October 11, 2024, 8:13 am | Read time: 4 minutes
The optician chain Mister Spex is currently under enormous pressure. The company is trying to get out of a critical situation with a comprehensive restructuring and a massive savings program. Read STYLEBOOK to find out exactly what is behind these measures and what impact they could have on the eyewear retailer and its employees.
As recently reported by Wirtschaftswoche, Mister Spex has announced that more than 150 employees will be made redundant. This corresponds to around twelve percent of the workforce. In addition, all eight of the company’s international branches will be closed. This step is part of a comprehensive restructuring program aimed at getting the eyewear retailer back on track. The program is called “SpexFocus” and is intended to help overcome the company’s financial problems.
Overview
Mister Spex hopes for a fresh course with new management
The new interim CEO, Stephan Schulz-Gohritz, and the Chairman of the Supervisory Board, Tobias Krauss, announced the new measures. Schulz-Gohritz, who joined Mister Spex as CFO at the beginning of the year, has taken on the task of leading the cost-cutting program. Company founders Mirko Caspar and Dirk Graber have left the company. This means that Schulz-Gohritz is now the sole member of the Management Board.
The new leadership team is implementing a strategic pivot to ensure the future success of Mister Spex. While the founders primarily communicated bad news in the past, the new management is to stabilize the company again through targeted measures and an optimistic vision. Schulz-Gohritz aims to generate positive momentum by strategically emphasizing brick-and-mortar retail and increasing engagement in the varifocal market.
Background information on the restructuring of Mister Spex
Tobias Krauss, who has been a member of the Mister Spex supervisory board since 2020, has already criticized the passive attitude of the old supervisory board in the past. His vision includes a more active role for the Supervisory Board in monitoring and supporting the Management Board.
A central component of the restructuring program is the closure of the international branches and the reduction of personnel costs. The program will initially cost around nine million euros, which will be used for severance payments and the termination of rental agreements. The company expects these measures to stabilize the financial situation.
Challenges and outlook
One of the biggest challenges Mister Spex is currently facing is the shortage of opticians. While the company is reorganizing its stores to focus more on varifocals and other more profitable segments, the question arises as to whether it will be able to find enough qualified employees.
The market for opticians is also highly competitive. Large chains such as Fielmann and Apollo dominate the German market, while smaller companies are struggling to keep up. Mister Spex is now trying to position itself in the sports eyewear sector by strategically focusing on brick-and-mortar stores and introducing new brands such as “Mister Spex Moove”.
JLo, Katie Holmes, and Kendall Jenner are fans Alo Yoga is the trendy athleisure fashion brand of the stars
Shakes up London Fashion Week Discounter Lidl now makes high fashion – but there’s a catch
Taylor Swift, Sabrina Carpenter & Co. are fans Why Capezio tights are currently trending
Cooperation with Jacquemus to attract buyers
The company is also seeking to lure customers with high-profile collaborations. Among other things, Mister Spex is expanding its range to include the exclusive sunglasses collection of the trendy fashion brand Jacquemus. Through this partnership, the company is poised to bolster its standing in the premium sector and accelerate progress toward its profitability goals.
“It is of the utmost importance to us that we continuously expand our range with brands that reflect the current zeitgeist and meet the highest design and quality standards,” emphasizes Stephan Schulz-Gohritz in a press release. “Our vision is to create a platform that offers our customers access to the most sought-after brands worldwide. With Jacquemus, we are taking another big step in this direction.”
Jacquemus, founded in 2009 by Simon Porte Jacquemus, has established itself as one of the leading brands in the fashion world in recent years. The sunglasses collection, therefore, meets the tastes of fashion-conscious customers who are looking for exclusive accessories. Time will reveal the effectiveness of this new strategy in the long run.