British eyewear brands enjoyed a post-pandemic sales boom as frames wearers sought ways to express themselves through fashion after lockdowns.
In the absence of trade shows, brands explored new methods of showcasing products during the pandemic, which, when paired with a change in consumer shopping habits, has paid off.
Hove-based eyewear brand Kirk & Kirk has announced major expansion plans after it experienced high demand for its vibrant frames following the pandemic.
Kirk & Kirk grew 42% in the first year of the pandemic and growth this year was estimated to be 30%. The brand has grown from 20 retailers in the UK in 2018 to almost 100 today.
It has been stocked by two optical practices per week, worldwide, since 2019 and Kirk & Kirk was now sold in 40 countries in independent practices. The brand invested heavily in virtual try-on technology, which it said allowed the business to stand apart from others.
The brand said large, expressive and colourful eyewear was in fashion and wearers wanted to express their personality. Kirk & Kirk added that expressing the joy of being able to go out and socialise again has been key to its success.
It noted that frames became the visual focus of conversation during the pandemic because of the increase in the use of videocall technology, such as Zoom and FaceTime.
Jason Kirk, co-founder of Kirk & Kirk, said: ‘Eyewear is about expressing your true self. You know when you have found the right pair. You look in the mirror and you feel two inches taller. The business has grown because the demand has increased because of what happened in lockdown. People needed positivity and excitement wherever they could find it and when you can enjoy something that you put on every day, it becomes emotionally valuable.
‘Consumers and retailers looked for ways to set themselves apart in a sea of mediocrity and limited access to “discovery”. When conducting an interview or a business meeting online. What do you want to say about yourself? Expressive eyewear says something about you. For example, “I am serious and professional but I am also fun to work with.”’
He added that consumers want to invest in themselves by purchasing quality products. ‘They are buying fewer articles but of better quality and are prepared to pay more. People are not going into offices like they once did and quality eyewear has replaced some of the traditional sartorial statements, like suits. It used to be that the only opticians that you heard about were Specsavers and Boots, but social media allows us to discover independent stores and brands from all over the world and opens up huge possibilities for the consumer.’
Global growth
Revenue at Inspecs increased 420% to $246.5m, up from $47.4m in 2020, in the optical group’s financial results for the year ended December 31, 2021.
Adjusted underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) increased 376% to $27.6m in 2021, up from $5.8m in 2020, and gross profit was up 465% to £115.8m in 2021, up from $20.5m in 2020.
Acquisitions of brand distributors Ego Eyewear and BoDe Design were noted by the group as operational highlights, as well as purchasing the trademarks to British fashion brand Hardy Amies.
The global number of eyewear units sold increased 112% to 10.4m in 2021, which was up from 4.9m in 2020, the company reported.
Robin Totterman, CEO of Inspecs, said: ‘2021 marked another successful year for Inspecs as we continued to gain momentum through our proven vertically-integrated business model. While we were not immune from the well-documented global supply chain challenges and the regional lockdowns relating to Covid-19, we were able to navigate market conditions and deliver an exceptional performance.
‘Our ability to more than double our revenue, EBITDA and gross profit in the year is a reflection of our continued strategic investments in the period, coupled with organic growth. The acquisitions of BoDe, Ego Eyewear and Hardy Amies have diversified our brand portfolio and broadened the distribution of our products around the world. In addition, we have invested in our manufacturing facilities to enhance our production capabilities.
'During the period, we opened Norville’s new state-of-the-art lens manufacturing facility on time and within budget, scaled-up our operations in Vietnam and, looking ahead, we have advanced our plans to build a new factory in Portugal.’
Totterman added that Inspecs experienced strong trading in the first three months of the 2022 financial year, which marked significant progress for the company and was a sign growth was not slowing down.
However, as the public feels the pinch from rising household bills and an increase in the cost of living, will the post-pandemic sales boom experienced by eyewear companies be shortlived?