Annual Report 2020

Our core activities

At GrandVision, we run global eyecare retail operations that are highly adaptive to local consumer needs and numerous regulatory environments. Our local customer-facing activities are enabled by an effective and progressively centralized Product Value Chain.

We pride ourselves on taking high-quality and affordable eyeglasses, sunglasses and contact lenses from the design stage to our retail brand stores across the globe. Our core activities include designing our Exclusive Brand eyewear, sourcing third-party branded products, operating a retail omnichannel network across 40+ countries, and employing a workforce of 39K+ professionals who provide award-winning eyecare services for customers.

We work hard to turn customers into loyal fans

Our customers are at the core of everything we do. Therefore, our eyecare experts are the heartbeat of our company. They ensure that customer experience and products always meet our high, award-winning standards. They are supported by our best-in-class omnichannel customer journey, which includes eye exams, contact lens fittings, eyewear style advice, eyewear and contact lens subscriptions, as well as after-care services.

And in 2020, thanks to our ongoing customer service and experience improvements, we again succeeded in achieving an increase in customer satisfaction. We measure this through our NPS score, an index on a scale from one to 100 that shows the willingness of our customers to recommend our products or services to others.

Our NPS score increased from 65 in 2019 to 70 in 2020. This score means that we increased our service quality to the 'Excellent' range.

The strength of our omnichannel retail network

GrandVision operates more than 30 major optical retail brands across 40+ countries that mainly target mid-to-low market segments. In Belgium, Denmark, Finland, France, The Netherlands, Norway, Mexico, Spain, Sweden and Switzerland, we operate a second retail brand that serves the mid-to-high market segment. We operate a sunglasses business under the name Solaris with a variety of own stores and presence in our local retail brand shops. We also operate several e-commerce shops under individual brand names, such as Charlie Temple.

GrandVision's store base decreased in 2020 to 7,260. Despite COVID-19, store openings continued at a significant pace as we opened 187 stores across the network. As in previous years, we continued to assess our store network’s quality, resulting in a closure of structurally underperforming stores mainly in the Americas and Asia segment. The network was also impacted by closures in India and Italy and the exit of operations in China, in addition to the absence of any significant network-contributing acquisitions in the period.

At the same time, our global digital efforts accelerated our omnichannel offerings, and we grew our e-commerce sales by 85%, year-on-year. We also achieved a significant increase in digitally-influenced store sales driven by omnichannel tools such as our proprietary online appointment booking, mobile-first websites, store locators, an advanced Customer 360 CRM and an omnichannel customer service desk platform.

In addition, the strength of our retail brands in each of their markets contributed to their strong performance. In 2020, we were honored with numerous industry awards in the following sectors:

Our Product Value Chain

The backbone of all customer-facing activities is our Product Value Chain. It oversees our full spectrum of operations, including:

  • Designing, developing and activating our Exclusive Brand products
  • Curating our global product catalog assortment
  • Overseeing supplier selection and relationship management
  • Ensuring the 'right' product assortment is delivered on time and adapted to each market
  • Edging, mounting and applying the 'finishing touches' to prescription glasses and sunglasses
  • Setting up best-in-class distribution processes
  • Maintaining operational efficiencies to enhance our customers' experience
  • Evaluating and integrating changing customer behaviors into our customer buyer journey, online and instore

In 2020, our Exclusive Brand collection made up 61.5% of our total optical volume. Our Exclusive Brand sunglasses accounted for 37.6% of our total sunglasses volume, while our Exclusive Brand contact lenses made up 46.8% of total contact lens volume.