Specsavers is a household name in Australia’s optical and audiology industry, but many wonder who actually owns this successful company. Unlike typical retail chains, Specsavers operates under a unique ownership structure that blends local entrepreneurship with strong corporate support.
Family Ownership at the Top
Globally, Specsavers is a private company owned by the Perkins family, who founded the business in 1984 on the island of Guernsey. Doug and Mary Perkins started Specsavers with a vision to revolutionize eyewear retail, and their family continues to lead the company today. The Perkins family retains ownership of the parent company, Specsavers International Healthcare, which oversees operations worldwide, including Australia.
Local Ownership Through Joint Venture Partnerships
In Australia, Specsavers stores are not owned outright by the parent company but operate under a distinctive joint venture partnership (JVP) model. Each store is a separate legal entity co-owned by two partners:
- An optometrist partner, who provides clinical expertise
- A retail partner, who manages the business and retail operations
This partnership structure means every Specsavers store is locally owned and run by individuals deeply invested in serving their community. The company provides substantial support, including funding the store fit-out, handling lease negotiations, marketing, HR, and legal services, allowing partners to focus on day-to-day operations and customer care.
How Does the Partnership Work?
- Partners purchase equity shares in their store, with Specsavers holding a minority stake.
- Partners pay a joining fee and receive a business loan to help set up the store.
- The parent company collects a percentage of turnover for support and marketing services, rather than traditional franchise royalties.
- This model combines the benefits of local business ownership with the strength and resources of a large corporate group.
Why This Ownership Model Matters
This joint venture approach fosters strong local commitment and accountability, ensuring that each store delivers excellent service tailored to its community. It also aligns the interests of the partners with the long-term success of the business.
Summary
Specsavers Australia is ultimately owned by the Perkins family through the parent company, but its stores are locally owned and operated under a joint venture partnership model. This unique structure blends family ownership, local entrepreneurship, and corporate support, contributing to Specsavers’ strong market presence and reputation for quality service in Australia.