Blog

March 31, 2021March 30, 2021

Blackfin Guest Speaker at Universities

The story of Blackfin reaches the desks of two prestigious universities. Nicola Del Din, the company CEO, recently delivered two lectures, one at Bocconi University in Milan, the other at British Columbia University in Vancouver, British Columbia.

A remote connection allowed audiences of international students to hear the story of a leading example of Italian manufacturing excellence and ethics in the international eyewear market, directly from its CEO.

Nicola Del Din’s lecture at Bocconi was part of a business management course dedicated to Italian product manufacturers, while the lecture on Blackfin delivered to Canadian university students was part of a series of meetings on Italian creativity, and its global recognition as the ultimate expression of style and culture in the fields of architecture, design and fashion.

“I am truly proud to have been asked to tell the story of our company as an example of authentic made in Italy excellence,” stated Nicola Del Din “and help these students, from different countries, and therefore from different cultures, understand that even a company from a small mountain town can be on the road to success if it has values and objectives that befit its identity. That’s what Blackfin did.”

Click HERE for the press release.

March 30, 2021March 30, 2021

New Look Vision Reports Strong Results for Fourth Quarter of Fiscal 2020

New Look Vision Group reported financial results for the 13 and 52 week periods ended December 26, 2020 and provided updates on actions in response to COVID-19, store re-openings, on omnichannel and facility consolidation.

The Company has adopted IFRS 16 Leases effective Q1 2020 and has applied it on a modified retrospective approach; the operating results of previous fiscal periods have not been restated. Occupancy costs previously recorded as operating expenses are now recorded through depreciation of right-of-use assets and interest expenses on lease liabilities.

Q4 2020 highlights, excluding the impact of IFRS 16, where applicable are:

• Revenues increased by 25.0% compared to the fourth quarter of last year to reach $92.4 million as a result of comparable store sales and revenues from newly acquired stores.

• Comparable store sales were up 12.0% as a result of enhanced store operating procedures and a shift in customer behavior.

• Adjusted EBITDA attributed to shareholders reached $22.8 million, a 59.8% increase over the fourth quarter of last year.

• The Company actively continued to pursue its significant pipeline of acquisition opportunities in Canada and the United States and acquired 15 stores in the quarter.

Full year 2020 highlights, excluding the impact of IFRS 16, where applicable are:

• Annual revenues, as expected, decreased due to government mandated store network shutdowns and related headwinds offset by newly acquired stores.

• Adjusted EBITDA attributed to shareholders was $56.9 million, an increase of 1.9% over last year (with a corresponding increase of 1.7% on a per diluted share basis to $3.63.)

• Cash flows related to operating activities reached $58.0 million, increasing by $14.4 million or 33.0% (and increased 32.6% on a per diluted share basis to $3.70 year-over-year.)

• Net debt was $167.9 million compared to $143.9 million.

• The Company actively continued to pursue its significant pipeline of acquisition opportunities in Canada and the United States and acquired 36 stores during the year.

Antoine Amiel, the President and CEO of New Look Vision, stated that: “New Look Vision showed remarkable resilience this past quarter and year to overcome unprecedented challenges driven by the COVID-19 pandemic and ongoing market headwinds. Despite closures and disruptions in the first half of 2020, New Look Vision continued to execute on its strategy and delivered strong results for the fourth quarter of fiscal 2020. Quarterly revenues and comparable store sales grew by 25.0% and 12.0% year-over-year and EBITDA increased by 60% over the same quarter last year. I am grateful for the strength and dedication of our teams to deliver on our strategy and continue to serve the needs of our loyal and new customers in a challenging environment.”

COVID-19 and Store re-opening

Gradual store reopenings started on May 4th in line with local and professional regulations, with all of New Look Vision’s entire store network open for business by the end of the second quarter.

COVID-19 has significantly altered the way optical retailers operate on both brick and mortar and eCommerce levels. As consumers increasingly move online, New Look Vision’s investments in omnichannel experience and anticipation of the evolving consumer journey complements and enhances its physical retail presence. This approach increases accessibility to differentiated, customized and precise eyecare, while ensuring safety for consumers across Canada. Our central lens processing facility pivoted to begin producing safety eyewear for use in health care facilities.

Status of Dividend

Effective March 19, 2020, the Company’s Board of Directors suspended the regular quarterly dividend and the corresponding dividend reinvestment plan until further notice, due to the pending impact of the pandemic on the Company’s business and liquidity.

As at February 27, 2021, New Look Vision had 15,660,199 Class A common shares issued and outstanding.

Arrangement Agreement to be Acquired

On March 18, 2021, the Company announced that it had entered into an arrangement agreement to be acquired by NL1 AcquireCo Inc., an entity created by a group composed of funds managed by FFL Partners, LLC, Caisse de dépôt et placement du Québec , and the Dr. H. Doug Barnes Family.

Click HERE for the full press release.

March 29, 2021March 29, 2021

Lensbox Canada Acquires Oxford & Kin and Partners with Baus Eyewear

Lensbox Canada, an eye care technology company providing omni-channel eye healthcare solutions, connecting eye care practitioners with patients, announces the acquisition of Oxford & Kin and a new partnership with Baus Eyewear, in order to further expand same-day delivery and product innovation.

Oxford and Kin, a doctor-created and stylish eyewear brand dedicated to social responsibility was launched in 2016 by Doctor of Optometry, Harbir Sian.

“I am truly excited for this brand to continue its growth under the Lensbox umbrella. Oxford & Kin was a passion project that grew into so much more. I was inspired to create a brand that would be able to reach those who need it the most,” states Dr. Harbir Sian, Founder of Oxford & Kin Eyewear.

The acquisition launches the initial phase of developing a vertically integrated business model for Lensbox.

“E-commerce growth, heavy consolidation and overseas brand expansion into an already competitive Canadian eyecare market is creating a more challenging marketplace for independent doctors of optometry. We are acquiring like-minded companies such as Oxford & Kin, in order to deliver local, high quality and cost-effective solutions to practitioners, who wish to stay in control of their practice and benefit from the suite of IT, lab, marketing and administrative services we offer,” states Sanaz Bissonnette, Founder and CEO of Lensbox. “We are also partnering at this time with Baus, to expand our frame catalogue and expedite technological developments, to support eyecare professionals looking forward to the economy restarting.”

Baus Eyewear is a family-owned Canadian eyewear company, popular amongst eye care professionals. Established in 2003, Baus Eyewear offers six diverse lines including elegant, vintage and titanium styles, to meet the needs of the most discerning patients.

Click HERE for the full press release.

Vision Expo Florida? Canadians Will Mostly Pass.

After several deferrals of Vision Expo, originally from New York City in March 2020 to the fall of 2020 and then finally to June 2021 in Orlando Florida, Vision Expo is moving forward.

Amid successive waves of COVID, a slower vaccine roll-out (compared to the US) and uncertainties around quarantine requirements for returning Canadians, will northern snowbird ECPs embrace the opportunity to connect with industry colleagues in sunny Florida?

The answer is clearly, “Sorry, we’re going to pass for now”, based upon a survey conducted among over 100 Canadian ECPs in March by VuePoint.

87% of optical industry members surveyed indicated that they will either “likely not” or “definitely not” attend Vision Expo East, with 73% of those falling into the “definitely not” category. Less than 4% responded that they will “definitely attend” the Florida event.

COVID and Travel Restrictions Weigh Heavily
When asked for specific reasons for not attending, risk of COVID during travel and at the venue, and the uncertainly of quarantine restrictions upon returning to Canada, where cited as the major reasons; 46% citing COVID risk during travel and at the venue and 52% concerned about the quarantine restrictions.

It should be noted that the vaccination rate in Canada at the time of the survey was extremely low.

Survey results among those that were either regular or dedicated Vision Expo attendees i.e. having attended at least three or more Vision Expo events in the past five years, were slightly more inclined to “likely attend” but not significantly.

New York Versus Florida?
Many of the respondents indicated a very clear preference for New York over Florida. A common theme among respondents’ open comments indicated reservations about holding the event in a state with few or potentially unenforced public health measures.

While many attendees in past years might undertake the 5+ hour auto trek from the border to New York, the prospect of air travel and paying for quarantine upon return is off-putting to many.

The survey included 39% respondents who had attended 1 or 2 VE events in the past 5 years, 12% were occasional VE attendees (3-5 times in past 5 years) and 19% were dedicated VE fans, attending 5 or more VE events in the past 5 years. 79% of respondents were independent ECPs, and 10% were industry suppliers, the remaining 11% were optical retail chain associates.

Source:
VuePoint Survey conducted in English and French among Canadian Optical personnel March 10 to March 19.

March 26, 2021March 26, 2021

Essilor Canada Launches New TV Campaign to Raise Awareness Among Young Presbyopes

Beginning April 5, Essilor Canada will launch a new multi-platform and television campaign aimed at raising awareness among young presbyopes of the importance of good vision to reach their full potential. Building on the strength and appeal of Varilux®, this campaign will help attract consumers to eye care professionals. The theme “See No Limits” invites presbyopes to visit their eye care professional to help them push back the limits of their vision.

Part of the Essilor “See More. Do More.” campaign and unveiling the new Essilor blue logo, the Varilux® “See No Limits” campaign celebrates people who explore the limits of their passions, making sharp near-to-far vision an integral part of their success. The campaign was developed and successfully tested with non-progressive lens wearers who were not aware of the Varilux® solution.

The campaign follows three characters – an architect (Raphael), a paper sculpture artist (Jade) and a geographer (Quitterie) – as they all push the limits of their passions. Drawing inspiration from the world around them, these individuals find a solution in Varilux® lenses, which offer a seamless transition between near-to-far vision and allow them to see their surroundings clearly and examine the smallest details.

Multi-platform campaign

“See No Limits” is a 360-degree campaign designed to take advantage of every step of the consumer journey. In addition to 15- and 30-seconds television spots on major networks across Canada, consumers will be exposed to the campaign on social media, online, in traditional print and digital media and at their eye care professional.

Watch the TV commercials :

15 sec

30 sec

Quote from Christophe Perreault, President, Essilor Canada

“As a partner to eye care professionals, the Essilor Group invests the equivalent of over 300 million Canadian dollars each year in research and innovation to offer the best solutions for eyesight. With more than 70 patents, Varilux® is without a doubt a leading brand that allows consumers to benefit from innovative, high-quality lenses. For eyecare professionals, this is an excellent opportunity to develop a trusting and lasting relationship with their patients.”

Click HERE for the full press release.