Annual Report
2023
Contents
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The Company | 3 |
CHANGE | 4 |
Changing styles | 4 |
Handcrafting bespoke eyewear | 5 |
Assisting in creating change | 6 |
Navigating the market for 15 years | 7 |
Growing store network and continuing to focus on sustainability | 8 |
Evolving financial and non-financial profile | 9 |
Letter to the shareholders | 10 |
Report of the supervisory board | 14 |
Board of Directors | 19 |
Mister Spex Share | 20 |
Combined management report | 22 |
Background of the Group | 23 |
Economic report of the Mister Spex Group | 35 |
Risks and opportunities | 43 |
Outlook | 49 |
Acquisition-relevant information according | |
to Secs. 289a (1), 315a (1) HGB | 50 |
Group statement on corporate governance | 57 |
Remuneration report pursuant to Sec. 162 AktG | 67 |
Overview of the remuneration system for the Management Board | 68 |
Remuneration of the Supervisory Board | 78 |
Consolidated financial statements | 81 |
Consolidated statement of comprehensive income | 82 |
Consolidated statement of financial position | 83 |
Consolidated statement of changes in equity | 84 |
Consolidated statement of cash flows | 85 |
Notes to the consolidated financial statements | 86 |
Other information and services | 122 |
Responsibility statement by the Management Board | 123 |
Independent auditor's report | 124 |
Appendix to the auditor's report | 129 |
Imprint | 131 |
Disclaimer | 131 |
Annual Report 2023
C
H
A
N
G
E
Company | Combined management report | Remuneration report Consolidated financial statements Service |
Company
Changing styles | 4 | |||
Handcrafting bespoke eyewear | 5 | |||
Assisting in creating change | 6 | |||
Navigating the market for 15 years | 7 | |||
Growing store network and continuing | ||||
to focus on sustainability | 8 | |||
Evolving financial and non-financial profile | 9 | |||
Letter to the shareholders | 10 | |||
Report of the Supervisory Board | 14 | |||
Board of Directors | 19 | |||
Mister Spex share | 20 | |||
3
Annual Report 2023 | Company | Combined management report | Remuneration report Consolidated financial statements Service |
C | Changing styles | |||||||||
H | ||||||||||
A | Through a wide range of attractive own labels, trendy designer brands and selected independent | |||||||||
N | ||||||||||
labels Mister Spex offers its customers everything they need to enhance their vision and emphasize | ||||||||||
G | their individual style. Through exclusive collaborations with designers, influencers and media per- | |||||||||
sonalities, Mister Spex inspires customers to express their fashion and lifestyle attitude in all its forms | ||||||||||
E | and colours. | |||||||||
Strong brands - broad selection - rising engagement | ||||||||||
679 million | ||||||||||
+18 % | successful expansion of social | |||||||||
media channels with a total of around | ||||||||||
679 million impressions* across all three | ||||||||||
content-driven brand platforms |
revenue growth for own
brands as well as double-digit
A passion for design and execution
It all starts with an idea
On average, nine months pass between the initial idea and the product launch. During this time, Mister Spex leaves nothing to chance: From meticulous market analysis and performance test- ing, to finding the right partners for a collaboration, business case strategy and direction of
creation, the team goes all out.
The creative process
Whether designer or influencer, each collaborator brings individuality, creativity, and a passion for fashion. The Mister Spex collaborative collection reflects this uniqueness and is developed through extensive design workshops and prototyping sessions, allowing the artist to identify
themselves with the collection.
Launch & lift-off
Once the product and packaging design is complete, the next step is to develop the content and copy for the launch and campaign. The product launch almost always starts with a launch event
growth for collaborations
+15 %
and meet & greet with the designer, influencer, or artist to bring the authenticity and look & feel of the brand collaboration to life. Our in-house team of brand, design, social media, marketing, and communications experts then ensure optimum visibility and maximum results with a 360º campaign.
focus channel Instagram
with 15% engagement
growth from 2022
>150 brands
sunglasses and prescription eyewear from
over 150 brands available
Dagi Bee x Mister Spex
Together with Dagi Bee, one of Germany's most successful influencers and social media entrepreneurs, Mister Spex launched a collection of prescription glasses with two models in five colours in February 2023. In the first four days of the launch alone,
950 frames were sold, with sales approaching those of luxury brands such as Burberry and Boss. This makes the Dagi Bee collection the most successful influencer collaboration in Mister Spex's history to date.
* incl. organic content and media spend on Instagram, TikTok and Facebook
4
Annual Report 2023 | Company | Combined management report | Remuneration report Consolidated financial statements Service |
C | Handcrafting bespoke eyewear |
H | |
A | |
N | |
G | In 2023, Mister Spex launched 'Mister Spex' EyeD, the first of its own made-to-measure / customized collection of |
3D-printed glasses, offering outstanding comfort with a custom fit and ultra-lightweight material. This is enabled | |
E | by our proprietary facial scanning technology, which is also used to recommend sizes in our online store. Parame- |
ters such as pupillary distance, nose ridge width, and temple length form the metric basis to produce precisely | |
fitting glasses. Customers can enjoy expressing themselves and their style with their custom-made and re- | |
source-saving eyewear made of high-quality polyamide. | |
Limited to 37 stores at the launch of Mister Spex EyeD in October, the made-to-measure collection has been avail- | |
able in Germany and Austria since the end of 2023 and in all Mister Spex stores across Europe since February | |
2024 - true to our mission to help every customer find the perfect pair of glasses with style, ease and expertise. |
… and a huge opportunity for Mister Spex
We already have a broad customer base
High share of Mister Spex EyeD customers are over 45 years old
Interest in more shapes and colours will broaden the addressable market
Larger selection of shapes and colours from 2024
Further potential to optimize category performance with multifocal lenses
High share of Mister Spex EyeD sales already includes high-margin multifocal lenses
Mister Spex EyeD - The perfect fit through personalization! Bespoke 3D-printed glasses - state-of-the-art technology, pure individuality
Timeless aesthetics made to perfection for individual style
Personalised fit thanks
to state-of-the-art measurement and 3D printing technology
Ultra-lightweight comfort and high durability
5
Annual Report 2023 | Company | Combined management report | Remuneration report Consolidated financial statements Service |
C | Assisting in creating change |
H | |
A | By combining state-of-the-art technology and AI with comprehensive customer service, Mister Spex |
N | |
is shaping the modern optician's trade. At Europe's leading digitally driven omnichannel optician, young | |
G | professionals have the unique opportunity to learn the traditional craft of opticianry and to actively |
shape the digital transformation of the industry with additional technological qualifications. At a time | |
E | when skills shortages are threatening the future viability of almost every sector, training young talent |
is more important. According to the 2022 / 23 industry report by the German central association of | |
opticians and optometrists (Zentralverband der Augenoptiker und Optometristen, ZVA), 42% of the | |
opticians surveyed were recently looking for skilled staff. 68% of vacancies could not be filled. |
3 questions to Benjamin
What do you look for when selecting apprentices?1 A friendly and confident demeanour as well as a genuine interest
in optometry, craftsmanship and science. That's more important to us than top grades. Then there's the desire to work with people - even on Saturdays and evenings.
Mister Spex manufactures its own products at the central logistics2 centre in Berlin and is also growing in the stationary retail sector
Our apprentice workshop
To combat the shortage of skilled workers, Mister Spex has been training apprentices since 2016. To date, around 140 young people have started their optician training at Mister Spex. In 2023, 38 future opticians have started their careers - a thirty percent increase on the previous year. In its five training workshops, Mister Spex offers an ideal combination of
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FUTURE OPTICIANS STARTED IN 2023 THEIR WAY INTO PROFESSIONAL LIFE
Benjamin is the head of the Mister Spex training workshop in Reutlingen and has been on board since 2020.
with new locations. To do this, we need qualified people, and we are happy to take them from our own training cohorts. Those who see themselves working outside the stores can alternatively get involved in customer service or e-commerce. We also have a comprehensive support programme for those interested in further qualifications to become a master optician.3
Our omnichannel concept not only makes it easier and more attractive for customers to buy glasses, it also makes working as an optician more varied and definitely more future-proof. Flat hierarchies and the opportunity to propose and implement your own ideas create a lot of motivation in the team.
manual work in the workshop, customer service in one of the most modern optician shops in Germany and a direct link to the European e-commerce business. The workshop managers support the trainees on site in all matters relating to vocational school and examinations and ensure that the training is of the highest quality. In this way, we create ideal conditions for tomorrow's opticians.
Five locations - one concept
Mister Spex's fifth and newest training workshop opened in Cologne in Au- gust, directly above the flagship store . The first training workshop was opened in Berlin in 2016. The other three are in Münster, Reutlingen and Mannheim. Together, they provide space for 150 trainees from all apprenticeship years. The aim is to create excellent training conditions at as many locations as possible. The concept of the Mister Spex training workshops is characterized by a strong focus on craftsmanship and digital integration in an international team. In addition to access to state-of-the-art machines, all trainees are provided with their own laptops.
Berlin
(HQ) and
logistics hub
HQ
Warehouse
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Annual Report 2023 | Company | Combined management report | Remuneration report Consolidated financial statements Service |
C | Navigating the market for 15 years | ||||||
H | |||||||
A | Mister Spex has consistently achieved double-digit percentage growth in its first | company. With confetti, balloons, and special glasses, the campaign unfolds | |||||
N | |||||||
14 years, surpassing the growth of the wider optical market. In 2023 Mister Spex | online across all countries and Mister Spex's social media channels | . In addi- | |||||
G | SE, celebrated its 15th anniversary with a multi-week multimedia campaign. The | tion to this Mister Spex will be using the seal of Deutschland Test and Focus | |||||
eleven-week birthday campaign, titled "15 years of optician expertise", features | Money for the first time, which awarded the optician the title of "Company of the | ||||||
E | employees in pictures and videos, showcasing their contributions to the | Year 2023" in its analysis of customer satisfaction. | |||||
Launch of
Mister Spex EyeD
75 stores
Flagship store
in Cologne
100% acquisition
of Tribe
Omnichannel milestones
Launch of Mister Spex |
opticians partnership |
programme in Germany |
Opening of logistics |
centre in Berlin |
First retail store opened in |
Berlin 6 stores by year End |
Go-live of |
online-shop in |
68 stores
IPO on Frankfurst
Stock Exchange
48 stores
Go-live of
online-shop in
Germany
Founding of
Mister Spex
+900 %
Go-live of | ||
online-shop | Acquisition of | |
in Spain | Lensstore and | |
Loveyewear | ||
Rollout of 3D | ||
Go-live of | virtual try-on | |
online-shop | tool | |
in the UK | ||
Go-live of | ||
Go-live of | online-shop | |
online-shop | in Sweden | |
in France | ||
+80 % | ||
+140 % | +40 % | +60 % |
Switzerland | ||
Go-live of | 18 stores | |
online-shop in | ||
the Netherlands | 10 stores | |
Acquisition | ||
lensit.no | ||
+15 % | ||
+20 % | ||
+20 % | +10 % | |
+40 % | ||
+30 % |
34 stores
+18 %
+18 %
+8 %
+6 %
2007 2008 2009
2010 | 2011 | 2012 | 2013 |
2014 | 2015 | 2016 | 2017 | 2018 | 2019 |
2020 2021 2022 2023
Revenue
% Sales growth
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Annual Report 2023 | |
C | Growing store network |
H | |
A | and continuing to focus |
N | on sustainability |
G | |
E | Mister Spex continued to expand its store network in 2023, opening eight new stores in popular shop- |
ping locations. This brought the total number of Mister Spex stores in Europe to 75 by the end of the | |
year. In addition to a wide selection of eyewear, all Mister Spex stores offer a full range of optical | |
services and expert advice from trained opticians. The new stores also embody the Mister Spex | |
omnichannel concept in a unique way. They are seamlessly linked to the online store, so customers | |
can easily purchase frames and lenses online or in-store, intuitively finding the perfect eyewear for | |
their individual look and style with maximum choice. |
Store of the Year 2023
The flagship store in Cologne, which opened in 2022, proves that the store concept that seamlessly links the online and offline customer journey at all touch- points, is not only popular with customers, but also with experts: the German Retail Association (Handelsverband Deutschland e.V., HDE) honoured the Cologne store with the prestigious "Store of the Year 2023" award at the Retail Property Congress for Concept and Design. In addition to glasses and sunglasses from the store's own collection and popular brands from the Mister Spex BOUTIQUE, it also features a separate floor for luxury brands and independent labels, as well as a bar where customers can find inspiration and expert advice in a relaxed atmosphere. The store covers a total of 400 square metres.
Company | Combined management report | Remuneration report Consolidated financial statements Service | |
Winner of the German Sustainability Award
Thanks to its high level of environmental and social commitment, Mister Spex has won the prestigious German Sustainability Award in the "Pharmacies and Medical Retail" category. The award is the largest of its kind in Europe and is presented by the 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 selected Mister Spex from ten nominated companies in the "Pharmacies and Medical Retail" category based on publicly available sustainability data. We are proud to have received this award and we look forward to continuing our journey towards greater environmental, social and business sustainability in the years to come.
Sustainability and corporate responsibility
As Europe's leading digitally driven omnichannel optician, Mister Spex is committed to corporate responsibility and has launched several sustainability initiatives. In doing so, we are also responding to con- sumers' growing desire for a sustainable lifestyle. For example, since 2011 we have been offering virtual fittings to reduce CO2 emissions through fewer deliveries and returns, and a glazing service to reuse existing frames. In 2023, we introduced a new packaging design that significantly reduces the use of hard-to-break-down plastic elements and reduces packaging volume. We are also constantly expanding
our range to include environmentally friendly and sustainable brands. More than 600 pairs of prescription glasses and sunglasses from 50 sustainable brands are already available in our stores and online. For every pair of glasses sold from our "share x Mister Spex" brand we donate another pair of glasses to a person in Burkina Faso. In addition, Mister Spex also focuses on the social aspects of its employees. Diversity, equality, and inclusion (DEI) are firmly anchored in the corporate culture.
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Annual Report 2023 | |
C | Evolving financial and |
H | |
A | non-financial profile |
N |
Company | Combined management report | Remuneration report Consolidated financial statements Service |
Key Figures
G |
E |
in € k
Financial performance indicators Revenue
Revenue by product category
Prescription glasses
Sunglasses (incl, prescription sunglasses)
Contact lenses
Miscellaneous services
Gross profit1
Gross profit margin2
EBITDA
Adjusted EBITDA
Financial position
Cash flow from operating activities (in € k) Cash flow from investing activities (in € k) Cash flow from financing activities (in € k) Net debt 4 (in € k)
Non-financial performance indicators Active customers 5 (in k)
Number of orders6 (in k)
Average order value7 (in €)
Number of employees
Number of stores
1. Jan. bis 31. Dec.
2023 | 2022 | Change |
223,530 | 210,067 | 6 % |
90,114 | 81,587 | 10 % |
67,491 | 59,670 | 13 % |
61,300 | 64,917 | −6 % |
4,625 | 3,893 | 19 % |
113,157 | 101,885 | 11 % |
50,6 % | 48,5 % | 212bp3 |
−4,693 | −11,974 | −61 % |
900 | −8,289 | >100 % |
6,037 | −20,842 | |
−14,606 | 3,751 | |
−8,569 | −4,761 | |
14,318 | −35,565 | |
1,747 | 1,734 | 1 % |
2,295 | 2,304 | 0 % |
95.67 | 89.80 | 7 % |
1,293 | 1,330 | −3 % |
75 | 68 | 10 % |
-
Management defines gross profit as sales revenue less the cost of materials
2 Management defines gross profit margin as the ratio of gross profit to revenue 3 bp = basis points
4 Net Debt = non-current liabilities + current liabilities -cash and cash equivalents 5 Customers who ordered in the last twelve months excluding cancellations
6 Orders after cancellations and after returns in the reporting period
7 Calculated as revenues divided by number of orders after cancellation and after returns, over the last twelve months
9
Annual Report 2023
Letter to the shareholders
Company | Combined management report | Remuneration report Consolidated financial statements Service |
To Dirk Graber's short biography
To Dr. Mirko Caspar's short biography
Dear shareholders, partners, employees and suppliers,
In a year characterized by global instability, Mister Spex achieved its targets and executed its strategy successfully. We expanded our store network, significantly increased profitability, and pushed the boundaries with the introduction of 3D printed frames, Mister Spex EyeD. Our robust position enables us to navigate the prevailing economic volatility and emerge resilient.
We are delighted with our accomplishments in a dynamic trading environment that continually presents diverse challenges. Throughout the year, the macroeconomic landscape maintained its uncertainty for our customers, colleagues, and suppliers, exacerbated by elevated levels of inflation acting as significant headwinds. Our efficiency program Lean 4 Leverage over the past year has proven instrumental, enabling us to navigate successfully by leveraging the factors within our control and maintaining strong operational oversight.
This approach has not only allowed us to deliver robust results but has also facilitated market share gains and empowered us to continue investing in the future with additional store openings and IT investments. The success we've achieved, whether in developing our prop- osition, fortifying relationships, enhancing operations, or serving our customers, is the collective effort of every colleague at Mister Spex and our valued partners. We extend our sincere gratitude to all our colleagues for contributing their knowledge, personality, dedication, and enthusiasm. Together, we are fostering a more inclusive workplace, aligned with our shared values, and propelling our overall performance.
We are enthusiastic and ambitious as we embrace the opportunity to sustainably grow in the future. Throughout our history, we have demonstrated a robust track record of increasing sales and market share, thriving in both growing markets and more challenging conditions. Since the founding of the company, we have experienced 14 years of double-digit growth for the group. Even in the past year, amid considerable decline in consumer sentiment and a broadly flat eyewear market, we continued to grow our revenue, once again showcasing significant gains in market share.
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Mister Spex SE published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2024 21:03:03 UTC.