New Look Vision Group (TSX:BCI) provides eye care products and services in Canada and the United States. It offers prescription eyewear and non-prescription eyewear, contact lenses, sunglasses, protective eyewear, reading glasses, and cleaning products.
New Look Vision has built a solid reputation among professionals in the eye care industry by establishing and maintaining high operating standards in all of the company’s stores. It has a total of about 700 opticians, 650 optometrists, and 11 ophthalmologists practicing within New Look Vision.
The company owns two modern and complete optical laboratories in Eastern Canada and continues to invest in new equipment using state-of-the-art technologies. Major upgrades to the central lens processing and distribution facility in Montréal were completed in 2016 to accommodate the planned expansion of the store network.
This provided New Look Vision with a significant strategic advantage, as it enabled New Look Vision to promptly deliver products to the company’s customers in Eastern Canada. This also helped it to further automate the lens manufacturing process and ensure the highest quality.
High customer satisfaction and fast growth
New Look Vision’s lens-processing capabilities also permit it to augment the value of each lens sold and improve product quality control. By contrast, many of New Look Vision’s competitors in the Atlantic provinces, Québec, British Columbia, Ontario, and the Western provinces are required to outsource the secondary processing of all lenses to meet customers’ needs, generally at a higher cost.
The company has quintupled in size since 2013 and demonstrated that it is able to identify accretive targets and complete transactions due to strong financial partners and a solid reputation of customer satisfaction and deleveraging. New Look Vision also has coast-to-coast representation, which it achieved with the acquisition of Iris in October 2017.
The addition of stores, supported by focused merchandising programs, advertising campaigns, customer-service initiatives, and improved supply chain management, has increased New Look Vision’s market presence and should continue to drive revenue growth in all markets.
By continuously reinvesting in merchandising and advertising, several company trade names have established a reputation with customers for reliability in products, services, innovation and value. New Look Vision’s retail brand portfolio has contributed to the success of the company’s growth, and it continues to promote brands in several markets in order to gain market share.
New Look Vision also has a committed management team with extensive expertise in the retail optical industry. The combined New Look Vision team of senior executives comprises seven members, with the majority contributing over 20 years’ experience in the optical and retail sectors.
The quality and extensiveness of New Look Vision’s value-added products enables the company to strengthen relationships with existing customers and further develop the company’s customer base. New Look Vision has made significant investments in creating and utilizing innovative technologies to enhance the company’s ability to produce high-quality eyewear at a lower cost and to service clients effectively.
New Look Vision’s strategy for growth is focused on growing the company’s core revenue base. At the same time, New Look Vision appears ready to pursue opportunities for growth that are expected to maximize shareholder value.