2' min read
2' min read
Audika, a chain of acoustic centres belonging to the Danish Demant group, doubles its presence in Italy thanks to a major acquisition in the North East and confirms its plans for further expansion, aiming to strengthen its presence in the ten regions where it already operates, starting with the northern regions and Tuscany, Lazio and Campania.
In recent weeks, Udicare, Demant's retail subsidiary for hearing aids and related accessories, has completed the purchase of 100% of Audiovita, a chain founded some ten years ago by entrepreneur Paolo Morandi and now with more than 60 shops and 80 employees in Veneto, Trentino-Alto Adige, Friuli-Venezia Giulia, Emilia-Romagna and Tuscany: almost 9 million in revenues in 2023.
"Audiovita is very similar to us both in its value model with a focus on quality products and in its operational model with in-store certified hearing aid specialists who follow the patient from diagnostics to sales," explains Daniela Pighini, general manager of Audika Italia, which with this operation has reached 140 shops and exceeded 250 employees.
The Italian market for hearing aids, as indicated by a recent survey by the Competition Authority, is among the largest in Europe with a turnover close to 900 million Euro realised through more than 2 thousand specialised centres and 4 thousand contact points inside, for example, pharmacies and opticians' shops: there are two and a half million Italians who own a hearing aid. Of the dedicated centres, half belong to the big names in the sector such as Amplifon, which has the main market share, and Sonova-Audionova, and then there is Demant, present with its proprietary Audika network and with the Maico brand under which almost 200 independent operator shops operate. The other half is very fragmented, made up of small entities owning a handful of shops or individual hearing aid specialists, and is therefore attractive to large groups seeking better coverage of the territory. "Capillarity is an important value in this market because the target clientele is elderly and it is necessary to be close to the customer," continues Pighini. "Hearing aids are still a tool that people are ashamed of, which is why the support of the hearing aid specialist and the direct relationship is essential. Furthermore, it is a device that requires continuous activity: it must be calibrated at the time of purchase, then it requires maintenance and constant verification that the performance meets the patient's hearing loss levels".
The beginning of 2024 is seeing a slight upturn in sales in the Italian market, looking at sell-in statistics (i.e. sales of equipment manufacturers to retail shops): after a flat 2023, in the first quarter the increase over the previous year was close to 2%, while for the global market Demant estimates are +3% again for the January-March period. Globally Audika has 3500 shops in 25 countries and is mainly concentrated in Europe, where it has its roots having originated in France, and in North America. In 2023, retail sales of hearing aids accounted for 40% of the Demant Group's total revenue of EUR 3 billion.
