FLMNF - Fielmann: A High-Quality Company
Investment Thesis
The business model of Fielmann (FLMNF) is based on low prices and high volumes. The optical industry is made up of small to medium-sized businesses and is highly fragmented. In a nutshell, Fielmann sells much more frames per day than other traditional opticians in Germany. This has allowed Fielmann to have a lower fixed cost per unit. This way, Fielmann can lower its prices, which leads to more customer visits and higher volume.
General View
Fielmann is the market leader in Germany and Europe's largest optician. In retail shops, Fielmann has around 5%