Context
Mister Spex is a German digitally native omnichannel optician. It has a highly differentiated offering that spans digitalization of optical retail and multi-brand fashion products.
Since its inception in 2007, Mister Spex’s omnichannel approach has evolved as a key competitive advantage over legacy incumbents. With a digitally native model it offers a superior seamless customer experience (NPS >70%) on an optimized platform.
Mister Spex has been at the forefront of the industry’s transformational shift, growing from a pure online player into a successful omnichannel optician. The company has more than 5 million customers, 10 online shops across Europe in addition to retail stores.
The excellence of Mister Spex omnichannel model has been further demonstrated during the Covid pandemic, showing 18% revenue growth in 2020 while the European eyewear market shrunk by 13%.
With proceeds from the IPO, Mister Spex will accelerate retail expansion to develop the omnichannel customer experience and push into the prescription category. The company also intends to make strategic investments to drive international growth and expand tech leadership.
About Mister Spex
Founded in 2007, Mister Spex SE (together with its subsidiaries, "Mister Spex") is a multi-award-winning company that has become the leading digitally native omnichannel optician in Europe. Mister Spex has been at the forefront of the industry’s transformational shift, growing from a pure online player into a successful omnichannel optician with more than 5 million customers, 10 online shops across Europe and physical retail stores. A digital native, technology and innovation have always been an integral part of the company’s evolution, from 2D to 3D digital frame fitting tools to intelligent browsing functionalities. The focus of Mister Spex is to make eyewear purchase for customers an easy, transparent and fun shopping experience by combining a comprehensive and varied range of high-quality products with optician expertise and services through its customer service, own stores and an extensive network of partner opticians.
Deal Team
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Bryan, Garnier & Co acts as Joint Bookrunner on Mister Spex’s EUR 326 million Initial Public Offering
Acting as Joint Bookrunner, Bryan, Garnier & Co helped deliver a EUR 326m IPO for Mister Spex (upon full greenshoe exercise).
Leading specialist eyewear equity research analyst, Cédric Rossi, articulated the best equity story and valuation including a proprietary “omnichannel premium matrix”. Cédric’s long-standing and well-recognized perspective on the European eyewear sector was instrumental in raising awareness from investors and generating demand for the IPO.
Bryan, Garnier & Co conducted a broad and deep investor education initiative, with more than 60 one-on-one meetings geared towards long-only accounts. This generated strong demand visibility prior to launch from tier-1 institutions in France, Benelux, the UK as well as Italy.
Bryan, Garnier & Co was instrumental in bringing price insensitive long-only demand in the book during the first day of bookbuilding, helping the company to achieve coverage on the full deal size within 4 hours. Bryan, Garnier & Co continued to generate demand throughout the bookbuilding with low price sensitivity and delivered several high-quality allocations.
This is Bryan, Garnier & Co’s 13th capital market transaction and 4th IPO 2021 YTD.
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