Vision Express is a popular optical retailer found in many shopping centers and high streets across the United Kingdom. With over 600 stores nationwide, Vision Express is one of the largest players in the UK optics market. But what company actually owns and operates the Vision Express brand?
The History of Vision Express
Vision Express was founded in 1988 by optometrists Robin Totterman and Roger Spokes. The first store opened in London and offered eye tests and glasses at affordable prices. This was in contrast to the more traditional family-owned opticians which dominated the market at the time.
The concept proved popular with customers and Vision Express began rolling out new stores across the country. By the mid-1990s, Vision Express had become one of the largest optical retailers in the UK with around 100 stores.
In 1998, Vision Express was acquired by Dutch optical company GrandVision. This gave Vision Express the financial backing to continue its rapid expansion across the UK and into Europe. By the early 2000s, Vision Express had over 400 stores and was well on its way to becoming a household name.
GrandVision Owns and Operates Vision Express
Today, Vision Express remains owned by GrandVision NV. GrandVision is a Dutch company founded in 1996 and headquartered in Schiphol, Netherlands. It is one of the largest optical retailers in the world with over 7,000 stores across more than 40 countries in Europe, the Americas, the Middle East and Asia.
The company owns a number of major optical retail brands internationally including Vision Express, For Eyes (US), NuSight (China), and more. So while Vision Express operates as an independent brand in the UK and Ireland, it is part of this larger global network of optical retail stores owned by GrandVision.
In addition to outright ownership of retail chains, GrandVision also works through partnerships and franchises around the world. This allows the company to have a presence in even more countries and optical markets beyond where it directly owns and operates stores.
Vision Express Store Network
Vision Express locations can be found across the UK, as well as in Ireland where the company trades as Vision Express Ireland. There are approximately 599 Vision Express stores in the UK and 36 locations in Ireland as of 2022.
Vision Express stores are a mix of owned and franchised locations. The owned stores are fully operated by Vision Express, while the franchised stores are run by independent optometrists and eye care professionals. Vision Express has about a 60/40 split between owned and franchised locations.
The Vision Express store network extends beyond just retail shops. There are also 106 Vision Express hearing care stores that offer audiology services and hearing aids fitting. These locations either operate under the Vision Express brand or as Hidden Hearing stores.
In addition, Vision Express operates optical labs that produce prescription lenses, frames, and other eyewear products. The National Distribution Centre in Gateshead handles logistics and distribution for the entire UK and Ireland retail network.
What Products and Services Does Vision Express Offer?
As an optical retailer, Vision Express stores offer a full range of products and services including:
- Eye exams and eye tests
- Prescription glasses including single vision, bifocal, progressive and varifocal lenses
- Contact lenses including disposable, monthly and daily lenses
- Designer glasses and sunglasses from brands like Ray-Ban, Oakley, and more
- Eye health services
- Hearing tests and hearing aids
Vision Express aims to cater to all eye care and eyewear needs for the whole family. There are kids frames, prescription glasses for adults, sunglasses, contact lenses, and accessories. Designer brands feature heavily in stores to attract style-conscious customers.
Eye tests at Vision Express can be done by qualified optometrists or ophthalmic trained staff, depending on the location. Some stores have full optometry practices, while others provide basic eye checks that can then be followed up with a full exam if needed. Customers can get NHS or private eye tests.
How Does Vision Express Compare to Competitors?
The UK optical market is dominated by a handful of major players. Vision Express is one of the “big six” chains alongside the likes of Specsavers, Boots Opticians, David Clulow, Optical Express, and SynergEyes.
Specsavers is Vision Express’ closest direct competitor with a similar number of retail stores nationwide. Both Specsavers and Vision Express have around 600 locations each, though Specsavers has a larger share of the market in terms of revenue and customers.
Boots Opticians is another major competitor operating in many Boots pharmacy locations across the country. Independent opticians make up about 20% of the overall market combined.
When comparing the major retail opticians, Vision Express competes largely on:
- Convenient locations in shopping centres and high streets
- Brand selection including major designer labels
- Eye test accessibility with NHS, private and online eye test options
- Trained optometrists and professional eye care staff
- Value for money and regular discount offers on glasses
Its ownership by GrandVision gives Vision Express scale advantages in sourcing products and running marketing campaigns. The GrandVision network also allows sharing of best practices across different countries. However, Specsavers’ larger individual market share in the UK provides competition in terms of pricing power and brand recognition.
Recent Changes at Vision Express
There have been some key developments in recent years that affect Vision Express and owner GrandVision:
- In 2019, GrandVision agreed to a $7.2 billion takeover by French lens manufacturer EssilorLuxottica. However, the deal remains in dispute as of 2022.
- During the COVID-19 pandemic, Vision Express stores remained open as essential healthcare facilities. The company reports eye test demand is recovering after an initial drop early in the pandemic.
- Vision Express rolled out an updated store design concept in 2021. The new stores feature more experiential elements and technology like 3D virtual try-ons.
- In 2022, Vision Express launched a new online eye testing service allowing customers to get prescriptions remotely from the comfort of home.
The potential EssilorLuxottica takeover introduces some uncertainty around Vision Express’ future ownership structure. But the chain continues moving forward with store investments and innovations like online eye tests. This helps strengthen its positioning as a convenient omnichannel optical retailer.
Vision Express Ownership Structure
Vision Express is fully owned by GrandVision NV. The ownership structure is as follows:
| Parent Company | Headquarters | Ownership |
|---|---|---|
| GrandVision NV | Schiphol, Netherlands | 76.72% EssilorLuxottica |
| GrandVision UK Holdings Ltd. | Gateshead, UK | 100% owned by GrandVision NV |
| Vision Express (Opticians) Ltd | Gateshead, UK | 100% owned by GrandVision UK Holdings Ltd. |
EssilorLuxottica owns a majority 76.72% stake in GrandVision as of 2022. However, the proposed full acquisition of GrandVision is still undergoing regulatory reviews and arbitration over disputed terms, leaving the ultimate outcome uncertain.
Within the GrandVision global eyewear group, Vision Express operates as an independent brand and subsidiary focused on the UK and Ireland markets. But strategic direction and major investment decisions ultimately come from GrandVision headquarters in the Netherlands.
Vision Express Management and Executives
Vision Express employs approximately 5,500 team members including retail staff, optometrists, technicians, and operations personnel. The company has regular openings for retail associates, opticians, optometrists and head office roles which are posted on its careers website.
Some key executives and leaders within Vision Express include:
- Steve Long – Managing Director of Vision Express UK & Ireland
- Mike Fischer – Commercial Director
- Gareth Simpson – Operations Director
- Alison Mayne – People Director
- Jonathan Lawson – Chief Financial Officer
- Samantha Hanratty – Marketing Director
- Nashnia Amir – Audiology Director
Vision Express UK & Ireland MD Steve Long reports up through the Global Commercial Division at GrandVision. So while Vision Express has its own organisational leadership, GrandVision ultimately oversees the brand and aligns its strategy with the wider company goals.
Vision Express Revenue and Financial Performance
As a private subsidiary of GrandVision, Vision Express does not report detailed standalone financial results publicly. However, its parent company GrandVision NV publishes annual consolidated results.
In 2021, GrandVision reported total annual revenue of €3.5 billion. This was down slightly from €3.8 billion in 2019 prior to the COVID-19 pandemic. GrandVision attributed the drop primarily to temporary store closures earlier in the pandemic.
GrandVision reports revenue geographically across Europe, Americas & Asia, and Other. Vision Express revenue would be captured under the Europe region, which accounted for €1.9 billion in 2021. Key European countries for GrandVision include the UK, France, and Germany.
Annual revenue for GrandVision has grown fairly steadily over the past decade, aside from pandemic impacts. The company reported €3.2 billion in total revenue back in 2016, for example.
As one of the largest optical retail brands under GrandVision, Vision Express likely generates hundreds of millions in sales each year. But its specific revenue contribution is not broken out in GrandVision financial reporting.
The Future of Vision Express
Looking ahead, the future strategy and direction for Vision Express will depend on how GrandVision’s ownership situation plays out. If the EssilorLuxottica acquisition goes through, Vision Express would become part of the combined entity and no longer a GrandVision company.
However, if GrandVision remains independent, Vision Express is likely to continue growing its store footprint in the UK and Ireland. It will also keep investing in new omnichannel services, brand partnerships, and eye care technologies to stay competitive.
Internationally, Vision Express could potentially expand into other European markets where GrandVision lacks retail presence. This might put it in more direct competition with other GrandVision chains like For Eyes in the United States.
But in the core UK market, Vision Express will focus on increasing market share against Specsavers, Boots Opticians and independent eyewear retailers. Its ownership and resources should allow Vision Express to innovate and respond faster to eyewear trends and consumer needs into the future.
Conclusion
In summary, Vision Express is currently fully owned and operated by Netherlands-based GrandVision NV. It has grown from an independent start-up into one of the largest optical retail chains in the UK under GrandVision’s ownership.
While the disputed acquisition by EssilorLuxottica creates some uncertainty, Vision Express remains focused on providing a quality retail eyecare experience to its millions of customers. Its mix of accessible eye tests, designer brands, and omnichannel services help differentiate Vision Express in the competitive UK optical market.
Vision Express has around 600 locations across the UK and Ireland, as well as over 100 audiology stores under the Vision Express and Hidden Hearing brands. It employs around 5,500 team members in stores, optical labs, headquarters and field roles.
As the UK’s second largest optical chain behind Specsavers, Vision Express will aim to keep gaining market share under GrandVision or any future owner. Its convenience-driven store expansion strategy and customer-focused investments should help Vision Express consolidate its position as a high street eyecare destination into the future.