Glasses and contact lenses: approx. 75%
Hearing aids: approx. 15%
Other products and services: approx. 10%

Germany: approx. 55%
Austria: approx. 15%
Switzerland: approx. 10%

The Fielmann Group AG generates the majority of its revenue from the sale of glasses and contact lenses, which accounts for about three quarters of total revenue. Hearing aids also make a significant contribution, while the rest comes from other products and services.

Germany is the largest market for Fielmann, followed by Austria and Switzerland. These three countries together account for about 80% of total revenue, highlighting Fielmann's strong presence in the German-speaking region.

Production Sites: Germany, Italy, China

The Fielmann Group AG mainly produces its glasses and optical products in Germany, Italy, and China. These locations enable the company to manufacture high-quality products and operate cost-effectively.

Germany is known for its precision and quality in manufacturing, which Fielmann utilizes to produce premium products. Italy provides expertise in design and fashion, while China is used for mass production due to lower production costs. This combination of different production sites allows Fielmann to flexibly respond to market demands and offer a wide range of products.

Revenue Growth: Estimated at 5-7% annually (2025-2027)
Market Expansion: Focus on European markets, especially France and Italy
Digitalization: Investments in E-commerce and digital services

Fielmann Group AG is pursuing a growth strategy based on three main pillars: geographical expansion, digitalization, and sustainability. The company plans to further expand its presence in Europe, with a particular focus on markets such as France and Italy, where the growth potential is considered high.

In the field of digitalization, Fielmann is increasing its investments in expanding its E-commerce platforms and digital services. This includes enhancing the online customer experience and integrating augmented reality technologies to facilitate the purchase of glasses.

Additionally, Fielmann places great emphasis on sustainability by introducing environmentally friendly materials and production processes. These measures are intended not only to improve the ecological footprint but also to strengthen the brand image and attract new customer groups.

Main materials: Acetate, Metal, Glass

Countries of origin:

• Acetate: Italy, Japan
• Metal: China, Germany
• Glass: Germany, France

Fielmann Group AG imports a variety of raw materials and materials necessary for the production of their glasses and optical products. Acetate, a commonly used material for eyeglass frames, is mainly sourced from Italy and Japan, as these countries are known for their high-quality acetate products.

Metal, used for the production of eyeglass frames and other components, is imported from both China and Germany. China is a significant supplier due to its cost-efficient production capacities, while Germany is valued for its precision and quality.

Glass, needed for the production of eyeglass lenses, is predominantly imported from Germany and France. Both countries are known for their advanced technologies in glass production and offer products of high optical quality.

Market share in Germany: approx. 21% (2024)
Number of stores: over 900 (2024)
Online sales share: approx. 10% (2024)

Fielmann Group AG has a significant competitive advantage due to its strong market presence in Germany and Europe. With a market share of around 21% in Germany, Fielmann is the leading optician in the country. This market leadership enables the company to benefit from economies of scale and to have a strong negotiating position with suppliers.

The wide retail presence with over 900 locations in Europe provides Fielmann with an extensive customer reach and strengthens brand awareness. Furthermore, the company is investing in digitalization and has an online sales share of about 10%, indicating a successful integration of online and offline distribution channels.

Fielmann's focus on customer service and quality, combined with competitive prices, also contributes to its competitive advantage. The company pursues a strategy of vertical integration, allowing it to control the entire value chain from production to sales. This leads to cost efficiencies and high customer satisfaction.

Institutional Investor Share: approximately 55% (2025, estimated based on historical data)

Insider Purchases/Sales: No significant transactions reported (2025, based on the latest available reports)

The institutional investor share at Fielmann Group AG traditionally exceeds 50%, indicating the trust of institutional investors in the company's stability and growth potential. These investors typically include pension funds, investment funds, and other large financial institutions.

Regarding insider purchases or sales, there were no significant transactions in 2025 that would indicate a change in management or major shareholders' confidence in the company's development. This suggests a stable internal assessment of future business performance.

Market Share Fielmann Group AG: 6.5% (2025, estimated)

Top Competitors and Market Shares:

1. EssilorLuxottica: 15.0%
2. GrandVision: 8.0%
3. Fielmann Group AG: 6.5%
4. Specsavers: 5.5%
5. Vision Express: 4.0%
6. Mister Spex: 3.5%
7. Apollo-Optik: 3.0%
8. Pearle: 2.5%
9. Other local chains and independents: 51.0%

Moat Analysis:

Fielmann Group AG has a significant moat, mainly characterized by its strong brand recognition, dense network of stores, and excellent customer service. These factors enable Fielmann to maintain a loyal customer base and attract new customers. Additionally, the company benefits from an efficient cost structure supported by high sales volumes.

Compared to competitors, EssilorLuxottica has the strongest moat as they operate in both the eyewear production and retail sectors. This gives them vertical integration, providing cost advantages and control over the entire value chain.

GrandVision, as part of EssilorLuxottica, also benefits from this integration and has a strong market presence in Europe. Specsavers and Vision Express excel with a wide network of stores and attractive pricing strategies, while Mister Spex, as an online optician, pursues a modern approach through its digital presence and innovative technologies.

Overall, Fielmann has a solid moat, but EssilorLuxottica's vertical integration and global reach are hard to surpass. Fielmann could benefit from stronger international expansion and further development of their digital offerings to strengthen their moat.

Revenue Growth: 8.5% (2024) Profit Growth: 10.2% (2024) Market Share in Germany: 50% (2024)

In 2024, Fielmann Group AG achieved a revenue growth of 8.5%, attributed to strong demand and efficient business strategies. The profit growth of 10.2% indicates that the company has good cost control and operates profitably.

With a 50% market share in Germany, Fielmann is a dominant player in the optician market. This strong market position provides a solid foundation for future growth, especially through expansion into other European markets.

The strategic focus on digitization and e-commerce could further increase growth potential. Given these factors, Fielmann's stock could present an attractive investment opportunity, especially for investors interested in a stable company with growth potential.

Dividend Yield: 3.5% (estimated for 2025)
Payout Ratio: 60% (estimated for 2025)

Fielmann Group AG is known for its reliable dividend policy. In recent years, the company has consistently paid out dividends, indicating a stable financial foundation and a solid business model. The estimated dividend yield of 3.5% for 2025 shows that the company continues to strive to offer attractive returns to its shareholders.

The payout ratio of about 60% suggests that Fielmann is distributing a significant portion of its profits to shareholders while still retaining enough funds for investments and future growth. This balance between payout and reinvestment speaks to the sustainability of the dividend policy.