Annual Report 2020

Emerging risks

While we focus on managing existing risks, we always keep an eye on emerging risks and opportunities that can significantly impact our business. And in 2020, the COVID-19 pandemic was an extraordinary situation that affected the global population.

Like many other businesses, GrandVision was considerably affected on many levels, from our customers and retail employees to our supply chain. From the outset of the COVID-19 pandemic, the health and safety of our customers and employees has been our primary focus and will continue to be top-of-mind across all our markets.

And as a direct consequence, we took immediate action and steps to ensure limited disruptions from our supply chain and our value proposition to accelerating changes in customer preferences to facilitate the omnichannel-driven customer journey.

Furthermore, optical markets are becoming less subsidized by healthcare systems as governments aim to contain healthcare costs. Changing laws and regulations are always on our radar in order for us to adapt and respond as needed. For example, we are currently preparing GrandVision to comply with the European-enforced changes to medical device regulations.

We also identified the increasing importance of information security and try to arm our operations against external threats. We faced 'home office' situations in many of our markets. This development led us to take actions from both the second line of defense, policy-setting, training, as well as the third line of defense and specific topic reviews to reinforce our networks.