Mister Spex closes foreign stores

Mister Spex has adopted the “SpexFocus” transformation and restructuring program for the years 2024 and 2025. The aim is to significantly increase profitability and ensure sustainable cash generation for the company in the medium term. As a result, all Mister Spex stores outside Germany will be closed. A new Chief Restructuring Officer has also already been appointed.

Christopher Douglas will become Chief Restructuring Officer

Following the “SpexFocus” restructuring program, Mister Spex has appointed Christopher Douglas as Chief Restructuring Officer. In this newly created position, he will play a central role in the implementation of the large-scale initiative aimed at improving the company’s profitability.

In his role as CRO, Christopher Douglas will be responsible for managing restructuring projects, reviewing the cost base and optimizing operational processes from 1 September. The experienced manager has extensive expertise in the areas of corporate development, restructuring, corporate management and financial management.

Closure of all foreign branches

The restructuring program includes the reduction of personnel costs, price adjustments and discount reviews, the optimization of operational processes and the closure of all eight international stores – five in Austria, two in Sweden and one in Switzerland. The company has thoroughly analyzed alternative options, but does not see a path to profitable growth in these markets and on this scale.

The company expects a recurring increase in free cash flow (FCF) of around € 2 million from the store closures alone. The company will make every effort to fully support its employees during the transition phase, Mister Spex announced.

SpexFocus in general is expected to increase EBITDA (incl. rent) by more than € 20 million, with the impact expected mainly in 2025 and 2026. Implementation of the program will start immediately, with measures being phased in over 2024 and 2025. Based on current planning, the total capital outflow for SpexFocus is expected to be around € 9 million, with the majority occurring in the second half of 2024

Optician expertise in focus of new campaign

The transformation program includes a fundamental repositioning of the brand to strengthen the company’s relevance and leadership position in the optical industry and to increase the company’s profitability. The new campaign focuses on optician expertise in order to position Mister Spex as the trustworthy “optician of your life” (as the slogan goes). It is now also intended to appeal to the discerning target group of 40 to 60-year-olds, who attach great importance to sound optical advice and expertise. In addition, advertising and discount campaigns are to be reduced.

From 2025, the company will change its key financial performance indicator from adjusted EBITDA to EBIT in order to increase transparency and provide a deeper insight into its financial performance.

Stephan Schulz-Gohritz, CEO and CFO of Mister Spex, says: “We are convinced that the strategic realignment will strengthen our leading position as the omnichannel optician in the market and thus ensure our sustainable profitable growth in the future.”

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