What is Competitive Landscape of Synsam Company?

Synsam Bundle

Get Full Bundle:

	BCG	$15	$10
	5 FORCES	$15	$10
	CANVAS	$15	$10
	4P's MIX	$15	$10
	PESTLE	$15	$10
	SWOT	$15	$10

TOTAL:

ADD TO CART

What is the competitive landscape for Synsam?

The optical retail sector in the Nordic region is dynamic, shaped by changing consumer habits and new technologies. Synsam Group has carved out a significant niche by innovating eye care and fashion through its unique subscription model. Established in 1968 in Stockholm, Sweden, Synsam began as a member-driven organization focused on shared branding and collaborative purchasing and marketing, aiming to provide quality optical products and services.

Over the years, Synsam has evolved into a leading customer-centric, omni-channel provider, achieving substantial growth and securing a strong market presence. This evolution has positioned Synsam as a key lifestyle company within the eye health and optics industry. As of March 2025, the group employed around 4,000 individuals and operated nearly 600 stores across the Nordic countries, using the Synsam brand in Sweden, Norway, and Finland, and Profil Optik in Denmark and Iceland. The company reported net sales of SEK 6,435 million for 2024, reflecting a healthy 9.0 percent organic growth, which highlights its current influential position in the market.

Understanding the competitive environment is crucial for assessing Synsam's strategic positioning. This analysis will explore Synsam's market standing, identify its main industry competitors, and examine its distinct competitive advantages. We will also look at how Synsam navigates broader industry trends, potential future challenges, and emerging opportunities within this fast-paced sector. A key aspect of this analysis involves understanding how Synsam's offerings, such as its Synsam BCG Matrix, compare to those of its rivals.

Synsam's journey from a member organization to a leading omni-channel optical retailer is a testament to its strategic adaptability. The company's focus on a customer-centric approach, particularly through its subscription services, sets it apart in the Nordic eyewear market trends. This model has allowed Synsam to build a loyal customer base and differentiate itself from traditional optical retail models prevalent in countries like Sweden. Examining Synsam's market share compared to Specsavers and other key competitors in online eyewear sales provides valuable insights into its strategic effectiveness.

The competitive landscape for Synsam is shaped by a mix of global players and local specialists, each vying for a share of the growing optical retail Sweden market. Synsam's strategic expansion strategy against competitors and its innovation in optical retail are critical factors in maintaining its market position. A thorough Synsam competitor analysis for investors would need to consider Synsam's pricing strategy compared to rivals and its brand perception compared to competitors.

Furthermore, Synsam's digital strategy versus competitors and its supply chain management competitors are vital components of its operational efficiency. The company's sustainability initiatives compared to competitors also play a role in its overall market appeal. Analyzing Synsam's financial performance against competitors provides a quantitative measure of its success in this competitive arena. Understanding the ophthalmology market share and Synsam's customer base versus competitors offers a comprehensive view of its standing.

Synsam Group has established itself as a dominant force within the Nordic optical retail sector, demonstrating consistent financial strength and a proactive approach to growth. The company's performance in 2024 showcased significant momentum, with net sales reaching SEK 6,435 million, a 9.0 percent increase year-over-year, driven by an equivalent 9.0 percent organic growth. This positive trajectory continued into the first quarter of 2025, where net sales climbed to SEK 1,708 million, marking a 12.3 percent rise, with organic growth at 12.8 percent. Synsam's operational efficiency is reflected in its EBITDA margin, which stood at 24.5 percent for 2024, with an ambitious target to achieve 25 percent or higher in the medium term for 2025.

The core of Synsam's business encompasses a wide array of optical products and services, including spectacles, sunglasses, and contact lenses, complemented by professional optometry services. A key differentiator and significant revenue driver is the company's innovative Synsam Lifestyle spectacles subscription service. This service experienced robust growth, with net sales increasing by 13.4 percent in 2024 and 12.5 percent in the first quarter of 2025. By the end of March 2025, Synsam had cultivated a substantial customer base, with approximately 858,000 subscription customers across both spectacles and contact lenses. The company maintains a strong physical presence, operating around 600 stores across Sweden, Denmark, Norway, Finland, and Iceland, while also expanding its digital footprint.

Geographic Market Strength

Sweden represents Synsam's largest market, contributing significantly to its overall revenue. The company has observed strong sales trends in Sweden and Finland. In Q1 2024, Sweden's market share grew with 11 percent organic growth. Denmark's market experienced challenges due to a competitive environment and regulatory changes in 2023, prompting strategic adjustments.

Strategic Store Expansion

Synsam is actively pursuing its expansion goals, aiming to open 90 new stores between 2024 and 2026. The company exceeded expectations by opening 46 new stores in 2024 and an additional 5 in the first quarter of 2025. This expansion strategy includes a focus on smaller towns, which has yielded strong demand and favorable rental costs.

Subscription Model Success

The Synsam Lifestyle subscription service is a cornerstone of the company's revenue generation. This model has seen consistent year-over-year growth, indicating strong customer adoption and loyalty. It provides a predictable revenue stream and enhances customer lifetime value.

Product and Service Portfolio

Synsam offers a comprehensive range of optical products, including spectacles, sunglasses, and contact lenses. This diverse portfolio is complemented by essential optometry services, catering to a broad spectrum of customer needs. The company's ability to integrate product sales with professional eye care is a key aspect of its value proposition.

Synsam's Market Standing

Synsam's leading position in the Nordic optical retail market is underpinned by its strategic focus on customer subscriptions, a robust store network, and consistent financial growth. The company's ability to adapt to market dynamics, as seen in Denmark, and its aggressive expansion strategy highlight its competitive resilience.

• Leading market position in the Nordic region.
• Strong financial performance with consistent sales growth.
• Significant customer base for subscription services.
• Extensive physical store network combined with online presence.
• Strategic expansion into new geographic areas and smaller towns.

Synsam SWOT Analysis

• Complete SWOT Breakdown
• Fully Customizable
• Editable in Excel & Word
• Professional Formatting
• Investor-Ready Format

GET TEMPLATE ➔

The Nordic optical retail market is characterized by intense competition and a strong reliance on promotional campaigns. Synsam Group operates within this dynamic environment, facing challenges from both established market participants and newer, disruptive entities. Understanding the competitive landscape is crucial for assessing Synsam's market position.

A primary direct competitor for Synsam in the Nordic region is Synoptik. While precise market share data for Synoptik in the 2024-2025 period is not publicly detailed, it remains a significant rival across various aspects of the business, including product selection, pricing strategies, and physical store presence. Another major international player, Specsavers, also contends in this market, known for its competitive pricing and extensive retail network.

Direct Competitors

Synoptik is a key direct competitor in the Nordic optical retail market. Specsavers is another significant international rival with a strong presence.

Competitive Strategies

Competitors challenge Synsam through aggressive pricing, particularly during economic downturns. Innovation in product offerings and digital services is also a critical battleground.

Subscription Model Challenges

While Synsam utilizes a subscription model, competitors may offer alternative loyalty programs or online-only sales strategies. Regulatory changes, such as those affecting consumer credit in Denmark, can impact subscription-based revenue streams.

Emerging Disruptors

Online-only retailers are increasingly disrupting the traditional optical market by offering competitive prices and convenience. However, the necessity of professional eye examinations continues to drive foot traffic to physical stores.

Market Consolidation

Potential mergers and alliances among smaller or regional optical chains could lead to the formation of larger, more consolidated competitors, altering the existing competitive dynamics.

Synsam's E-commerce Response

Synsam has responded to digital competition by enhancing its e-commerce capabilities. This includes doubling its warehouse space in 2025 to manage increased online demand and support its circular business model.

The competitive landscape for Synsam is multifaceted, with price sensitivity being a significant factor for consumers, especially in periods of economic uncertainty. Beyond pricing, innovation in product development and the enhancement of digital services are key areas where competitors vie for market share. Synsam's established subscription model is a differentiator, but rivals may employ different customer retention strategies. The influence of regulatory changes, such as those impacting consumer credit in Denmark, can also create uneven playing fields for subscription-based businesses. The rise of online-only eyewear retailers presents a persistent challenge, though the essential nature of professional eye examinations continues to anchor the importance of brick-and-mortar locations. The potential for market consolidation through mergers and acquisitions among smaller players could reshape the competitive structure, potentially creating larger entities that more directly challenge Synsam's market position. Synsam's strategic investments in e-commerce, including the expansion of its warehouse capacity in 2025, demonstrate its commitment to adapting to these evolving market dynamics and strengthening its online presence. For a deeper understanding of the company's ownership structure, consider reviewing information on the Owners & Shareholders of Synsam.

Synsam PESTLE Analysis

• Covers All 6 PESTLE Categories
• No Research Needed – Save Hours of Work
• Built by Experts, Trusted by Consultants
• Instant Download, Ready to Use
• 100% Editable, Fully Customizable

GET TEMPLATE ➔

Synsam Group has established a robust competitive advantage through its pioneering business model, strong brand recognition, and efficient operations. A cornerstone of this advantage is the Synsam Lifestyle spectacles subscription service, which has transformed the industry by moving from one-time sales to a predictable recurring revenue model. This service saw a growth of 13.4 percent in 2024 and 12.5 percent in Q1 2025, offering customers enhanced flexibility and the ability to update their eyewear regularly. This has cultivated strong customer loyalty, with a low churn rate of just 2.84 percent in Q1 2025, supported by approximately 858,000 total subscription customers as of March 2025.

The company's integrated value chain and commitment to sustainability further bolster its competitive standing. Synsam's investment in its own production and innovation center in Frösön, Sweden, allows for the creation of 'House Brands' like Jämtö. These brands, which represented about 45 percent of total sales volume in 2022, provide diverse product options and contribute to profitability, also facilitating conversion to the subscription service. This localized production also offers environmental benefits, reducing CO2e emissions compared to overseas manufacturing. The subscription model inherently supports a circular economy, with opportunities for refurbishing and reusing frames, aiming to offer refurbished options to an estimated 150,000 consumers in 2025.

Operational efficiencies driven by technological advancements are also key differentiators. The ongoing rollout of Synsam EyeView across Sweden and Norway, slated for completion in 2025, is designed to optimize optician capacity, shorten customer wait times, and reduce operational costs. This technological enhancement improves the overall customer experience and operational profitability. Coupled with a strategic store expansion approach that targets smaller towns with lower rental costs, Synsam ensures that new locations achieve profitability swiftly. These strategic moves have shifted the company from a traditional retail focus to a customer-centric, sustainable, and technologically advanced model, proving resilient in the face of economic fluctuations and market competition. This focus on customer needs and long-term value aligns with the evolving Target Market of Synsam.

Subscription Model Innovation

The shift to a subscription-based model for eyewear has been a significant competitive advantage. This approach provides predictable revenue streams and fosters strong customer relationships through regular updates and flexible payment options.

Integrated Value Chain & Sustainability

In-house production of house brands and a focus on refurbishing spectacles contribute to cost control and environmental responsibility. This integrated approach supports a circular business model and reduces the carbon footprint.

Technological Advancement

The implementation of Synsam EyeView aims to enhance operational efficiency by increasing optician capacity and reducing customer wait times. This technological investment improves both customer experience and profitability.

Strategic Store Expansion

Targeting smaller towns with lower overheads allows for profitable store openings. This strategic expansion, combined with strong retail concepts, ensures market penetration and financial viability.

Key Competitive Strengths

Synsam's competitive advantages are multifaceted, addressing customer needs while optimizing operational performance.

• Innovative subscription service driving customer loyalty and recurring revenue.
• Integrated value chain with in-house production enhancing profitability and sustainability.
• Technological investments improving operational efficiency and customer experience.
• Strategic store expansion in cost-effective locations ensuring rapid profitability.

Synsam Business Model Canvas

• Complete 9-Block Business Model Canvas
• Effortlessly Communicate Your Business Strategy
• Investor-Ready BMC Format
• 100% Editable and Customizable
• Clear and Structured Layout

GET TEMPLATE ➔

The optical retail industry is dynamic, with technological advancements and evolving consumer preferences significantly shaping the competitive landscape. Synsam Group navigates this environment by focusing on innovation and customer-centric strategies. The company's position within the eyewear market is influenced by its ability to adapt to digital trends and offer value-driven solutions, making a thorough Synsam competitive analysis crucial for understanding its market position.

Key industry trends impacting Synsam include the rapid pace of technological integration, such as AI-powered tools to enhance optician capacity, and the growing importance of e-commerce. The expansion of online sales, which reached SEK 211 million in 2024, highlights the necessity of a robust omnichannel approach. Consumer demand for personalization and sustainability also plays a vital role, with subscription models and circular business practices becoming increasingly significant. Understanding these eyewear market trends is essential for evaluating Synsam's strategic direction against its Synsam industry competitors.

Technological Integration and Digitalization

Technological advancements are a cornerstone of the optical retail industry. Innovations like Synsam EyeView aim to boost optician efficiency, while the introduction of connected AI eyewear in 2025 signals a future of integrated smart technology. The ongoing growth of e-commerce necessitates continuous investment in digital infrastructure, as demonstrated by the expansion of Synsam's e-commerce warehouse to support increased online demand.

Evolving Consumer Preferences and Sustainability

Consumers increasingly seek personalized experiences, value, and sustainable options. Synsam's subscription model caters to the demand for predictable costs and product variety, particularly during economic fluctuations. The company's commitment to circular business models and localized, sustainable production of its House Brands resonates with growing environmental consciousness among customers.

Future Challenges in the Optical Market

The optical retail sector faces significant challenges, including intense competition and economic uncertainties. A highly campaign-driven market requires continuous differentiation. Consumer spending caution, even with a more positive economic outlook, keeps price sensitivity high. Regulatory changes, such as those affecting credit agreements in Denmark, can also impact the growth of subscription services. Furthermore, substantial upfront investments in technology and store expansions may temporarily affect profit margins.

Growth Opportunities and Strategic Outlook

Significant growth opportunities exist, driven by an aging population and increased digital screen time, both contributing to a higher need for vision correction. Expansion into new geographical markets, particularly smaller towns, presents a clear path for profitable growth. The pilot phase of Synsam Hearing also offers a synergistic expansion by integrating optical and audiological services, potentially broadening the customer base and revenue streams. Analysts project Synsam's revenue to grow by 7.1% annually for the next three years, with earnings anticipated to reach SEK 753.4 million by May 2028.

Synsam's Competitive Advantages

Synsam's strategic focus on calibrated growth, operational efficiency, its own House Brands, and a unique service offering positions it well to navigate the competitive landscape. Understanding the Marketing Strategy of Synsam is key to appreciating its approach to differentiation and customer acquisition.

• Leveraging technological advancements for operational efficiency.
• Expanding e-commerce capabilities to meet growing online demand.
• Focusing on personalized customer experiences and subscription models.
• Capitalizing on sustainability trends through circular business practices.
• Exploring synergistic growth opportunities like Synsam Hearing.

Synsam Porter's Five Forces Analysis

• Covers All 5 Competitive Forces in Detail
• Structured for Consultants, Students, and Founders
• 100% Editable in Microsoft Word & Excel
• Instant Digital Download – Use Immediately
• Compatible with Mac & PC – Fully Unlocked

GET TEMPLATE ➔