MyOptique Group raises £16m to fund more expansion

Two new investors, Korys and Beringea, joined existing stakeholders Cipio Partners, Silicon Valley Bank, Acton Capital Partners, Highland Capital Partners, and Index Ventures to complete the round.

“We are looking to make further acquisitions in France and Germany as these are both strong European e-commerce markets,” Mr Cornils told The Telegraph. “We’ll also invest in above-the-line advertising for the first time, with campaigns on TV and billboards.”

Non-UK sales already account for nearly two-thirds of MyOptique’s turnover, but the company is keen to move towards “further internationalisation”, Mr Cornils said. “The offline European optical market is valued at over €25bn today,” he said. “The potential is massive.”

MyOptique also plans to invest heavily in technological innovations to improve the online shopping experience and encourage more shoppers away from the high street.

“We’re developing an online mirror so that you can see the glasses on your face before you buy,” said Mr Cornils. “There will also be improvements to our home trial programme, which lets you receive four pairs for free to try on in the comfort of your home.”

MyOptique reported gross retail sales of £34m for the year to April 2014. Prescription glasses are the biggest earner for the firm, which has launched several in-house labels to meet demand for cut-price designer spectacles.

MyOptique’s top-selling range, the proprietary London Retro brand, has seen 100pc sales growth since 2011. My Optique has a further three in-house labels planned for launch in the autumn. According to Mr Cornils, MyOptique has generated more than £40m in savings for the glasses-wearing public to date. The company recently served its one millionth customer.

Since 2009, the business has achieved a year-on-year growth rate of 53pc. Mr Cornils predicted that MyOptique will continue this trajectory into 2015 and beyond.

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