resilient omnichannel model. Despite negative consumer sentiment in the first quarter of 2023, the materialization of pent-up demand and other factors supported the development. The sunglasses grew by 6%, compared to 8% in the same period in 2022. The slowdown in the first quarter of 2023 was particularly due to poor weather conditions, which affected consumer demand for outdoor activities and products.

With these solid Q1 results, Mister Spex has once again outperformed the market in a challenging environment, demonstrating the strength of its business model and position as a leader in the digital optician industry.

Reallocating marketing budget and achieving strong double-digit growth in Germany

As part of the “Lean 4 Leverage” efficiency program, marketing has been reallocated towards Germany. As a result, revenues in Germany increased by 12% against a first quarter in 2022 with a growth of 7%. The revenue growth was mainly driven by a 21% increase in prescription glasses followed by 9% increase in the sunglasses segment. The overall marketing spent has decreased by 15% year-on-year, representing 13% of sales in the first quarter of 2023.

The revenue in the International segment declined by 8%, predominantly driven by the Nordics and UK, which could only partially be compensated by positive development in Austria and Switzerland. From the category perspective, the decline in the International segment was fully driven by lower contact lenses revenues, which was only partially compensated by growing revenues in prescription glasses and sunglasses.

Efficiency program “Lean 4 Leverage” yields further results

The “Lean 4 Leverage” program, introduced in September to increase profitability, continues to demonstrate its effectiveness. The adjusted EBITDA has improved by 645 basis points reaching -3.3% in the first quarter of 2023. The improvement was primarily driven by higher gross margin, which reached 53.6% in the quarter up 440 basis points versus prior year (Q1 2022: 49.2%). Additionally, a 15% reduction in marketing spent, has fully compensated for an increase in personnel expense and other operating expenses. Dirk Graber, founder and Co-CEO of Mister Spex, says: “We are pleased to see that all the efforts we put in motion last year are now yielding results. I am particularly satisfied with the growth we experienced in our key markets and categories, which contributed to achieving a robust gross profit in the first quarter”.

Full year 2023 guidance is confirmed

In 2023 Mister Spex will focus its efforts on the countries where the omnichannel optician is already present and stores which have been opened in the last six years. Mirko Caspar, Co-CEO of Mister Spex SE: “We are confident that Mister Spex will continue to outpace the European eyewear market in 2023 and expand its customer base further, thanks to our seamless omnichannel approach, broad and diverse product and brand range, and leading value-for-money proposition.”

Mister Spex reiterates its outlook for fiscal year 2023. Management expects revenue growth in the mid to high single-digit percentage range and a positive adjusted EBITDA margin in the low single-digit percentage range.

The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The results for the first half-year 2023 will be published on August 31^st 2023.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.
²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.
³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2022 of Mister Spex, which is available at https://ir.misterspex.com/.

The Mister Spex flagship store in the centre of Cologne was opened last December. On two floors and a total of 400 square metres, the Berlin-based company presents a new concept in the centre of Cologne. It is based on the proven omnichannel strategy of Mister Spex, which seamlessly links the online and offline customer journey at all touchpoints. On the ground floor of the flagship store, visitors can choose from a comprehensive range of eyewear and sunglasses from the own-brand collections and popular brands. On the first floor, the first “Mister Spex BOUTIQUE” focuses exclusively on the presentation of luxury brands and independent labels. In addition to various on-site placements of eyewear and sunglasses, different displays are available to show the latest moving image material. At a bar, customers can be inspired in a relaxed atmosphere and take advantage of advice as needed. In addition, there is also the possibility of having eye tests and adjustments carried out in the flagship store. Visitors are attracted from afar by the LED media wall on the outer façade of the flagship store, which is placed over two floors and features current campaigns.

Mirko Caspar, Co-CEO of Mister Spex: “We are very happy about the award and I would like to thank Volker Katschinski and the team from dan pearlman in particular, who have once again contributed to creating a truly unique concept. The flagship store marks another milestone, adding our BOUTIQUE on site for the first time to the well-known omnichannel concept. Many thanks to the jury for the award, which motivates us a lot.”

Volker Katschinski, responsible Creative Director at dan pearlman, adds: “The Cologne flagship store is a real highlight of the Mister Spex omnichannel story. In particular, the gigantic selection of luxury and independent label eyewear on a separate floor makes this store a beacon for the entire optical industry. This project simply has everything a store designer can dream of: great brands and products, the latest technologies, real experiences and a sophisticated customer journey with sophisticated design.”

Mister Spex, Europe’s leading digitally driven omnichannel optician, is excited to announce the opening of three new stores in April, bringing the total number of stores to 74 across Europe. The new stores will be located in Würzburg (Germany), Graz (Austria), and Augsburg (Germany) and are part of Mister Spex’s continued expansion of their store network to offer additional local services in more cities.

In addition to showcasing Mister Spex’s extensive selection of eyewear, including their own brand and designer and independent labels, the new stores will also offer customers the opportunity to do eye exams with trained opticians. This will ensure that customers are getting the current correct prescription for their glasses or contact lenses.

“Our new stores are designed to provide customers with a complete eye care experience,” said Mirko Caspar, Co-CEO of Mister Spex. “In addition to our wide range of eyewear, our stores offer customers the convenience of getting personal advice, adjustments for the perfect fit of glasses or sunglasses and they can do eye exams with our trained opticians. This allows us to satisfy all our customers’ eye care needs on the spot.”

Mister Spex’s new stores are designed to seamlessly connect with their online shop, allowing customers to easily purchase their favorite frames and lenses online or in-store. Customers can also benefit from Mister Spex’s innovative services, such as their virtual try-on tool, which allows customers to try on glasses from the comfort of their own home.

The new stores will open on April 5th in Würzburg, April 13th in Graz (ShoppingCity Seiersberg), and April 19th in Augsburg (City-Galerie). Mister Spex looks forward to welcoming customers to their new stores and helping them find their perfect pair of glasses.

Addresses and opening hours of the new Mister Spex stores:

Mister Spex Store Würzburg (starting 5 April 2023)

Schönbornstraße 4-6

97070 Würzburg

Mon.- Sat.: 10:00 am till 07:00 pm

Mister Spex Store Graz (ShoppingCity Seiersberg) (starting 13 April 2023)

Seiersberg 1-9

8055 Seiersberg-Pirka

Mon.- Fr.: 09:00 am till 07:30 pm
Sat.: 09:00 am till 06:00 pm

Mister Spex Store Augsburg (City-Galerie) (starting 19 April 2023)

Willy-Brandt-Platz 1

86153 Augsburg

Mon.- Sat.: 09:30 am till 08:00 pm

“We are thrilled to have Davide on board with us at Mister Spex,” said Mirko Caspar, Co-CEO of Mister Spex. “His track record as asuccessful marketing strategist and his experience in scaling and leading high performance teams make him a perfect fit for the role. We are looking forward to growing and innovating in the eyewear industry with Davide on our team.” In his new role, Davide Croci will report directly to Mirko Caspar and will guide the marketing team through the next chapters of profitable growth in Europe. He will be responsible for the areas Acquisition Marketing, Brand & Retail Marketing, CRM, International and Category Management.

“I am excited to join the talented team at Mister Spex and help shape the future of the company,” said Davide Croci. “Mister Spex has already established itself as a leader in the online eyewear retail industry, and I look forward to working with the team to take it to the next level.”

Davide Croci’s leadership experience and expertise in scaling businesses will be crucial in driving Mister Spex’s growth and innovation as they continue to lead the omnichannel eyewear industry in Europe.

Mister Spex SE, the leading digitally driven omnichannel optician, today announced its financial results for the full year 2022. Revenue for the year increased by 8% to €210 million, up from €194 million in the previous year and well within guidance range (7% to 12% growth). The growth was driven by strong growth across all categories, with particularly strong development in sunglasses and prescription glasses. The core market, Germany has been the key driver behind strong revenue growth in 2022. Adjusted EBITDA margin reached the upper half of the adjusted outlook (-6% to -3%), with -4% or €-8.3 million in 2022.

The past year has been particularly dominated by Russia’s war in Ukraine and the resulting impacts on energy prices and rising costs of living. This had a negative impact on the business development, starting from second quarter of 2022. The evolving degree of uncertainty and rising raw material and energy prices also resulted in a decline in demand for eyewear and ophthalmic services. However, the customer-centric omnichannel model of Mister Spex has proven to be advantageous and led to a strong revenue growth and further market share gains in the core market Germany.

“Lean 4 Leverage” implementation supports sales growth and starts to benefit the adjusted EBITDA

At the beginning of September 2022, Mister Spex initiated the “Lean 4 Leverage” program to substantially increase profitability. One of the measures contained therein was the concentration on the core and this results in first successes. With a revenue of €153 million or 11% growth (2021: €138 million), Mister Spex was able to strongly expand its activities in its home country. Total growth was supported by strong like-for-like sales of 20% in 2022^[a] and by 16 new store openings in Germany. Based on the GfK (“Growth from Knowledge”: Consumer Goods Research Company) sales value of the German independent optical market for spectacle frames declined by 5% in 2022. Dirk Graber, founder and Co-CEO of Mister Spex SE says: “The market environment last year was not easy, and I am therefore very happy that we have managed to grow further in Germany thanks to our attractive range of products and services. This is why we expect continuing revenue growth for the coming year too.”

The adjusted EBITDA in 2022 reached €-8.3 million or -4% adjusted EBITDA margin. As part of “Lean 4 Leverage”, marketing budget continues to be optimized with effects already visible in the 4^th quarter and in full year.

19% growth in net revenue for sunglasses and 5% growth for prescription glasses

In 2022, all product categories have experienced positive revenue development. Sunglasses was the fastest growing product category with a 19% increase in revenue. The growth was supported by the recovery in the travel sector, growing assortment range and good weather. Prescription glasses increased by 5%, benefiting from accelerated growth of 9% in the second half of the year. Contact lens revenue increased by 5%, supported from stronger development in the first half of the year.

Outlook for 2023

For fiscal year 2023, management expects revenue growth in the mid to high single-digit percentage range. The expansion of the store network by around 10 stores, a slight increase in the number of orders, a slight increase in the average order value and a slight increase in active customers should contribute to revenue growth.

The Management Board expects a positive adjusted EBITDA margin in the low single-digit percentage range for the 2023 financial year compared to -4% in 2022. As a result of the “Lean 4 Leverage” efficiency program, which was launched in the second half of 2022, the Germany segment is expected to significantly contribute to the overall improvement in 2023. Under the program, the focus is on improving the contribution margin and increasing operational efficiency.

The annual report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The results for the first quarter 2023 will be published on May 11^th 2023.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.
²⁾ Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.  
³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

[a] LFL 2020 store panel: All stores before and including 2020.

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2022 of Mister Spex, which is available at https://ir.misterspex.com/.

Mister Spex is known for its optics expertise, offering a wide range of eyewear, including glasses, sunglasses, and contact lenses. The company also provides free eye tests, allowing customers to receive expert advice on choosing the right lenses and frames for their needs.

“We’re excited to be opening our 71st store in Wiesbaden,” said Co-CEO Mirko Caspar. “Our brick-and-mortar stores provide customers with the opportunity to try on our products in person, and receive expert advice from our team of opticians. We believe that our combination of online convenience and in-store expertise is the perfect way to serve our customers.”

The new store will showcase Mister Spex’s latest eyewear collections, including brands such as Ray-Ban, Oakley, Persol and Gucci, as well as its own high-quality brands. Mister Spex’s Wiesbaden store will be open from Monday to Saturday from 9:30 am to 7:00 pm, providing customers with ample time to browse and shop for their perfect eyewear.

Address and opening hours of the new Mister Spex store:

Mister Spex Store Wiesbaden (opening 15 March 2023)

Kirchgasse 56

65183 Wiesbaden

Mon.- Sat.: 9:30 am till 07:00 pm

The new store, located at the shopping centre “Centrum Galerie”, will offer customers the opportunity to experience Mister Spex’s innovative and personalized shopping experience firsthand. Visitors have the opportunity to use all the services of a specialist optical shop and try on a wide selection of high-quality glasses and sunglasses from over 100 designer brands and attractive own brands, including exclusive brands only available at Mister Spex.

In addition to the comprehensive product selection, the store will also feature advanced eye testing technology, which will enable customers to receive a precise eye test and prescription in a matter of minutes. The store’s opticians will also be available to provide personalized advice and assistance to customers in choosing the perfect glasses to match their personal style and preferences.

“We are excited to open our newest store in Dresden, a vibrant and dynamic city with a rich cultural heritage,” said Mirko Caspar, Co-CEO of Mister Spex. “With this new store, we aim to bring our innovative and personalized shopping experience to even more customers in Germany. We believe that combining our cutting-edge technology with our expert opticians’ knowledge and advice will help our customers find the perfect pair of glasses to match their individual style.”

The new Dresden store is Mister Spex’s latest addition to its rapidly expanding network of stores across Europe, which now includes 70 locations. The new store will be open Monday to Saturday from 10:00 a.m. to 7:00 p.m. Customers can also make an appointment for an eye test or consultation with a store optician via the website misterspex.co.uk.

Address and opening hours of the new Mister Spex store:

Mister Spex Store Dresden (Centrum Galerie) (starting 20 February 2023)

Prager Str. 15-17

01069 Dresden

Mon.- Sat.: 10:00 am till 07:00 pm

After opening its first flagship store with its own BOUTIQUE floor for luxury and independent brands last December, Mister Spex is continuing its expansion in 2023. With the new store in Krefeld, the omnichannel optician is entering another city where it previously had no shops of its own. The property is located on the Hochstraße shopping mile in the city centre.

The Mister Spex stores are an essential component of the successful omnichannel concept, which enables customers to use their favourite service in the purchasing process at all touchpoints at any time. A curated selection of glasses and sunglasses from the own-brand collections, designer brands and independent labels is available on site. At the same time, the online range of more than 10,000 products can be accessed from the stores. All orders are placed from a central customer account, in which the visual values determined in the stores are also stored for later online or offline purchases. If necessary, staff can assist with account creation and ordering. For free eye tests, it is recommended to make an appointment via misterspex.co.uk. In addition, consultations and adjustments are also often possible directly during a visit.

The new store in Krefeld is the 69th Mister Spex store. In addition to Germany, the omnichannel optician is also represented locally in Austria, Sweden and Switzerland.

Address and opening hours of the new Mister Spex store:

Mister Spex Store Krefeld (starting 15 February 2023)

Hochstr. 73-75

47798 Krefeld

Mon.- Sat.: 10:00 am till 07:00 pm

According to preliminary and unaudited figures, Mister Spex SE (MRX) grew by 8% in 2022, finishing the year with 210 million euros revenue (2021: 194 million euros). This corresponds to growth within the guidance range (7% to 12% growth). Adjusted EBITDA, on the other hand, is expected to be at the upper half of the guidance range, which was announced as a -6% to -3% adjusted EBITDA margin. In a continuously challenging environment, the omnichannel business model has proven to be once again advantageous and led to strong growth and market share gains. While COVID-19 restrictions were lifted which provided tailwind at the beginning of the year, Russia’s war in Ukraine had a negative impact on the wider macroeconomic development and as a result on consumer sentiment.

Core market Germany reached 11% growth in 2022 through its crisis-resistant omnichannel approach

With a revenue of 153 million euros (2021: 138 million euros), Mister Spex was able to strongly expand its activities in its core market in Germany. According to the German Central Association of Opticians and Optometrists (ZVA), stagnation can be expected in 2022 with regard to turnover in the industry. [2] This shows that Mister Spex has once again clearly outperformed the market. One reason for this is the successful omnichannel model and the strong growth of the physical retail stores by 20% in the like-for-like period.[1]  Mister Spex has continued to further expand in 2022. During the year, the Berlin-based company opened 16 stores in Germany, 2 stores in Austria and 1 in Sweden, at the same time company expanded into a new market with an opening of its first store in Switzerland. Mister Spex now operates a total of 68 stores in four countries (2021: 48 stores).

All product categories contributed to growth

Based on the preliminary figures, in 2022, all product categories have experienced positive revenue development. Sunglasses was the fastest growing product category with a 19% increase in revenue. This growth was supported by the recovery in the travel sector, growing assortment range and warm weather. Prescription glasses increased by 5%, significantly supported by the growth in the second half of the year.

More details and the audited results for 2022 will be published on March 28^th 2023 and will include the outlook for the financial year 2023.

[1] LFL 2020 store panel: All stores before and including 2020.

[2] Press release 12.01.2023: https://zva.de/sites/default/files/02-23_Branchenzahlen%20Augenoptik_Pressemappe%20Opti.pdf

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2021 of Mister Spex, which is available at https://ir.misterspex.com/.

Mister Spex, Europe’s leading digitally driven omnichannel optician, is strengthening its stationary presence with the opening of its largest store to date. On two floors and a total of 400 square metres, the Berlin-based company is presenting a new concept in Cologne’s city centre: on the ground floor, customers can choose from a comprehensive range of glasses and sunglasses from the company’s own brand collections and popular brands, which can currently be found in a total of 68 stationary stores. On the second floor, the flagship store features the first “Mister Spex BOUTIQUE” area, where the sole focus is exclusively on the presentation of luxury brands and independent labels. With around 30 luxury brands and 700 different products, the range on this floor alone is comparable to the size of the total range in other Mister Spex stores. Visitors are attracted from afar by the LED media wall on the outer facade of the flagship store, which is streteched over two floors and features latestcampaigns. The highly frequented Schildergasse in the megacity of Cologne, which is one of the most visited shopping streets in Germany, is thus enriched by an attractive shopping location.

Mirko Caspar, Co-CEO of Mister Spex: “I am very proud to set new standards in eyewear shopping with our flagship store and thus lay the foundation for further store openings of this kind. Online, we have already created a home for our luxury and independent brands with our BOUTIQUE. Now, brands such as Linda Farrow, Gucci, Prada and many others have the opportunity to present their collections in an exclusive ambience.” In addition to various on-site placements of the glasses and sunglasses, different displays are available to show the latest moving image material. At a bar, customers can be inspired in a relaxed atmosphere and be consulted on the latest trends or what would fit them best. In addition, there is also the possibility of having eye tests and adjustments carried out onsite.

Address and opening hours of the new Mister Spex flagship store:

Mister Spex flagship store Cologne

Schildergasse 55a

50667 Köln

Mon.- Sat.: 10:00 am till 08:00 pm

Concept and design:

In February 2016, Mister Spex opened its first store in the Alexa shopping centre in Berlin. Even then, dan pearlman developed the store concept for the launch of the Mister Spex brand in stationary retail. The Cologne flagship store is now the logical further development of the omnichannel store design, which is based on a sophisticated interlocking of online and offline services. The focus is always on the customer’s need for ease and transparency when buying glasses. In the flagship store, too, customers enter a bright, open spatial structure that meets this customer need. The unique presentation of glasses on individual, angled shelves makes trying on glasses “easy”. The QR code on the electronic shelf label forms the interface to the corresponding glasses in the Mister Spex online shop.

A new feature in the flagship store is the Trendwall, which presents lifestyle worlds with current trends and highlight glasses and accessories. With the “Virtual Try On” service, customers can also experience the complete online range including a digital try-on.

A special highlight of the flagship store is the staircase leading to the upper floor. Here, over 3,000 pairs of glasses in the colours of the rainbow become a fascinating “Wall of Frames” room installation and form the perfect backdrop for “grammable” moments that can be shared by influencers and customers on social media. At the same time, the multicoloured glasses wall is a reminiscence of cosmopolitan and diverse Cologne and also stands for the open attitude of the Mister Spex company.

On the upper floor, the premium luxury world of Mister Spex awaits customers with selected international top designer luxury eyewear from Saint Laurent, Gucci, Prada, Chloé, Bottega Veneta and Linda Farrow to noble premium eyewear from renowned independent labels such as Vasuma, EOE or ic! Berlin. At the centre of the product presentation is the “Brand Stage”, where the brands can present themselves in analogue and digital form. In this way, new inspiring brand and product worlds are constantly created for the customers.

Customer advice also becomes a special experience in the BOUTIQUE. The “Consulting Bar” is the centrepiece. Here, glasses are tried on, measured and fitted in a relaxed atmosphere.

The lounges with furniture by Verner Panton also offer a high quality of stay with a design claim, which is reflected in the colour and material concept. Reflective, metallic surfaces contrast with soft fabrics by Raf Simons and warm oak wood tones. Cool anthracite and modern concrete flooring meet high-quality Corian and super-soft white tones.

Volker Katschinski, responsible Creative Director at dan pearlman, says about the collaboration with Mister Spex: “After more than 50 stores opened nationally and internationally, the Cologne flagship store is a real highlight of the Mister Spex omnichannel story. In particular, the gigantic selection of luxury and independent label eyewear on a separate floor makes this store a beacon for the entire optical industry. This project simply has everything a store designer can only dream of: great brands and products, the latest technologies, real experiences and a sophisticated customer journey with sophisticated design.”

Europe’s leading digitally driven omnichannel optician Mister Spex continues to drive its local expansion and opens new stores in Mainz and Hamburg in the run-up to Christmas. In the state capital of Rhineland-Palatinate, this is the first branch of Mister Spex, while in Hamburg (which is Germany second biggest city) this would be the 4^th store. The new store is located in the central location on Spitalerstrasse in the port city.

Mister Spex started out as a purely online provider of optical products and now relies on its resistant omnichannel concept. It enables all customers to receive exactly the right service and

different eyewear models from the own-brand collections as well as from independent and designer labels for direct try-on – and simultaneous access to the comprehensive online range of over 10,000 different products. In addition to advice on the products or the right style, free eye tests and glasses fittings can be carried out in the shops. Thanks to centrally stored customer data, subsequent purchases can easily be made online.

Mirko Caspar, Co-CEO of Mister Spex: “I am excited that our stores in the centres of Mainz and Hamburg will help to bring back the fun of shopping locally – and not just in the run-up to Christmas. We believe in the city centres and that a local shopping experience can offer great added value for many customers. An attractive product selection, great service and an ambience in which visitors feel completely at ease are crucial. The combination of the best local offer with the advantages of an online offer is the key to success for us.”

The store on Spitalerstrasse in Hamburg is the 67th Mister Spex shop. In addition to Germany, the omnichannel optician is also present in Austria, Sweden and Switzerland with its omnichannel model.

Addresses and opening hours of the new Mister Spex stores:

Mister Spex Store Mainz (starting 30 November 2022)

Am Brand 37

55116 Mainz

Mon.- Sat.: 10:00 am till 07:00 pm

Mister Spex Store Hamburg (starting 14 December 2022)

Spitalerstraße 16

20095 Hamburg

Mon.- Sat.: 10:00 am till 07:00 pm

Despite a volatile environment and declining consumer confidence in Germany, Mister Spex SE (MRX), Europe’s leading digitally-driven omnichannel optician, increased its revenue by 18% to 58 million euros in the third quarter of 2022 (Q3 2021: 49 million euros). Mister Spex continues to benefit from its omnichannel model with continuously strong growth in sunglasses and prescription glasses which grew by 36% and 16% respectively. Third quarter 2022 marks an accelerated development from second quarter of 2022, where sales from sunglasses increased by 11% and prescription glasses grew by 2%. Based on GfK market data, the optical market declined by 11% in July and August [b], while Mister Spex grew by 19% within the same time period. This shows that Mister Spex has once again clearly outperformed the market.

Strong growth in core market despite challenging environment

Revenue in Germany increased by 22% compared to the previous year. Growth is supported by the recovery of the physical retail stores, which grew by 13% in the like-for-like period. [a]  Mister Spex continued to expand its store footprint with four new store openings in the third quarter of 2022.

Dirk Graber, founder and Co-CEO of Mister Spex, says: “We continue to witness complicated geopolitical and macroeconomic environment which as a result impacts consumer sentiment. This makes it very hard to assess the effects on consumption for our product categories. Nonetheless, we continue to benefit from high brand awareness and always seamless customer experience with our omnichannel model which allows us to continue gaining new customers and growing our average order value.”

Efficiency program “Lean 4 Leverage” starts to deliver first results

At the beginning of September, Mister Spex initiated the “Lean 4 Leverage” program to substantially increase profitability. It centers around three pillars: concentrate on the core, optimize pricing and product mix, and reassess overhead costs. Mirko Caspar, Co-CEO of Mister Spex: “We see very good progress in all areas. I am particularly pleased that we have already been able to expand our range in the private label and luxury segment and that the luxury and independent brands have found their home in our Mister Spex BOUTIQUE.”

Confirmation of the full year 2022 guidance

Despite the highly uncertain environment, Mister Spex is strongly positioned in the market and confirms its outlook for fiscal year 2022. Management expects revenue growth between 7% and 12%, assuming no further restrictions from COVID-19 or geopolitical uncertainties in the fourth quarter 2022. The management expects an adjusted EBITDA margin of -6% to -3% for the current financial year.

The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The results for the year 2023 will be published on March 29^th 2023.

[a] LFL 2020 store panel: All stores before and including 2020.

[b] Based on GfK data for sunglasses, frames and prescription lenses in sales value (%). On the date of publishing only July and August data available.

¹⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.
²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.
³⁾ Customers who ordered in the last twelve months excluding cancellations.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

Disclaimer:

This publication contains forward-looking statements. These statements are based on the current views, expectations and assumptions of the management of Mister Spex SE and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied by such statements. Actual results, performance or events may differ materially from those described herein as a result of factors affecting Mister Spex, such as changes in general economic conditions and the competitive environment, capital market risks, foreign exchange rate fluctuations and competition from other companies, as well as changes in international and national laws and regulations, particularly with respect to tax laws and regulations. Mister Spex SE assumes no obligation to update forward-looking statements.

This publication contains supplementary financial measures (not specifically identified in relevant accounting frameworks) that are, or may be, so-called alternative performance measures. For purposes of evaluating the financial condition and results of operations of Mister Spex, these supplemental financial measures should not be considered in isolation or as an alternative to the financial measures presented in the consolidated financial statements and determined in accordance with relevant accounting frameworks. Other companies that present or report alternative performance measures with a similar title may calculate them differently. Explanations of financial ratios used can be found in the Annual Report 2021 of Mister Spex, which is available at https://ir.misterspex.com/.

Mister Spex, Europe’s leading digitally-driven omnichannel optician, is celebrating the opening of its first store in Zurich’s Uraniastrasse. Following successful openings in Germany, Austria and Sweden, Switzerland is the fourth country into which the Berlin-based e-commerce retailer is rolling out its brick-and-mortar presence. After Mister Spex launched its online shop in Switzerland in March 2015 and launched the local partner optician programme in the same year, its own store now offers additional local services.

The omnichannel concept of Mister Spex is now completed by the opening of the first store in Switzerland. At all touchpoints, Mister Spex customers receive exactly the service they need and prefer at the desired time. In the store, visitors will find a selected range of glasses and sunglasses from Mister Spex’s own and luxury brands, they can try on the models directly, order them or take information home for later online purchase. At the same time, there is the possibility to access the complete web offer, because the store is seamlessly linked to the web shop and each purchase is processed via a central customer account.

Mirko Caspar, CEO of Mister Spex SE, explains: “Our stores are the perfect complement to our online offering and the services provided by our partner opticians. Because on site, we create further access to our services, offer on-site consultations, eye tests and adjustments – and address an additional audience that perhaps didn’t know us yet or still had slight doubts when buying online. We have managed to build up a high brand awareness in Switzerland in seven years and see great potential for further growth. That’s why I’m really excited that we’re now opening our first store in Zurich in the middle of the city centre and continuing to write our success story.”

In total, the Mister Spex retail network now consists of 65 stores. It is planned to open more stores in Germany this year.

Address and opening hours of the new Mister Spex store:

Mister Spex Store Zurich

Uraniastraße 9

8001 Zurich

Mon.- Fri.: 09:00 am till 08:00 pm

Sat.: 09:00 am till 05:00 pm

Mister Spex SE (MRX), Europe’s leading digitally-driven omnichannel optician, continued its growth in the first half of 2022. Revenues increased by 8% year-on-year (“YoY”) to EUR 108 million (H1 2021: EUR 101 million) despite the very challenging market environment. Growth occurred in both business segments, with revenues increasing by 9% YoY in Germany and by 5% YoY in the international markets. Overall growth was driven by sunglasses and contact lenses, which both grew by double-digits due to increased travel activities, favourable weather, and the return to the office. While external conditions have continuously worsened due to the ongoing effects of the COVID-pandemic and the war in Ukraine in combination with high inflation, revenue growth accelerated in Q2 compared to Q1 with Mister Spex in Germany returning to double-digit growth.

Mister Spex has delivered on its strategy despite the market headwinds

The market conditions remain challenging: The GfK Consumer Climate Index reached a historic low at the end of the first half of the year with a clearly negative outlook for the third quarter. Consumer uncertainty is expected to result in decreasing demand for ophthalmic services. Mister Spex has nevertheless delivered on its strategy of sustainable retail growth and strategic investments in innovation.

Mirko Caspar, Co-CEO Mister Spex SE, explains: “Our existing Mister Spex stores showed significant double-digit growth on a like-for-like basis. In addition, we opened 12 new stores in H1 including two stores in Austria and one in Sweden, bringing the total to 60 company-owned retail stores across Europe at the end of the first half of 2022.” In H2, Mister Spex will continue its retail expansion in Germany and open its first store in Switzerland. To lift its data-driven omnichannel customer experience to the next level, Mister Spex acquired the remaining interest in the deep tech company Tribe GmbH in May 2022. Tribe offers tailor-made digital services based on 3D face recognition technology for measuring pupillary distance and fitting height, virtual fittings with true-to-scale views and frame adaptation, and individual recommendations.

Lean for Leverage performance programme to substantially improve profitability

Despite a further acceleration of revenue growth to double digits in the first months of Q3, Mister Spex previously expected even more. In addition, continuously deteriorating consumer sentiment and increasing postponement of prescription glasses purchases, an unfavourable product mix, and high inflation are some of the underlying risks for H2. In the face of these headwinds, Mister Spex adjusted its outlook for 2022 and expects 7% to 12% revenue growth with an adjusted EBITDA margin* of -6% to -3%. To substantially improve profitability in the short-term, the management team has established the Lean for Leverage (L4L) performance programme with three main pillars. First, Mister Spex will focus on its core markets to increase profitability through organic growth of its online business, like-for-like growth of retail stores, and increased retail productivity. Second, Mister Spex will further optimise price, mix and margin through a variety of measures including a focus on high-value customers, private label prescription glasses, and increased performance marketing. Third, Mister Spex will closely manage personnel costs, particularly overhead and other costs, to improve profitability and protect its solid cash position.

Dirk Graber, founder and Co-CEO Mister Spex SE, adds: “Mister Spex remains very well positioned to take further market share in challenging conditions.” The management team remains confident in achieving its medium-term strategy and financial targets and Mister Spex will be fit and ready when the market recovers. In the meantime, Mister Spex will continue to deliver fashionable eyewear with an intuitive omnichannel experience to its growing base of currently over 5.8 million customers³.

The half-year report and the presentation of the results for analysts and investors are available on the Mister Spex Investor Relations website. The results for the third quarter of 2022 will be published on 10 November 2022.

*We refer to the ratio of adjusted EBITDA2 to turnover as the “adjusted EBITDA margin”.

1) Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

2) Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.

3) Customers who ordered in the last 12 months before cancellations

4) Orders after cancellations after returns

5) Calculated as revenues divided by number of orders over the last twelve months

Disclaimer
This publication constitutes neither an offer to sell nor a solicitation to buy securities.

Certain statements contained in this release may constitute “forward-looking statements” that involve a number of risks and uncertainties. Forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “plan”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “project”, “goal” or “target” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are based on assumptions, forecasts, estimates, projections, opinions or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. No representation is made or will be made by Mister Spex SE that any forward-looking statement will be achieved or will prove to be correct. The actual future business, financial position, results of operations and prospects may differ materially from those projected or forecast in the forward-looking statements. Neither Mister Spex SE nor any of their respective affiliates assume any obligation to update, and do not expect to publicly update, or publicly revise, any forward-looking statements or other information contained in this release, whether as a result of new information, future events or otherwise, except as otherwise required by law.

By growing its retail business, Mister Spex is expanding its omnichannel access to products and services so that customers can access the service they need and prefer when buying glasses. At the new stores, visitors will find a selected range of eyewear and sunglasses, including renowned luxury brands, innovative independent labels and high-quality own brands. Through the consistent digital integration of online services and on-site advice, the optician creates an intuitive, seamless shopping experience.

Mirko Caspar, CEO of Mister Spex SE, explains: “We want people to easily find their perfect eyewear match and thus the right frame and lenses with us so that they can wear their new glasses with joy and confidence. For us, this includes empowering customers to choose their own touchpoints and modalities when selecting their new favourite model – whether online or offline in one of our Mister Spex stores. I wish visitors and employees a lot of fun for the new store openings.”

Addresses and opening hours of the new Mister Spex stores:

Mister Spex Store Tübingen (starting 17 August 2022)

Kronenstraße 19

72070  Tübingen

Mon.- Fri.: 09:00 am till 07:00 pm

Sat.: 09:00 am till 04:00 pm

Mister Spex Store Konstanz (starting 31 August 2022)

Kanzleistraße 6

78462  Konstanz

Mon.- Fri.: 09:00 bis 18:30 Uhr

Sat.: 09:00 bis 18:00 Uhr

Mister Spex Store Gütersloh (starting 07 September 2022)

Berliner Straße 49

33330 Gütersloh

Mon.- Fri.: 09:30 am till 07:00 pm

Sat.: 09:30 am till 18:00 pm

Mirko Caspar, CEO of Mister Spex SE, says: “In the second half of the year, we will continue to gradually expand our presence in locations and want to grow by a total of 20 new stores this year. I am therefore very pleased about the opening in the federal city of Bonn and about our strong presence in North Rhine-Westphalia. For the opening, we wish all employees and visitors much success and joy in buying and selling glasses.”

In Bonn, customers can now also get advice on their new glasses or sunglasses on site. In the store, they also benefit from all the online advantages of the digitally-driven optician and can virtually access the entire range, which includes more than 10,000 pairs of glasses and sunglasses from over 100 brands. Through the consistent digital dovetailing of online services and on-site advice, the optician Mister Spex creates an intuitive, seamless shopping experience that enables customers to make use of exactly the service they need and favour for their glasses purchase at various touchpoints – from the eye test to the glasses fitting.

Address and opening hours of the new Mister Spex store:

Mister Spex Store Bonn

Sternstraße 35

53111 Bonn

Mo.- Sa.: 10:00 am till 7:00 pm

Mirko Caspar, CEO of Mister Spex SE, explains: “We are entirely on track. The continuous expansion of our Europe-wide store network is progressing rapidly. We are convinced that our digitally integrated omnichannel offering of online services and local on-site advice creates an intuitive, seamless shopping experience for our customers. I am happy that we are now also represented with a store on the Mosel.“ 

The omnichannel strategy of the listed optician consistently focuses on the individual needs of its customers and enables them to use precisely the service they need and prefer for buying glasses at various touchpoints. Customers in the store also benefit from all the online advantages and can access the entire Mister Spex range virtually, including more than 10,000 pairs of glasses and sunglasses from over 100 brands. 

Address and opening hours of the new Mister Spex store: 

Mister Spex Store Trier 

Simeonstraße 33 

54290 Trier 

Mo.- Fr.: 10:00 am till 7:00 pm 

Sa.: 10:00 am till 6:00 pm 

“Sebastian has contributed significantly to the successful IPO of Mister Spex and prepared the company for the requirements of the capital market. We regret Sebastian’s decision and would like to thank him for his extraordinary commitment, his successful efforts in the further development of the company as well as for the constructive cooperation and wish him all the best for the future”, says Dirk Graber, founder and Co-CEO of Mister Spex SE.

Sebastian Dehnen: “My time at Mister Spex has been marked by many exciting and successful events over the past years. I am particularly proud of the successful IPO in July 2021 and the professionalisation of the finance department. With this, we have laid the foundation for the implementation of the medium-term growth strategy. I am very grateful to have been part of this strong leadership team during this eventful period. I will of course continue to follow the successful development of Mister Spex and remain a loyal customer.”

“I am really pleased that we were able to convince the German Design Council with two strong creative projects from our house and thank them for the recognition,” says Mirko Caspar, Co-CEO of Mister Spex. “Especially for us as an eyewear brand, building and managing a strong brand is essential, so receiving the German Brand Award multiple times is a great confirmation of our work.”

Mister Spex SE successfully went public in the summer of 2021. In order to get the employees in various European countries excited about this big event and at the same time relieve them of possible worries, the big internal communication campaign “Fast Forward Together” was prepared together with GO-Event! However, due to Corona, internal communication was limited to digital formats only. Despite the virtual barrier, the challenge was to pick up the employees not only in terms of content but above all emotionally and to take them along on the journey to the Frankfurt stock exchange floor across all locations. For this purpose, an interactive communication platform was developed exclusively for this event. This ensured the greatest possible attention, transparency and was ultimately the most successful internal communication campaign in the company’s history. “Fast Forward Together” now received the German Brand Award in the categories “Excellence in Brand Strategy and Creation – Employer Branding Activities & Campaigns” and “Excellence in Brand Strategy and Creation – Lighthouse Project of the Year”.

The employer branding campaign “SEE YOU! at #teamspex” received the German Brand Award in the category “Excellence in Brand Strategy and Creation – Brand Communication – Dialogue & CRM”. The starting point and goal of the campaign was the question of how to reflect the team spirit of Germany’s most innovative omnichannel optician to a wide audience and to inspire new employees. Teams from different company divisions were actively involved in the development of the campaign, for example in form of surveys or even as models for the campaign motifs. The campaign supported Mister Spex in its own expansion goals and addressed applicants from the areas of tech/IT and marketing as well as opticians and sales advisors. It was played out on all social media channels, online, out-of-home and in the form of advertisements in selected trade magazines.

Maren Kroll, Chief Human Resources Officer at Mister Spex, is particularly proud that the award-winning campaigns focus on the employees: “Our corporate culture and our Spexies are the cornerstones of our success. During the IPO, we managed to create a great enthusiasm that is unparalleled, despite distances and home offices. And we have successfully transported this authentically to the outside world with the employer branding at the same time.”

“We have been successful in Sweden for years with our own online shop, our own customer service and our own warehouse, and we will continue to expand our omnichannel offering on the Swedish market in the future. The opening in Malmö is an important step in our international growth strategy. I am very happy that we are now also present in Sweden’s third-largest city with our own store,” says Mirko Caspar, Co-CEO of Mister Spex SE.

The new store in the Emporia Shopping Center Malmö, one of the largest shopping centres in Scandinavia, offers customers a varied selection of glasses and sunglasses. The assortment in the store follows the structure of the online shop and is divided according to the shape, size and colour of the glasses. In addition to personal type and specialist advice, visitors to the store also receive additional services such as eye tests and glasses fittings. Thanks to the consistent link between the online and offline worlds, customers also benefit from all the online advantages – such as transparent prices including free quality lenses[1]. Customers can also access the entire Mister Spex range virtually in the store, which includes more than 10,000 pairs of glasses and sunglasses from over 100 brands, premium and luxury brands as well as sustainable own brands. This also includes Scandinavian labels such as Chimi, EOE and Vasuma, which Mister Spex offers not only in Sweden but in all international markets.

To become familiar with the digital Mister Spex world, the employees in the stores also help with setting up a central customer account, for example. In this way, Mister Spex enables its customers to decide for themselves where and when they buy their new glasses or sunglasses – in the store, at home or on the go via mobile phone or laptop. To complete the purchase from the store later, customers can take product cards of their favourite models with them, which contain all the information about the product and a QR code to the webshop.

Mister Spex has been active in Sweden since 2012. Initially, the company was represented with its online offer until it launched the partner optician programme in 2018, which now includes numerous cooperating optical branches in all major metropolitan areas. With a strong Swedish team, its own customer service and warehouses in Sweden and Norway, the omnichannel optician is gradually expanding the Scandinavian market for itself. The first two Swedish stores were opened in Stockholm in April 2021. One store is located on the popular Drottninggatan shopping street. Visitors can find the second store in the Mall of Scandinavia.

Address and opening hours of the new Mister Spex Store:

Mister Spex Store Malmö
Hyllie Boulevard 19

215 32 Malmö, Sweden

Mon.-Sun.: 10:00 am till 8:00 pm

[1] All frames include two anti-reflective, scratch-resistant single vision plastic lenses (refraction index 1.5) no greater than sph. +6.0/-6.0 D; cyl. +2.0/-2.0 D.

Europe’s leading digitally-driven omnichannel optician, Mister Spex SE (MRX), increased its revenue by 6% to 47 million euros in the first quarter of 2022 (Q1 2021: 44 million euros). Despite an all-time high comparison base from last year, soaring inflation and record high infection rates in central Europe depressing consumer sentiment, Mister Spex continues its growth course. On a two-year stack, revenues increased by 35%. Dirk Graber, founder and Co-CEO of Mister Spex SE says: “The increase confirms our market leading position in the optical industry in Germany. I am particularly pleased that, despite the continuing deterioration in consumer sentiment, we were able to increase the number of active customers by 7% to 1.7 million in the first quarter. This reflects our customer-centric omnichannel business model, which is marked by a high level of customer satisfaction and a repurchase intention that is well above that of traditional incumbents.”

The increase was driven by double-digit growth with contact lenses and high single digit growth with sunglasses. Contact lenses were the fastest-growing product category during this quarter with revenues up by 13% compared to prior year. The return to office and an increase in the number of social events further fuels revenue growth in this product category. Revenue with sunglasses increased by 8% compared to prior year and 110% on a two-year stack on the back of increased travel activity by customers as well as an attractive product offering. Revenue with prescription glasses was flat in Q1 2022 compared to prior year. Search requests on online platforms for prescription glasses declined, pointing to some online fatigue on the back of a strong performance in the first quarter of last year. While the performance in stores continued to recover, high sick rates of employees related to COVID-19 in retail and logistics resulted in a performance behind expectations. “We are convinced that with a stronger performance in our stores, growth in prescription eyewear will also increase again”, says Mirko Caspar, Co-CEO of Mister Spex SE. “We believe in our omnichannel concept, continue to invest in the expansion of our store network and in marketing activities that increasingly focus on our brick-and-mortar store network.” In May alone, Mister Spex opens four new stores in Germany and one in Malmö, Sweden. By the end of the year, a total of around 20 new stores will have been added.

In Q1 2022, adjusted EBITDA² was down to -4.6 million euros compared to the previous year (0.7 million euros). This deviation is mainly due to the decline in the gross margin due to an unfavourable product mix as a result of weaker growth in prescription glasses as well as higher operating expenses. Sebastian Dehnen, Chief Financial Officer and Member of the Management Board of Mister Spex SE says: “The first quarter was characterized by geopolotical uncertainties, rising inflation and record high infection rates due to COVID-19. We observe the market environment and consumer behaviour very closely and as of now expect a strong revenue acceleration in the second half of 2022, particularly for prescription glasses.”

At the end of Q1 2022, the management does not have any new information on any significant changes to the forecast and other statements made on the Groups anticipated development for the fiscal year 2022. The forecast for the remainder of the current fiscal year therefore remains unchanged.

For fiscal year 2022, management expects moderate double-digit revenue growth that will be slightly higher than the growth rate of 18.2% in the prior year. The expansion of the store network by around 20 stores, a slight increase in the number of orders, a slight increase in the average order value and a slight increase in active customers should contribute to revenue growth.

Management expects an increase in adjusted EBITDA compared to EUR 4.1 million in 2021. Higher marketing expenditure to strengthen brand awareness in international markets and to increase customer traffic in the stores as well as, among other factors, increasing personnel expenses due to additional stores will lead to increasing operating expenses.

In the coming years, Mister Spex will continue to support its customers and their individual needs with new technical solutions. In October 2020, the company acquired a stake in the Berlin-based deep-tech company Tribe, which focuses on AI-based applications that significantly enhance the customer experience when buying glasses. Now, Mister Spex has completely acquired the remaining shares in Tribe faster than planned in order to create optimal conditions for the cross-functional teams. The goal remains the same:  jointly develop new, innovative functionalities and to make the purchase of glasses easier and more innovative.

In the current situation, Mister Spex is also thinking of the people affected by the war in Ukraine and has launched a campaign on May 1^st to offer free glasses and contact lenses with the help of aid organisations to Ukrainians who have fled. Aid organisations or municipal administrations in Germany and Austria can obtain vouchers for Ukrainian refugees that enable them to have free eye tests and purchase glasses or contact lenses from the own-brand range.

The quarterly report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The results for the first half-year 2022 will be published on September 7^th 2022.

¹⁾ Customers who ordered in the last twelve months excluding cancellations.
²⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.
³⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.
⁴⁾ Orders after cancellations and after returns.
⁵⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.

Visitors in the new stores can access a selected range of around 1,000 pairs of glasses and sunglasses on site. A direct digital link also provides access to the entire online range. It offers a total of over 10,000 pairs of glasses and sunglasses from more than 100 well-known brands, attractive premium and luxury brands, trendy independent labels and high-quality own brands as well as selected designer and influencer collaborations. In the stores, all the eyewear and sunglasses models on display have QR codes and small product cards that visitors can take home to buy their glasses online. Of course, all this is available at completely transparent prices, including free quality lenses[1]. To become familiar with the digital Mister Spex world, the employees in the stores are available to provide advice and, for example, create a central customer account.

Mirko Caspar, Co-CEO of Mister Spex SE, explains: “With the consistent link between online business and the store network, we are creating a unique shopping experience for eyewear enthusiasts. Customers decide for themselves which service they need when they prefer to buy glasses and where they use it. We aim to make the eyewear buying experience more intuitive, easier and more transparent.”

[1] All frames include two anti-reflective, scratch-resistant single vision plastic lenses (refraction index 1.5) no greater than sph. +6.0/-6.0 D; cyl. +2.0/-2.0 D.

Addresses and opening hours of the new Mister Spex stores:

Mister Spex Store Braunschweig (starting 04 May 2022)

Platz am Ritterbrunnen 1

38100 Braunschweig

Mon. – Sat.: 10:00 am till 8:00 pm

Mister Spex Store Duisburg (starting 11 May 2022)

Königstraße 12

47051 Duisburg

Mon. – Sat.: 10:00 am till 7:00 pm

Mister Spex Store Oldenburg (starting 11 May 2022)

Achternstraße 14

26122 Oldenburg

Mon. – Sat.: 10:00 am till 7:00 pm

Mister Spex Store Freiburg (starting 18 May 2022)

Rathausgasse 36

79089 Freiburg

Mon. – Fri.: 9:30 am till 7:00 pm

Sat.: 09:30 am till 6:00 pm

“I am very proud that we have already been able to make enormous progress in our efforts in the area of sustainability in 2021,” says Maren Kroll, CHRO and board member of Mister Spex SE. “We are a carbon neutral company including packaging, shipping and voluntary climate protection contribution, have collected and donated several hundred pairs of glasses in our stores. In addition, we already have five sustainable brands in our range and all this with the commitment of a strong international diverse team. We are on the right track in all areas, but that is not enough for us. We want to achieve further sustainable successes in the coming months and years, and we take our corporate responsibility very seriously.”

In the field of action “Our Environment”, Mister Spex wants to focus more strongly on reducing emissions in the future, in addition to offsetting CO₂ emissions. In 2021, measures have already been taken to allow general work from the home office as part of the introduction of a New Work approach, to reduce travel to a minimum and to consistently rely on the use of public transport. In addition, a company-wide switch to electricity from renewable sources has been made.

As a digitally driven company, one focus of the omnichannel optician is the climate-friendly design of packaging and shipping. The shipping material already consists of a high proportion of recycled material and the bubble wrap used is made of Blue Ocean film, a 100 per cent recycled material. However, the declared goal is to use only recyclable and sustainable materials and to avoid single-use plastic by 2025.

Mister Spex currently offers five sustainable brands in its range: EOE, Stella McCartney, Wood Fellas, Timberland and its own brand CO CO. For the frames of the CO CO collections, only recyclable metal and bioacetate are used. Bioacetate is a pure natural product and 100 per cent organic. For every model sold, one euro is donated to the non-profit organisation CleanRiver, which campaigns for clean rivers and oceans and counteracts plastic waste pollution.

The field of action “Our employees” deals with measures for the well-being, health and safety of the more than 1,100 Spexies from 58 nations. Maren Kroll: “Our employees are our most valuable asset. With their commitment, enthusiasm and spirit, they have made Mister Spex what it is today. Every day, they make an enormous contribution to our further development.” In order to meet the individual needs of all employees in the best possible way, the approach to New Work was redefined last year, among other things, which gives all Spexies the opportunity to work in a home office and spend 20-40 per cent of their working time in the office. Colleagues who work outside Berlin or even outside Germany are recommended to come to the office two to four times a year – regardless of the development of the Covid-19 pandemic.

A large number of initiatives are driven by the employees at Mister Spex who organise themselves in their own project groups around the topic of sustainability. The Spexies themselves decide in which areas the company is involved. “Our Community” includes social commitment, regulations on cooperation with partners and suppliers, as well as rules of conduct and compliance. Mister Spex has supported some organisations for many years, but new ones are being added all the time. For example, the first social eyewear collection from the social brand share has been available since December 2021. The idea: with every pair of glasses sold, a pair of glasses or basic optical care is made possible for a person in need.

Of course, Mister Spex aims to further strengthen and expand its sustainable initiatives. In addition to the fundamental expansion of the range of sustainable collections, the company’s own labels will in future help to make the range easily accessible to customers and enable them to make sustainable purchasing decisions. After a comprehensive measurement of the CO₂ footprint, the focus will be on sustainable reduction of emissions.

Mirko Caspar, CEO of Mister Spex SE, explains: “In line with our omnichannel model, we continuously promote the expansion of our store network and thus also contribute to the revitalisation of city centres – especially strongly in regions that were disproportionately affected by the pandemic. We are looking forward to more life in the shopping streets again.”

Visitors to the Mister Spex stores can expect an assortment of around 1,000 pairs of glasses and sunglasses. In addition, customers can access the entire online range, which includes over 10,000 pairs of glasses and sunglasses from more than 100 well-known brands. The concept is part of Mister Spex’s successful omnichannel strategy and consistently focuses on customers with all their individual needs and enables them to use exactly the service they need and prefer for buying glasses at different touchpoints.

Addresses and opening hours of the new Mister Spex stores:

Mister Spex Store Düren (starting 30th of March 2022)
Wirtelstraße 24
52349 Düren
Mon. – Sat.: 10:00 am till 7:00 pm

Mister Spex Store Regensburg (starting 30th of March 2022)
Königsstraße 2
93047 Regensburg
Mon. – Fri.: 09:30 am till 7:00 pm
Sat.: 9:30 am till 6:00 pm

Mister Spex Store Nürnberg (starting 06th of April 2022)
Breite Gasse 58-60
90402 Nürnberg
Mon. – Sat.: 09:30 am till 8:00 pm

Mister Spex Store Kiel (starting 21st of April 2022)
Holstenstraße 69-71
24103 Kiel
Mon. – Sat.: 10:00 am till 7:00 pm

Europe’s leading digitally-driven omnichannel optician, Mister Spex SE (MRX), increased its revenue by 18% to 194 million euros in the financial year 2021 (2020: 164 million euros) and is also growing significantly above the general development of the optician market in Germany. Compared to 2019 Mister Spex SE has been grown by 39%. The main driver for the growth was the increase in brand awareness through marketing initiatives and the opening of 14 new stores including the first international retail stores in Austria and Sweden. “Despite the challenging environment, we again managed to grow stronger than the market”, says Sebastian Dehnen, Chief Financial Officer and Member of the Management Board of Mister Spex SE. “Both segments, Germany and International, have contributed significantly to this development.” The revenue growth performance for 2021 was in line with the adjusted expectations of 17-19% announced on November 1^st 2021.

Sunglasses was the fastest growing product category in the fiscal year, with a 30% increase in revenue. The growth was achieved on the back of increased travel by customers and the increase of online penetration. Mister Spex is uniquely positioned to attract these customers with a market leading omnichannel approach and a wide wide range of products. This is characterised in particular by a high proportion of luxury and independent brands, but also by attractive private lable collections. The revenue from prescription glasses increased 16%. There is potential for stronger growth in this category, especially in the development of the newer branch cohorts. “Stores that opened before the pandemic were already able to build local awareness and customer base”, says Mirko Caspar, Co-CEO of Mister Spex SE. “The younger store cohorts suffered due to lower customer traffic which had a knock-on effect on their ability to quickly build up a base of regular customers during the restrictions. However, I am confident that we will grow disproportionately in these cohorts once the Covid restrictions are lifted.” Prescription glasses account for around 80% of revenue in the stores and are therefore a key driver for the development of revenue from prescription glasses. Contact lens revenue increased 11% and benefited from a leading price/value proposition in many markets.

Adjusted EBITDA¹ declined 39% to EUR 4.1 million compared to the prior year. Adjusted EBITDA in the Germany segment in 2021 was on a comparable level to 2020. At -EUR 3.4 million, adjusted EBITDA in the International segment was below the level in 2020. Both segments have seen an increase in marketing expenses due to investments in brand building and ramp up costs related to new store openings.

The number of active customers² increased by 12% to 1.7 million in the fiscal year 2021 compared to 2020 (1.5 million). This result reflects the customer-centric omnichannel business model of Mister Spex, which is characterized by a high level of customer satisfaction and a repurchase intention that surpasses that of traditional opticians[a]. The number of orders³ also increased by 14% year on year. Due to a favorable product mix in the past 12 months, with an increased proportion of sunglasses and prescription glasses, the average order value⁴ increased by 3% over this period.

Dirk Graber, founder and Co-CEO of Mister Spex SE says: “We are convinced that our leading position as a digital omnichannel optician will enable us to continue our growth and become one of the leading players in the overall optician market. An important factor for the further expansion of our omnichannel offer will be the opening of additional stores to build up a comprehensive network in brick-and-mortar retail as well. In addition to the markets in which we currently have a store presence, we are also examining the potential for further market entries for our store concept. Thanks to our seamless omnichannel approach, the broad product range on the market and a leading price-value proposition, we want to continue to grow faster than the market in 2022 and continuously expand our customer base.”

For fiscal year 2022, management expects moderate double-digit revenue growth that will be slightly higher than the growth rate of 18% in the prior year. The expansion of the store network by around 20 stores, a slight increase in the number of orders, a slight increase in the average order value and a slight increase in active customers should contribute to revenue growth.

Management expects an increase in adjusted EBITDA compared to EUR 4.1 million in 2021. Higher marketing expenditure to strengthen brand awareness especially in international markets and to increase customer traffic in the stores as well as, among other factors, increasing personnel expenses due to business expansion will lead to increasing operating expenses.

Mister Spex works on technologies that continuously improve the recommendations for frames based on the sizes and shapes of its customers’ faces in combination with personal preferences. The assortment will continue to range from attractive own brands to independent and luxury brands. Recently, new collections by Alexander McQueen and Stella McCartney were added to the assortment.

The annual report and further information for analysts and investors are available on the Mister Spex Investor Relations website. The results for the first quarter 2022 will be published on May 12^th 2022.

¹⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.
²⁾ Customers who ordered in the last twelve months excluding cancellations.
³⁾ Orders after cancellations and after returns.
⁴⁾ Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months.
⁵⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.

[a] This statement is unaudited.

“Six years after our first store opening in Berlin, we are now reaching a real milestone with our 50th store. The successful expansion of our Europe-wide store network is an important step in our international omnichannel strategy. With our smartly linked online and offline offers, we provide a simple and seamless shopping experience, combining the best of both worlds. I am very pleased that we are now also present with our stores in even more places in Austria,” says Mirko Caspar, Co-CEO of Mister Spex SE.

The omnichannel strategy of the Berlin-based company consistently focuses on the individual needs of its customers and offers a wide range of services online through various filter options, virtual fitting or online eye tests, which are complemented by additional services such as eye tests and glasses fittings in addition to personal specialist advice in the Mister Spex stores. Customers also benefit from all the online advantages and have virtual access to the entire Mister Spex range, which includes more than 10,000 pairs of glasses from over 100 brands.

The 49th Mister Spex store will open in Vienna’s Mariahilfer Straße on the 16th of March 2022. This will be followed shortly by the opening of the 50th store in the PlusCity shopping centre in Linz on the 23rd of March 2022. To protect the health and safety of customers and employees, Mister Spex uses extensive hygiene and precautionary measures in all stores. It is also recommended to book an appointment online in advance for consultations and eye tests.

Mister Spex has been active in Austria since 2008. Initially, the company was represented with its online offer until it launched the partner optician programme in 2014, which now includes numerous cooperating optical branches in all major metropolitan areas. As in Germany, the online eye test was introduced in April 2020. The first Austrian store was opened in April 2021 in the SCS shopping centre, and since September 2021 there has also been another Mister Spex store in Vienna’s Donauzentrum.

Addresses and opening hours of the new Mister Spex stores:

Mister Spex Store Vienna
Mariahilfer Straße 38
AT-1070 Wien
Mon.-Sat.: 10:00 am till 7:00 pm

Mister Spex Store Linz (starting on the 23rd of March)
PlusCity, Plus-Kauf-Straße 7
AT-4061 Pasching
Mon.-Wed.: 9:30 am till 7:00 Uhr
Thu.-Fri.: 9:30 am bis 9 pm
Sat.: 9:00 am till 6:00 pm

Since the launch of the online eye test in April 2020, a five-digit number of Mister Spex customers have successfully used the digital checks. “After someone has checked his or her prescription online with us, around 90 percent of users also order glasses online immediately afterwards,” says Dirk Graber, founder and Co-CEO of Mister Spex. “The high level of satisfaction and acceptance of the online eye test is great feedback for us and I am pleased that we can now offer this service in many countries where we are active online with Mister Spex. We want to expand into more markets with the online eye test in the future and are working at high pressure to optimise omnichannel eyewear purchasing with additional digital innovations.”

In Germany, the share of prescription values coming from the online eye test was around three percent in 2021. Particularly in times when local offers were temporary unavailable, the tool was able to provide quick help for preventive medical care. The online eye test can be carried out at any time from home and takes about 15 to 30 minutes. Afterwards, the data collected from the customers is checked by trained optometrists before being transmitted and stored directly in the customer account.

The online eye test can be carried out free of charge at the following link: https://www.misterspex.de/online-sehtest.

¹ Quality management according to EN ISO 13485:2016. S.a. https://www.certipedia.com/quality_marks/0000073063?locale=en&certificate_number=60145533.

² The eye test is officially categorised as a software medical device, like a CE Class 1 medical device.

³ Source: https://www.jmir.org/2019/11/e14808.

“I am very pleased that as part of our intensive efforts and initiatives as part of our sustainability strategy, we are now launching an eyewear collection together with share, with which we are not only doing something good, but which is also mainly made from bio-based cellulose acetate,” says Maren Kroll, CHRO and board member of Mister Spex SE. “As a responsible company, social commitment and the design of a sustainable product portfolio are very important to us – both of which this collection embodies. In addition, it shows how modern and timeless sustainability can be.” The glasses bear the names of people share has met and inspired in other projects, such as Hawa from Somalia, Fayez from Myanmar or Hamett from Senegal. The cases of each pair of glasses contain a QR code that customers can use to find out in which region and in which project they are helping another person through their purchase. The project OneDollarGlasses, which is supported by share, has set itself the goal of providing basic global optical care. More than 950 million people worldwide have no access to such care or cannot afford glasses. Donations are used to provide materials and training so that the necessary glasses can be produced directly on site.

As a climate-neutral company (including packaging, shipping and voluntary climate protection contribution), Mister Spex aims to design an even more sustainable product range. This should not only enable customers to make conscious purchasing decisions, but also strengthen partnerships and supplier relationships that stand for high product quality and observe data protection as well as rules of conduct and compliance.

You can find out more about corporate responsibility at Mister Spex at https://corporate.misterspex.com/en/corporate-responsibility/.

Since the start of the successful omnichannel roll-out with its own shops more than five and a half years ago, the positive synergy effects have shown that the seamless combination of online and offline offerings is the right strategy for the future. “Our customers and their needs are consistently at the centre of all our considerations, which is the decisive success factor for us,” says Mirko Caspar, Co-CEO of Mister Spex SE. “We believe in the future of city centres, in our stores and the local offer at selected locations in combination with our online shop – and that’s exactly why we want to open significantly more stores in the coming years.” Customers can try on a variety of glasses and sunglasses from well-known brands as well as products from the own-brand range on the spot. In addition, Mister Spex offers direct access to the extensive range, which includes more than 10,000 products, and advises customers on all aspects of the perfect fit and the ideal visual experience. At the same time, it is possible to have eye tests and glasses fittings carried out in the stores. Online, Mister Spex seamlessly rounds off the range with individual filter options and functions such as the virtual try on or an online eye check.

Over 900 pairs of glasses and sunglasses from more than 70 brands such as Tom Ford, Gucci or Marc Jacobs can now be viewed and tried on at the new Mister Spex store in Ulm, and the favourite model can be ordered directly to the customer’s home, whether it is glazed or not. In order to be able to take advantage of the service offers on site, taking into account the current hygiene and precautionary measures, and to avoid waiting times, it is recommended to make an appointment online in advance.

Address and opening times of the new Mister Spex store:

Store Ulm Sedelhöfe
Bahnhofstr. 18
89073 Ulm

Mon to Sat, 09:30 a.m. to 06:30 p.m.

Europe’s leading digitally-driven omnichannel optician, Mister Spex SE (MRX), was able to continue its growth path in the third quarter 2021, particularly driven by the product categories sunglasses with an increase in revenues of 13% and contact lenses with an increase of 12%. Demand for sunglasses increased, especially as travel became possible again in the summer months, due to the easing of social distancing measures. The contact lens revenues benefited from Mister Spex’ leading price-value proposition in many markets. Only revenues from prescription glasses remained below expectations, with an increase of 7%. This is primarily related to a slower than expected revenue recovery in the stores, and, in particular, in the newer store cohorts. While the pre-Covid store cohorts are trading above 2019 level, the younger store cohorts are suffering from a lack of repeat customers due to lower footfall while the coronavirus restrictions were in place, and therefore even more so in comparison to the older cohorts. Prescription glasses account for around 80% of revenues in the stores and are therefore a key driver for the development of revenues in the local shops. Furthermore, online revenues of prescription glasses also fell short of expectations during the low-turnover summer months, a trend that was largely reflected in the online retail sector overall.

Compared to the third quarter of 2019, Mister Spex grew strongly by 35%. This means that overall growth is — and persistently over several years — significantly higher than the general market development. Sebastian Dehnen, Chief Financial Officer and Member of the Management Board of Mister Spex SE, says: “Even in a quarter where we grow below our own expectations, we continue to significantly gain market share on a two-year stack underlying the success of our high growth business model.”

In the third quarter of 2021, adjusted EBITDA¹ declined to EUR 0.3 million (Q3 2020: 2.2 million). The variance was mainly caused by the decline in gross profit margin² due to a lower share of prescription glasses in the category mix and higher operating expenses. The higher operating expenses are the result of an increase in legal and consulting costs in connection with the IPO and higher marketing costs. In addition, personnel expenses rose, in particular due to the opening of additional stores.

The number of active customers³ increased by 14% to 1.7 million (Q3 2020: 1.5 million active customers). Dirk Graber, founder and Co-CEO of Mister Spex SE, says: “The further increase in the number of customers shows our customer-centric omnichannel business model works very well. It is marked by a high level of customer satisfaction and a repurchase intention that is well above that of traditional incumbents.”

In order to further roll out the omnichannel business model four new stores were opened in the third quarter of 2021 – three in Germany and one in Austria. By the end of the year, Mister Spex will have a retail network of 48 stores across Europe. The business in Sweden was further strengthened by the new Managing Director Pontus Lindbom, who started on October 1^st. With many years of international experience in leadership positions at customer-oriented multi-channel brands like IKEA and Daniel Wellington AB, Lindbom will not only expand the local retail business, but also further drive growth in the Swedish, Norwegian and Finnish online markets.

In addition to expanding its retail network, Mister Spex has recently also been able to further expand its product range. In the luxury segment, the omnichannel optician was lately successful in adding the premium brand ic! berlin to its portfolio. For this purpose and as a blueprint for high-quality brand presentation, a completely new shop environment was created to give the brand its own home within the Mister Spex webshop. In addition, it is planned to create new boutique environments for other luxury brands as well.

For the full year, the Management Board confirms the adjusted guidance from early November of an adjusted EBITDA between 4 million euros and 5 million euros and a revenue increase of 17% to 19% in the financial year 2021. The adjusted guidance corresponds to a revenue increase of 38% to 40% versus the financial year 2019.

The quarterly report and the results presentation for analysts and investors are available on the Mister Spex Investor Relations website. The results for the year 2021 will be published on March 30^th 2022.

Group Income Statement in m EUR

¹⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.
²⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.
³⁾ Customers who ordered in the last 12 months before cancellations
⁴⁾ Orders after cancellations after returns
⁵⁾ Calculated as revenues divided by number of orders over the last twelve months

Pontus Lindbom has many years of international experience to look back on thanks to leadership positions at customer-oriented multi-channel brands. After working for IKEA for ten years in Sweden, Japan, and, finally, as Executive Vice President, in Germany, he most recently worked as the Executive Director for Europe for Daniel Wellington AB.

“I’m really looking forward to my new challenge, continuing to drive Mister Spex’s success in the Nordic countries,” says Pontus Lindbom. “When the first two stores opened in Sweden in April, we brought the successful omni-channel model from Germany to Scandinavia. I am sure the combination of online and offline offers will be the future of ophthalmic optics, and I look forward to continuing to convince the industry and potential customers of Mister Spex and its services.”

Dr Mirko Caspar, CEO of Mister Spex, adds: “With Pontus Lindbom, we have managed to win over an expert who is an excellent match for us not only because of his professional experience, but also because of his passion for customer-oriented omni-channel consumer brands. Sweden, Norway and Finland are very attractive markets for Mister Spex – markets in which we are growing rapidly and where we also see a lot of potential. We are all the more pleased that Pontus Lindbom will be making our brand and our range even more well known locally.”

In his position, Pontus Lindbom succeeds Andreas Eriksson, who will be taking on new responsibilities at the start of 2022.

Mister Spex SE (MRX), Europe’s leading digital-driven omnichannel optician, continued to grow strongly in the first half of 2021. Despite the effects of the pandemic, revenues grew by 25% to €101 million (H1 2020: €80 million). Growth occurred in both business segments with revenues up 26% in Germany and International Markets growth of 24%. From a product category perspective, sunglasses were the strongest performing category with a revenue increase of 38% benefitting from easing social distancing measures and increased travel activity. In line with the strategic focus on prescription glasses, revenues increased by 32%. The higher share of prescription glasses also had a positive impact on the gross profit margin² which expanded by 210 basis points to 49.4%.

At around 2.3 million euros, adjusted EBITDA¹ increases slightly by 1% compared to the first half of 2020 (2.3 million euros) driven by the sales growth of 25% and a gross margin expansion of 210 basis points, partially offset by higher marketing and personnel expenses.

While the development of the German brick-and-mortar retail business was affected by the impact of the Covid 19-related social distancing measures since the beginning of the year, the number of visitors in the stores increased again towards the end of the second quarter. The online demand was able to counteract the development well.

Dirk Graber, founder and Co-CEO of Mister Spex SE, says: “Our fully digitalised and data-driven omnichannel business model allows us to respond individually to the needs of our customers and shows its resistance in a time of high uncertainties and Covid-19-related social distancing measures.”

The strong operating performance of Mister Spex in the first six months of this year underlines the robustness of the successful omnichannel business model with a high customer satisfaction and a repurchase intention well above traditional competitors. The share of active customers increased by 15% to around 1.7 million in the first half of the year (H1 2020: 1.4 million active customers). The number of orders rose by 18% to around 1.2 million in the same period.

On 2 July 2021, Mister Spex successfully achieved its listing on the Frankfurt Stock Exchange. Despite the focus on the IPO, the company added further tech-driven services to the online shopping experience for customers. In April 2021, Mister Spex introduced pupil distance measurement on mobile devices for the first time via its own app in a test version. Following the introduction of Germany’s first online eye test last year, this was another consistent step in digitalizing the online eyewear shopping experience. The TÜV-certified online eye test itself has also been developed further and is available for an extended single vision range since the second quarter 2021.

In addition to its online business, Mister Spex has also expanded its brick-and-mortar retail business: Eight stores were opened in the first half of 2021 bringing the total store network to 42 own retail stores across Europe at the end of H1 2021. The openings included the first three international stores – two in Stockholm and one in Vienna. A second store in Vienna follows today, September 22^nd.

Sebastian Dehnen, Chief Financial Officer and Member of the Management Board of Mister Spex SE, says: “The successful IPO of Mister Spex at the beginning of July underlines the trust the financial market has in our unique omnichannel business model. We not only look back at 13 years of continuous growth, but also pursue a clear expansion strategy to accelerate top-line growth in the coming years.”

Mister Spex SE’s forecast for the current financial year remains unchanged, and the company expects sales growth in the moderate double-digit percentage range and an increase in absolute adjusted EBITDA compared to the prior year. The outlook assumes that no further Covid-19 related restrictions will be implemented for the remainder of fiscal year 2021.

The half-year report and the results presentation for analysts and investors are available on the Mister Spex Investor Relations website. The results for the third quarter of 2021 will be published on 24^th November 2021.

Group Income Statement in EUR k

¹⁾  Adjusted EBITDA, defined as earnings before interest, taxes, depreciation and amortisation, adjusted for share-based payment expenses according to IFRS 2, one-off transformation costs and other one-off effects that are not part of the regular course of business.
²⁾ Management defines gross profit as revenue less cost of materials and gross profit margin as the ratio of gross profit to revenue.
³⁾ Customers who ordered in the last 12 months before cancellations
⁴⁾ Orders after cancellations after returns
⁵⁾ Calculated as revenues divided by number of orders over the last twelve months

After the first launch in the Austrian capital was celebrated in April 2021 in the Shopping City Süd (SCS) centre, another branch is now following in the Donau Zentrum, the largest shopping centre in Vienna.

In Erlangen, visitors to the new store can expect more than 750 pairs of glasses and sunglasses across a sales area of 65 square metres. In Vienna’s Donau Zentrum, there are more than 900 frames to choose from, across almost 95 square metres. In addition, simultaneous online access is provided to over 10,000 pairs of glasses and sunglasses from over 100 well-known brands. The range consists of high-quality own brands, attractive luxury and premium brands, such as Gucci, Moncler or Tom Ford, and also hip independent labels, such as Off-White or L.G.R. A special feature of the business model: quality lenses with a 1.5 index are available free of charge for all pairs of glasses. In addition, as in all Mister Spex stores, we offer free services such as eye tests and glasses adjustments. Due to current hygiene and precautionary measures, we recommend booking an appointment for this services online in advance.

“After successfully going public with Mister Spex at the beginning of July, I am enthusiastic, that we are now pushing ahead with our announced further expansion with store number 40 in Germany and with our next international launch,” says Mirko Caspar, CEO of Mister Spex SE. “At an increasing number of locations, our customers have the opportunity to decide for themselves when, where and how to buy their new pair of glasses – and which service they want to use via which channel. Our frames can be tried on virtually or at home, and the same applies to services such as, for example, measuring pupillary distance. Many customers can also take an online eye test. Of course, in addition to providing access to the online shop, we also offer these services on site in our stores, providing you the opportunity of having a first-hand, tactile experience. As always, we combine the best of both worlds.”

When the second store is opened in Vienna at the end of September, Mister Spex will then operate a total of 44 of its own stores.

Addresses and opening times of the new Mister Spex stores:

Store at Erlangen Arcaden
Nürnberger Str. 7
91052 Erlangen
Mon to Sat, 8:00 a.m. to 8:00 p.m.

Store in the Donau Zentrum, Vienna (as of 22nd September)
Wagramer Str. 94
1220 Vienna
Mon to Wed, 9:00 a.m. to 7:00 p.m.
Thu to Fri, 9:00 a.m. to 8:00 p.m.
Sat, 9:00 a.m. to 6:00 p.m.

Mister Spex, Europe’s leading digitally driven omnichannel optician, is expanding its Management Board from two to four people. In the course of the company’s strong growth and expansion across Europe, the Supervisory Board has appointed Dr Sebastian Dehnen as Chief Financial Officer (CFO) and Maren Kroll as Chief Human Resources Officer (CHRO) of the Berlin-based company. They will be supporting the two Co-CEOs Dirk Graber and Dr Mirko Caspar.

“We are expanding the Management Board in order to distribute the steadily increasing responsibility associated with our strong growth in a targeted manner and also to be well-positioned for our future ambitions at the executive level,” says founder and Co-CEO Dirk Graber.

Dr Sebastian Dehnen joined Mister Spex’s management team in August 2020; previously he was CFO with car sharing provider Car2Go Group (now Share Now). He will bring his strategic financial and legal perspectives to the board’s work. Maren Kroll, with HR management experience at Zalando and Harry’s Inc., a leading omnichannel company for shaving and skin care products, has been responsible for human resources at Mister Spex since January 2020 and she will continue to use her organisational and personnel expertise at the executive level to steer the further growth of the company. Her area of responsibility will be expanded to include corporate responsibility and communications.

In the course of the company’s continuous European expansion, Mister Spex will also be changing its legal form from a stock corporation under German law to a European company (Societas Europaea, SE for short). “We are a European company that already operates in ten countries and recently started operating our own stores internationally. We want to continue to grow internationally and, in the future, be as large internationally as we are in Germany today. We will map this strategic orientation as a European company with the new legal form,” says Co-CEO Caspar.

Europe’s leading omnichannel optician Mister Spex continued on its successful growth path in the 2020 financial year. The company increased sales significantly by 18 percent to 164 million euros (2019: 139 million euros). As in previous years, Mister Spex again grew by a double-digit percentage and grew significantly faster than the comparable market competition. The adjusted EBITDA* was also increased and amounted to 7 million euros (2019: 4 million euros).

“Even in the difficult Corona year of 2020, we were able to grow again by a double-digit percentage and have further expanded our market leadership,” says Dirk Graber, founder and Co-CEO of Mister Spex. “While the overall market for optical products in Germany has shrunk by 8 percent in 2020 due to the Corona pandemic and by as much as 13 percent** in Europe, Mister Spex has once again impressively confirmed the sustainability and crisis resistance of its growth course with an increase of 18 percent.”

Co-CEO Mirko Caspar adds: “The combination of an innovative and intuitive customer experience online and digitally supported on-site services forms the core of Mister Spex’s business model. This seamless connection of the online and offline worlds offers customers a completely individualised shopping experience. You alone decide when, where and how to shop.”

Mister Spex continued its success story in 2020 despite the Corona pandemic and opened a total of 16 new stores in Germany – of course, in strict compliance with all relevant safety and hygiene conditions. Due to its consistent and digitally interlinked omnichannel approach, the company was able to respond very well to individual customer needs and to meet them. Additional services were added to the online shop, such as optician advice via video. Furthermore, Mister Spex once again demonstrated its innovative strength and continues expanding its role as a digital pioneer: In April 2020, the optician was the first one in Germany to introduce the online eye exam.

Mister Spex will continue to support its customers with new technical solutions in the years to come. The company recently acquired a stake in the Berlin deep-tech company Tribe, which focuses on AI-based applications that significantly improve the customer experience when buying eyewear. The aim is to jointly develop new and innovative functionalities and to make buying glasses even easier and more innovative.

In addition to well-known and renowned luxury brands, Mister Spex offers young and innovative independent labels as well as high-quality private label eyewear and exclusive collaborations with influencers and fashion designers. Mister Spex plans to further expand the share of high-margin private label products and collaborations in the coming few years.

“We recorded double-digit growth rates both in our home market in Germany and in our international segment. We are very happy about this positive development. In 2021, we will continue to focus on further strengthening our position as the leading omnichannel optician in Europe,” says CFO Sebastian Dehnen.

Mister Spex opened four new stores in the first quarter alone and a fifth one in Munich this week. International store expansion followed in April with openings in Vienna and two in Stockholm. By this means, Mister Spex is also accelerating its success story internationally. The company now operates a total of 42 stores.

* Adjusted for share-based remuneration expenses (IFRS 2) and one-time effects that are not part of the normal course of business. The unadjusted EBITDA amounted to 6 million euros in 2020 and thus doubled compared to the previous year.

** Source: Euromonitor International, Eyewear 2021ed, data as of Q1 2021

Just like in the online shop, Mister Spex now offers customers in Sweden a simple digitalised shopping experience where fashionable design meets optical expertise. The first Mister Spex store was launched in Germany at the beginning of 2016, and the company now operates 38 stores there.

Mister Spex has been successful in Sweden for many years, not only with its own online shop: with a strong local team in Stockholm, its own customer service and warehouses in Sweden and Norway, the omnichannel optician has gradually expanded its range of products in the Scandinavian market. The new store at Drottninggatan 61 offers a versatile selection of over 900 pairs of glasses and sunglasses over a sales area of more than 120 m². In the store in the Mall of Scandinavia, there are more than 700 models over an area of around 60 m². The arrangement follows the intuitive structure of the online shop and is subdivided according to eyewear shape, size and colour. At the same time, customers have on-site access to the entire online portfolio with more than 10,000 models from over 100 brands. In addition, the stores offer further services such as eye tests alongside personal specialist advice. Mister Spex also scores with an excellent price-performance ratio and believes in full transparency when buying glasses.

Mister Spex’s versatile fashion-oriented range is unique in the eyewear industry: it includes attractive luxury and premium brands as well as the latest independent labels and popular eyewear classics. Among them are many brands that are particularly in demand in Sweden: the spectrum ranges from brands such as Ray-Ban, Carrera and Marc Jacobs to designer labels such as Gucci, Saint Laurent, Tom Ford and Dolce & Gabbana to trendy Scandinavian brands including Vasuma, EOE and Chimi, which Mister Spex offers in all its markets. A special feature of the Stockholm market: luxury and independent brands are particularly popular with customers.

“We are very happy to be here for our customers with two stores in Stockholm,” says Mirko Caspar, CO-CEO of Mister Spex. “We have already been very successful in the Scandinavian markets for many years with our online shop and partner optician programme We know the market well. Our customers are always at the centre of everything we do. Thanks to our omnichannel approach, they can move seamlessly between the online and offline worlds and decide for themselves when, where and how they shop. Our goal is to inspire and empower them to find and wear the perfect glasses for their individual look with joy and confidence – both on- and offline. And while doing so we, of course, offer optical expertise and high-quality products.”

Sofia Rundström, Shopping Center Manager at the Westfield Mall of Scandinavia, adds: “It is really great to be part of Mister Spex’s offer in Sweden and that they choose to open a physical store in the Westfield Mall of Scandinavia. The brand will be a very good addition to our existing store portfolio and we are really looking forward to being able to offer Mister Spex’s unique concept to our visitors.”

Mister Spex, whose headquarters are located in Berlin, entered the Swedish market in 2013 with the acquisition of the two Swedish online eyewear companies Lensstore and Loveeyewear, which now operate under the Mister Spex brand. In addition to an innovative virtual fitting tool in 3D, the Mister Spex online shop also offers the option of having up to four pairs of glasses sent to your home to try on free of charge. There have been partner opticians in the most important metropolitan regions of Sweden since 2018.

Another interesting development in Sweden: in 2020, on average, approximately every sixth to seventh pair of prescription glasses sold there was glazed with blue filter. In these challenging times where many are working from home, many people spend significantly more time in front of screens, both professionally and in their spare time. As a result, they are less likely to wear contact lenses and more likely to opt for glasses. Glasses are the new Zoom conference accessory. The focus on health is reflected in the increasing demand for glazing with blue filter technology. It filters the blue spectrum out of the light emitted by screens, thereby boosting performance and supporting natural sleep patterns*.

To protect the health and safety of customers and employees, Mister Spex uses extensive hygiene and precautionary measures in all stores. Consultations and eye tests are also offered mainly via online booking of appointments.

Address and opening times of the new Mister Spex stores:

Store 1 (from 21 April)
Drottninggatan 61
111 21 Stockholm
Mon. – Sat.10.00 am – 6.00 pm
Sun.: 11.00 am – 5.00 pm

Store 2 (from 28 April)
Mall of Scandinavia
Stjärntorget 2
169 79 Solna
Mon. – Sun.: 11.00 am – 8.00 pm

* Study by Prof. Barnes from the University of Washington (https://hbr.org/2020/10/will-blue-light-glasses-improve-your-sleep)

Mister Spex has been operating its own stores since 2016, focusing on an omnichannel offering with complete digital integration and on-site consultation. Customers can now shop in 38 stores throughout Germany and receive advice on site. 16 of them were successfully opened during the pandemic year of 2020 alone, and this despite restrictions in local retail business. So far in early 2021, four more locations have already opened. A store in Vienna and two in Stockholm will be added in April.

Mister Spex is thus continuing its successful growth course: In the 2019 financial year, sales were already increased significantly to 139 million euros. In the Corona year 2020, Mister Spex was again able to achieve double-digit growth, thus significantly outperforming the comparable market. Almost a third of sales are now generated in international markets.

“We are intent on driving the digital transformation of ophthalmic optics across Europe. We are already successfully offering our innovative and intuitive online eyewear purchasing service in ten European countries. We are pleased to be able to offer the full spectrum of our omnichannel expertise in Austria and Sweden,” says Dr Mirko Caspar, Co-CEO of Mister Spex. “Thanks to seamless linking of the online and offline worlds, we can offer our customers the best possible shopping experience – they alone decide where, when and how they shop at Mister Spex.” In addition to personal expert consultation on site, Mister Spex stores are offering additional services, such as eye tests and spectacle fittings. Customers also benefit from all the advantages of being online with virtual access to the entire Mister Spex range, including more than 10,000 pairs of glasses from over 100 brands.

The Mister Spex store in Vienna will open on the 8^th of April in Shopping City Süd, Europe’s largest shopping centre, and will present over 900 pairs of glasses and sunglasses on 100 square metres of retail space. The 120-square-metre shop to be located on Stockholm’s popular Drottninggatan shopping street, which opens on the 21^st of April, will also be offering more than 900 pairs of glasses and sunglasses. On April 28^th, the second Stockholm store will open in the Mall of Scandinavia. As with the German market, Mister Spex is opting for popular high-traffic locations in shopping centres or on main shopping streets.

“We have already been very successful in Austria and Sweden for many years with our online shops and partner optician programmes – we know the markets very well and have successfully developed our brand in both countries. So, we are sure that this next logical step will also accelerate the success story of Mister Spex internationally,” said Caspar.

Mister Spex has been active in Austria since 2008. More than one in two people there know the brand, which is partly due to the TV adverts that have been broadcast since 2015. The partner optician programme was launched in Austria in 2014, and there are now numerous partner opticians in all major urban centres. There is continuous growth in all product categories, with glasses being the strongest growth driver ahead of contact lenses and sunglasses. Online preferences with regard to the various brand segments are very similar to German customers, whereby in recent years there has been a sharp rise in demand for brands in the premium and luxury segments in particular, as well as for Mister Spex’s private label brands, e.g. as part of influencer and designer collaborations. Mister Spex has also repeatedly demonstrated its innovative strength in Austria. As with Germany, the online eye test was introduced in April 2020, and audio glasses from Bose and Fauna have been sold via the Mister Spex online shop in Austria since the autumn of 2020. The improved digital 3D virtual try-on tool for eyewear has recently led to a tripling of the usage rate for the smart online feature. It is now being used by almost every second Mister Spex glasses customer in Austria.

“At the end of the day, all our efforts are about putting our customers’ needs first. Buying glasses should be easy, intuitive, and first and foremost, fun to do,” said Caspar.

Mister Spex entered the Swedish market in 2013 with the acquisition of the two Swedish online eyewear companies Lensstore and Loveeyewear, which now operate under the Mister Spex brand. With a strong local team, its own customer service and warehouses in Sweden and Norway, the omnichannel optician has been steadily expanding its presence in the Scandinavian market. There have been partner opticians in the most important metropolitan regions of Sweden since 2018. Compared to Germany, customers in Scandinavia are more attracted to contact lenses and like to switch between daily lenses and glasses. Similar to Austria, prescription glasses are also an important growth driver for Mister Spex in Sweden. A special feature of the market is that luxury and independent brands are even more popular with Swedish customers, and the affinity to sunglasses and prescription glasses is three times as high as in Germany. These include trendy Scandinavian labels such as Chimi, EOE or Vasuma, which Mister Spex offers not only in Sweden but in all international markets.

“We are always looking for new technological solutions to make buying glasses even easier and better,” says Mister Spex Managing Director Dr. Mirko Caspar. “With the investment in Tribe we want to further extend our digital lead and we are looking forward to working with a great team”.

The newly acquired technology company Tribe will continue to operate independently and autonomously. Both parties have agreed not to disclose the purchase price. Tribe was founded in 2018 and focuses on AI-based applications that significantly improve the customer experience when buying glasses. The company had already implemented the virtual fitting for Mister Spex on Instagram in early 2020. “We believe that buying glasses should be as easy as buying clothes and as safe as going to the ophthalmologist,” says Julian Hölz, founder and CEO of Tribe together with Dr. Kevin Metka. “The cooperation with the market leader in online optics is a strong sign of confidence and a great motivation to take the next step in this direction.”

He succeeds Nils Rådström, who has held the position as Managing Director Nordics at Mister Spex for three years and is leaving the company to pursue new professional challenges. Mister Spex would like thank Rådström for his great work and achievements during this time.

Eriksson has worked for the Lensway Group for more than ten years. He therefore has valuable operational experience and extensive industry knowledge. In addition to logistics and production processes, his professional career to date has focused on areas such as purchasing, category management and coaching for management topics. In 2001 he received his Master of Science degree in Mechanical Engineering and Manufacturing Systems from the Royal Institute of Technology in Stockholm (Kung-liga Tekniska Högskola).

“In recent years, Mister Spex has fundamentally changed and simplified the way we buy eyewear across Europe,” says Eriksson. “I am delighted to be part of this important development. My focus will be on making optimal progress in all centralized and decentralized processes.“

Dr. Mirko Caspar, Managing Director of Mister Spex, adds: “We are convinced that with Andreas Eriksson and the new structure we are very well positioned for the further growth phase in the Scandinavian countries. We also thank Nils Rådström for his commitment and loyalty over the past three years and wish him all the best for the future”.

“The continued success achieved over the past year yet again underlines how our business model has changed the whole eyewear sector,” said Dirk Graber, founder and co-CEO of Mister Spex. “The current financing round will enable us to invest in further growth, and we have established three clear strategic priorities: further expansion of our retail store network, internationalisation and additional investment into logistics. Through the Büll Family Office, we are delighted to have gained a very experienced partner in the retail sector, which will allow us to gain further momentum. Global Growth Capital has provided a complimentary debt structure to support our store expansion strategy.“

“We strongly believe in Mister Spex as a brand and business model and are looking forward to becoming a part of their success story. Given our long-standing experience in commercial real estate, we will actively support the management team with the expansion of their own store network”, says Albert Büll, founder of the Büll Family Office.

“We believe that Mister Spex has developed a unique business model that not only harnesses changes in consumer behaviour but also leverages multiple online and offline distribution channels to drive profitable growth. We are very exited to partner with their talented team,” says Olya Klüppel, Partner at Global Growth Capital.

Incorporated in 2007, Mister Spex has since become a leading online optician offering an extensive product portfolio of over 10,000 prescription glasses, sunglasses and contact lenses to its three million customers. The company’s online shops serve consumers in ten countries.  In line with its omnichannel strategy, the company operates eleven of its own retail stores in Germany and has developed a wide network of partner opticians in Germany, Austria, Switzerland, the Netherlands and Sweden.

“Our continued success underlines our belief in combining the best of both worlds: online and offline,” added Dr. Mirko Caspar, co-CEO of Mister Spex. “Sales in our online shops continue to grow strongly. However, our experience shows that through the unique combination of online shops, our own retail locations and over 500 partner opticians, we are able to add an additional layer to the consumer experience and fully address the market potential. We remain committed to our omnichannel strategy.“