Didier Pascual

Europe’s leading network of franchise optical and hearing-aid stores.


Sector: Consumer Investment date: 2012 Apax position: Minority Activity: MidMarket
Why did we invest?

Groupe AFFLELOU is the leading optical franchise in Europe, #3 optical banner in France and #2 in Spain. The company has a long-standing track-record of successful products innovations (€1 daily contact lenses, made-to-order progressive lenses), commercial offers (2 for 1…) and services (insurance, free-of-charge credit). It benefits from strong brand awareness: 99% in France, 87% in Spain, 89% in Belgium, 80% in Switzerland.

Groupe AFFLELOU benefits from positive structural trends in its market: ageing population, increasing exposure to digital display, technological innovation and growing sensitivity to fashion.

How do we intend to create value?

The investment thesis is to roll-out stores in existing or new markets (China) and to acquire medium-sized optical chains in France, Spain, Portugal and Denmark.

25% of revenues are generated abroad.
Opening of 35 stores worldwide bringing the company’s total number of stores outside France to more than 520.

The group has recently completed several acquisitions:

  • happyview.fr and malentille.com (2016)
  • Optical Discount, a chain of discount store franchises with 89 sales outlets in France (2015)

Launching of the new website with the objective of increasing online sales and qualified web-to-store traffic.

Acquisition of two internet sites, Happyview.fr and Malentille.com, bringing in an experienced team of digital experts.