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Americas & Asia
The Americas & Asia segment includes the businesses in Latin America, Asia and the United States. In Latin America, GrandVision operates leading optical retail banners in Argentina, Chile, Colombia, Mexico and Uruguay. Most regions in the Americas & Asia segment have the lowest level of maturity in the GrandVision group. These optical retail markets have been growing faster on average than the more developed markets. GrandVision is market leader in Latin America with number one positions in Argentina, Chile, Colombia and Uruguay. In Asia, GrandVision is well positioned in China, India, Russia and Turkey.
The store network increased by 195 to 1,370 in 2015 mainly due to the acquisition of the For Eyes business in the United States, as well as continued store network expansion across the region.
In the Americas & Asia segment, revenue grew by 33.6% to €354 million in 2015 (2014: €265 million) including a -7.0% negative impact from weaker Latin American currencies and the Russian ruble against the euro. At constant exchange rates, revenue grew by 40.6%. Organic and comparable growth were 11.1% and 6.6% respectively.
In Latin America, most countries continued to achieve high single digit comparable growth during the year, while Russia declined by low single digits due to the weak economic environment.
Adjusted EBITDA increased by 58.8% to €8 million in 2015 (2014: €5 million), or 85.9% at constant exchange rates. Organic EBITDA growth was 106.2%, while acquisitions had a negative impact of 20.4%. Adjusted EBITDA growth in the segment was achieved through better operating leverage enabled by the growing store footprint, and roll-out of our global capabilities, as well as store network optimization in Brazil.