Amplifon SpA
TypePublic
BIT: AMP
IndustryManufacturing, wholesale distribution
Founded1950
FounderAlgernon Charles Holland
Headquarters
Milan
,
Italy
Key people
Susan Carol Holland, chairman and 44.9% owner
Productshearing aids
Revenue€ 1,372.7 million (2018) [1] (2018)
€ 113.4 million (2018) [1] (2018)
Number of employees
16,000 [1] (2018)
SubsidiariesMiracle-Ear Gaes

Amplifon SpA is an Italian company based in Milan and the world's largest hearing aid retailer.[2]

History

Amplifon was founded in 1950 in Milan by Algernon Charles Holland, a former official of the British special forces, involved in the Italian Resistance movement.[3] At the end of World War II, he started a company aimed at supporting those who experienced hearing loss due to the conflict, establishing a widespread local presence and building a solid relationship with hearing care professionals.[4]

In the 1960s and the 1970s, Amplifon opened stores in every region of Italy, becoming the market leader in the supply, sales, and fitting of hearing aids.[5] In 1971, the Amplifon Centre for Research and Studies (CRS) was founded: an independent organisation aimed at spreading knowledge in the audiological and otological fields, through resources and research.[6]

During the 90s, Amplifon began tailoring the services to the client, rolling out the first digital hearing aids in Italy in 1996. In this period, the company gained a market share of over 40%.[7][8]

In 1992, a new company was founded in Spain, Amplifon Iberica, which expanded into Portugal a few years later.[9] Between 1998 and 2000, Amplifon entered Switzerland, Austria, France,[8] Netherlands[10] and the United States markets through acquisitions.[11]

The Amplifon stock started to be traded in the Borsa Italiana in June 2001.[12] In the same year, they entered a joint venture with Bardissi Medical in the Middle East,[11] in Egypt, alongside the acquisition of stores in Hungary.[13] In 2002, Amplifon acquired the Sonus Corporation in the United States, and later in 2003 took hold of the National Hearing Centers, a company with stores located primarily in large shopping centres.[14]

In the following years Amplifon continued its acquisition strategy in the Netherlands, Germany, the United Kingdom, Ireland and Belgium.[11] In 2010, in fact, the company acquired 100% of National Hearing Care (NHC) in Australia, New Zealand and India.[15][16][17] In 2012 they expanded into more regions in India,[18] acquired 51% of Maxtone in the Turkish Market,[19] and entered the Polish market by founding Amplifon Poland.[20] Brazil followed in 2014 with Amplifon's purchase of 51% of shares in the Brazilian company Direito de Ouvir.

In 2016 the company invested Euro 80 million to acquire 170 stores, including two retail chains in Germany and another in Canada. In 2017, Amplifon invested a further Euro 110 million for the acquisition of 300 stores, including two retail chains in France and Portugal.[12]

A year later, Amplifon completed its largest acquisition, acquiring the Spanish GAES for Euro 528 million. GAES has 600 stores (about 500 in Spain, and the remainder scattered across Portugal and Latin America),[21][22] 1,800 employees, and 210 million in revenue.[12]

Since 2015, the Amplifon stock value tripled, outperforming the FTSE MIB, the index of the top 40 listed companies in the Borsa Italiana.[12] As of August 2018, the share price has risen nearly 1,000% since its IPO.[3]

The chairman is Susan Carol Holland, daughter of Algernon, who owns 44.9% of Amplifon through her family's holding company.[2]

In 2016, Amplifon invested €80 million to acquire 170 stores, including two medium-sized chains in Germany and one in Canada. In 2017, it invested another €110 million to acquire 300 stores, including two chains in France and Portugal.[23] In July 2018, the company made its largest acquisition in history. Amplifon acquired the Catalan company Gaes from the Gassò family for €528 million: 600 stores, of which 500 in Spain and another 100 in Portugal and Latin America,[24][25] 1,800 employees, and revenues of €210 million.[23] In three years, from 2015, the company's stock price has almost tripled, outperforming the FTSE Mib index, which tracks the 40 largest companies listed on the Italian stock exchange[23]

Business and operations

Amplifon has an 11% global market share, and is present in 29 countries, in the geographic areas of EMEA, the Americas, and APAC.[1][26]

The company operates through a network of about 5,150 direct points of sale, 4,000 shop-in-shops and corners and 1,800 stores affiliated with the network, employing 16,000 employees overall.[1] The business is primarily focused on the sale and fitting of hearing aids.[27]

References

  1. 1 2 3 4 5 "Annual Report 2018". Retrieved 8 March 2019.
  2. 1 2 "New billionaires show that hearing aids are a sound investment". theedgemarkets.com. 24 August 2018. Archived from the original on 14 September 2018. Retrieved 14 September 2018.
  3. 1 2 Benjamin Stupples (24 August 2018). "The Sound of Money: Demand for Hearing Aids Creates Billionaires". www.bloomberg.com. Retrieved 14 September 2018.
  4. ↑ "Il partigiano che sconfisse la sordità". Retrieved 29 March 2019.
  5. ↑ "Amplifon - Company profile - Il Sole 24 Ore". Archived from the original on 9 November 2018. Retrieved 29 March 2019.
  6. ↑ "Ricerca: Si internazionalizza centro Studi AUdiologia". Retrieved 29 March 2019.
  7. ↑ "Prevenire i deficit uditivi grazie alla diagnosi rapida". Archived from the original on 5 March 2016. Retrieved 29 March 2019.
  8. 1 2 "Amplifon: acquisizioni in Francia, Austria e Svizzera". Retrieved 29 March 2019.
  9. ↑ "Company Overview of Amplifon Iberica Sau". Bloomberg News. Retrieved 29 March 2019.
  10. ↑ "Ad Amplifon il 100% di Horen". Retrieved 29 March 2019.
  11. 1 2 3 "Amplifon: SaaS per la conquista del mercato Usa". Retrieved 29 March 2019.
  12. 1 2 3 4 "Con Amplifon la Borsa ci sente benissimo: titolo in volo dopo il blitz su Gaes". Retrieved 29 March 2019.
  13. ↑ "Amplifon in rialzo su acquisizione ungherese Viton". Archived from the original on 4 March 2016. Retrieved 29 March 2019.
  14. ↑ "La campagna acquisti negli Usa spinge Amplifon e lo shopping potrebbe non essere finito qui". Retrieved 29 March 2019.
  15. ↑ "Amplifon finalizza l'acquisizione dell'australiana Nhc". Archived from the original on 1 April 2018. Retrieved 29 March 2019.
  16. ↑ "Amplifon: compra australiana Nhc". Retrieved 29 March 2019.
  17. ↑ "Ecco le aziende italiane che comprano in tutto il mondo". Retrieved 29 March 2019.
  18. ↑ "Amplifon si rafforza sul mercato indiano accordo per ampliare la rete commerciale". Retrieved 29 March 2019.
  19. ↑ "Amplifon sbarca sul mercato turco". Retrieved 29 March 2019.
  20. ↑ "Company Overview of Amplifon Poland". Bloomberg News. Retrieved 29 March 2019.
  21. ↑ "Amplifon punta su Spagna e Sudamerica: rilevata Gaes, parte il consolidamento". Retrieved 29 March 2019.
  22. ↑ "Amplifon punta su Spagna e America Latina: acquisizione da mezzo miliardo". Retrieved 29 March 2019.
  23. 1 2 3 "Con Amplifon la Borsa ci sente benissimo". 6 August 2018. Retrieved 23 October 2018.
  24. ↑ "Amplifon punta su Spagna e Sudamerica: rilevata Gaes, parte il consolidamento". Retrieved 21 December 2018.
  25. ↑ "Amplifon punta su Spagna e America Latina: acquisizione da mezzo miliardo". 24 July 2018. Retrieved 26 July 2018.
  26. ↑ "Amplifon: entra in Polonia ed estende presenza a 20 paesi" (in Italian). Retrieved 11 June 2019.
  27. ↑ "Amplifon, the will to ourgrow the market" [Amplifon, la volontà di crescere più del mercato] (in Italian). Retrieved 11 June 2019.
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