Fielmann drives US expansion with acquisition of Shopko Optical

German eyewear retailer Fielmann Group AG has outlined its intention to expand its presence in the US with an acquisition in the region.

The group announced that its subsidiary Fielmann USA Inc. had signed an agreement with the financial investor Monarch Alternative Capital LP to acquire all shares in the retail chain Shoptikal Topco Inc (Shopko Optical).

The acquisition of the shares was "based on a valuation of approximately 290 million dollars", Fielmann noted. The transaction is still subject to regulatory approvals, but is currently expected to be finalised in the third quarter.

According to the Hamburg-based retail group, Shopko Optical recently achieved annual sales of 168 million dollars and has more than 140 shops in 13 US states. Fielmann USA intends to "integrate these into its omnichannel platform" once the acquisition is complete, the company announced.

The retailer began its expansion in the US last year with the acquisition of two local eyewear providers. This latest acquisition of Shopko Optical will further this mission by enabling Fielmann to supply its customers in the US "via digital sales channels and a total of over 220 optical shops in 19 US states", the group explained.

This article originally appeared on FashionUnited.DE. Translation and edit by: Rachel Douglass.