Luxottica Boosting Investments in OPSM Brand in Australia/New Zealand
|February 17, 2012 12:21 AM
Luxottica (NYSE: LUX) announced it would boost its investments in its OPSM brand, the Australia and New Zealand leading optical retail chain, in a strategy “that will significantly enhance Luxottica’s market-leading position in optical retail in the region, and provide a solid platform for future growth,” the company said.
Over the next 24 months, more than 50 stores will be added to the OPSM network, moving from 368 to 419 and, by the end of 2015, the OPSM retail footprint will expand to more than 470 stores in Australia and New Zealand, a company statement said. OPSM will also see an additional $5 million marketing spend invested in the brand and the store upgrade and refurbishment capex program will double to almost $40 million in the period, according to the company’s statement.
In line with this plan, Luxottica intends to transition Budget Eyewear and Just Spectacles stores into OPSM stores, subject to working through commercial and legal processes. The group’s 100-year-old Laubman & Pank brand will focus on growth in its traditional home markets—South Australia, West Australia and Queensland. In NSW and Victoria, Laubman & Pank stores will also be rebranded as OPSM. Some lower-performing stores will relocate or close.
Luxottica’s CEO of Asia Pacific, Chris Beer, said, “OPSM finished the December quarter well, with comparable store sales for OPSM growing by more than 10 percent. This is a result of the changes implemented in OPSM during the past year and we are now confident to accelerate our investment in OPSM. Given the strong position of the business, we believe this is the right time to make the changes, which will strengthen the organization even further.
“Over the past few years,” Beer added, “OPSM has been a world leader in driving innovation in eyecare. We are leading the way with numerous initiatives, including the introduction of our award-winning superstore, OPSM eye hub, which has set a new standard in optometry care and personalized customer service. We’ve also launched mobile stores and intensified our investment in optometrist training. In addition, over the next 24 months, we have committed $20 million to leading edge eye disease detection equipment exclusive to OPSM in the Australian and New Zealand markets, ensuring OPSM customers continue to receive the most up-to-date eyecare.”
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