We want international business to be 20% of sales in ten years
Una cooperativa óptica española, forjada durante décadas en el mercado doméstico, ha decidido que el crecimiento ya no puede limitarse a las fronteras de un solo país. Multiópticas, con casi 550 establecimientos en España, ha iniciado su despliegue en América Latina —México y Perú primero, Chile y Colombia en el horizonte de 2027— respaldada por una ampliación de capital de 45 millones de euros que sus propios socios sufragaron al transformar la cooperativa en sociedad limitada. Es la historia de una empresa que, habiendo dominado su territorio, busca ahora redefinir su identidad a escala continental.
- La compañía ha pasado de ser un actor puramente nacional a abrir cuatro tiendas en dos países latinoamericanos en apenas dieciocho meses, un ritmo que revela una urgencia estratégica poco habitual en el sector óptico español.
- La conversión de cooperativa a sociedad limitada generó tensión interna, pero la aprobación unánime de la ampliación de capital por parte de los socios disipó las dudas y dotó al proyecto de una legitimidad colectiva difícil de cuestionar.
- La empresa navega la expansión con una doble palanca: tiendas propias donde el control es prioritario y franquicias máster donde el conocimiento local resulta imprescindible, buscando flexibilidad sin perder coherencia de modelo.
- En el mercado doméstico, la división de audiología —170 centros hoy, 300 previstos para 2027— y las gafas de marca propia con precios un 60% inferiores a las licencias de diseñador actúan como motores de rentabilidad que financian la aventura internacional.
- El objetivo declarado —que el negocio internacional represente el 20% de las ventas en una década— sitúa a Multiópticas ante una prueba de ejecución que determinará si la ambición se convierte en transformación real o queda como promesa bien financiada.
Multiópticas ha decidido que España ya no es suficiente. La cadena óptica, con casi 550 establecimientos en su mercado de origen, abrió sus primeras tiendas fuera del país en México y, en abril pasado, dos más en Perú. Chile y Colombia están en el calendario para 2027, y Centroamérica y Portugal asoman en el horizonte más lejano. El objetivo que maneja su consejero delegado, Carlos Crespo, es claro: que el negocio internacional represente el 20% de las ventas totales en un plazo de diez años.
La expansión tiene músculo financiero propio. En septiembre pasado, los socios de la cooperativa aprobaron una ampliación de capital de 45 millones de euros al tiempo que transformaban la estructura jurídica en sociedad limitada. Que los propios miembros cubrieran íntegramente el aumento, sin necesidad de un socio financiero externo, habla del nivel de convicción interna. La elección de mercados no es arbitraria: la compañía analizó tasas de crecimiento del sector óptico, posibilidades reales de ganar cuota y diferencias respecto a los competidores locales. México fue el primero en cumplir todos los criterios; Perú, Chile y Colombia siguieron la misma lógica.
En España, el negocio no se detiene. Las ventas crecieron un 7,5% en 2025, y la empresa planea pasar de 550 a 600 establecimientos antes de 2030 a un ritmo de diez a quince aperturas anuales. Dos apuestas internas concentran buena parte de la energía: la audiología, con 170 centros actualmente integrados en su mayoría dentro de ópticas y una meta de 300 para 2027, y las monturas de marca propia, que al prescindir de licencias de diseñador permiten ofrecer precios un 60% inferiores a los de la competencia con mejores márgenes. Es precisamente ese modelo —control de la cadena de valor, independencia de terceros, precio competitivo— el que Multiópticas quiere exportar a América Latina. Los próximos años dirán si la ejecución está a la altura de la ambición.
Multiópticas is moving fast. The Spanish optical retailer, which spent decades building a network of nearly 550 stores across its home country, has decided that Spain alone is no longer enough. In the span of eighteen months, the company opened its first locations outside Spain—two stores in Mexico, then two more in Peru this past April. Now it's setting its sights on Chile and Colombia, with plans to land in both countries during 2027.
The push is backed by serious money. Last September, the cooperative's members—who voted to convert the company into a limited liability structure—approved a 45 million euro capital increase specifically to fund this international expansion. Carlos Crespo, the company's chief executive and a veteran of more than two decades at Multiópticas, frames the ambition clearly: the goal is for international business to account for 20 percent of total sales within ten years. That's a significant reorientation for a company that has historically been defined by its Spanish footprint.
The strategy isn't random. Crespo describes a methodical market analysis: the company looked for countries with strong growth rates in the optical sector, places where Multiópticas could gain real market share, and regions where existing competitors operated differently than the Spanish model. Mexico emerged as the obvious first choice. Peru followed the same logic. Chile and Colombia scored well on the same criteria. Central America is also under review. The company is also eyeing Europe—Portugal in particular—but that's secondary for now. The real priority is Latin America.
How the company enters each market will depend on local conditions. Sometimes it will open company-owned stores, as it did in Mexico. Other times it will work through master franchisees who know the territory. Crespo is open to inorganic growth too—acquisitions, if the right opportunity appears. The point is flexibility in execution while maintaining clarity about the destination.
Back home, Multiópticas isn't standing still. The company reported a 7.5 percent sales increase in 2025 compared to the previous year. Its consolidated accounts for 2024 showed net revenue of approximately 65 million euros, though that figure represents only what the company sold to its cooperative members, not the final retail sales those members generated. The company's shift to limited liability status last year will require some accounting adjustments, but the underlying business is moving forward.
Two segments are driving domestic growth. Progressive lenses and audiology are performing well. The audiology division is particularly interesting—Multiópticas now operates 170 hearing centers, with 90 percent of them located inside optical stores. The company wants to reach 300 centers by 2027, with half of them occupying their own dedicated space. Crespo expects audiology to represent 15 to 20 percent of total sales within four or five years. It's a deliberate bet on a different revenue stream.
On the optical side itself, the company made a strategic choice years ago: build its own branded frames and stop selling third-party licenses and designer brands. That decision has paid off. By cutting out intermediaries, Multiópticas can sell frames at roughly 60 percent below the price of licensed designer alternatives. The margin is better, the independence is real, and the customer gets a better deal. It's a model that seems to be working in Spain, and it's the model the company is now exporting.
Domestically, Multiópticas plans to grow from 550 locations to 600 by 2030—a modest pace of 10 to 15 new stores per year. The 45 million euro capital raise is sufficient to fund both the domestic expansion and the international push. Crespo was explicit: the company has no plans to bring in a financial partner, despite the structural change that would now allow it. The fact that existing members covered the entire capital increase, he said, shows how committed everyone is to the plan. The next few years will test whether that commitment translates into execution.
Notable Quotes
We want to consolidate growth in Mexico and Peru, then find another pair of countries next year to solidify the logistics model— Carlos Crespo, chief executive
We sell at a price 60% lower than third-party licensed brands by eliminating intermediaries and adjusting margins— Carlos Crespo, on the company's branded frame strategy
The Hearth Conversation Another angle on the story
Why did Multiópticas wait so long to go international? It's a Spanish company with a proven model—why not expand earlier?
The cooperative structure probably had something to do with it. When you're owned by your members, expansion decisions move differently. But honestly, the timing makes sense now. They've got a mature domestic market, a clear model that works, and they've identified growth opportunities abroad that don't exist at home.
And they're confident enough to skip most of Europe and go straight to Latin America?
They're not skipping Europe entirely—Portugal is on the radar. But Latin America has higher growth rates in optical retail, less saturated competition, and operators doing things differently. That's exactly what Crespo said they were looking for. It's not reckless; it's strategic.
The audiology division seems like a separate bet. Why invest so heavily there?
Because it's a different customer relationship. You don't buy hearing aids the way you buy glasses. It's more consultative, more recurring. If they can make audiology 15 to 20 percent of revenue, they've diversified their business and created stickier customers.
Do you think the 45 million euros is enough for all of this—Latin America, audiology expansion, and 50 new stores in Spain?
Crespo seems confident it is. And they're not ruling out acquisitions if something good appears. But the real constraint isn't money—it's execution. Opening stores is easy. Building a logistics network, training staff, understanding local markets—that takes time. They're being deliberate about consolidating Mexico and Peru before moving to Chile and Colombia.
What happens if the Latin American expansion doesn't hit that 20 percent target?
Then they adjust. But the fact that they're thinking in ten-year terms suggests they're not expecting overnight success. They're building infrastructure, not chasing quick wins.