Brazil’s franchise investment group SMZTO has taken a strategic stake in optical retailer QÓculos, aiming to rapidly scale a brand that blends digital roots with an aggressive franchise model. The undisclosed investment is designed to support store expansion, accelerate national consolidation and unlock value in a still fragmented optical market. By backing QÓculos, SMZTO is positioning itself to benefit from structural trends in health, demographics and lifestyle that are fueling sustained demand for eyewear.
SMZTO’s Franchise Playbook
SMZTO, founded by entrepreneur José Carlos Semenzato, operates as a private equity platform focused exclusively on franchise businesses across consumer and service segments. The group already supports 17 brands, including Espaçolaser, Oakberry, Oral Sin, OrthoDontic, Greenjoy, Nanica and Petlove, which together operate around 5,000 units and generate the equivalent of about $1.7 billion in annual sales. Adding QÓculos extends this portfolio into optical retail and reinforces SMZTO’s strategy of investing in companies with proven unit economics, committed partners and scalable expansion potential.
QÓculos’ Journey from E-commerce to National Network
QÓculos was founded in 2014 by entrepreneurs Neto Santana and Rafael Galdino as an online optical retailer at a time when e commerce penetration in the category was still limited. Within three years, the company had climbed into the ranks of Brazil’s leading digital players, then in 2018 it began rolling out physical stores through licensed and franchised units. Today the chain exceeds 120 locations across 17 states, expects revenue of roughly $22.5 million in 2025 and targets 400 units and about US$93.8 million in sales by 2027.
Market Opportunity and Consolidation Thesis
The investment thesis rests on a Brazilian optical market with an estimated 71,000 points of sale, where only about 7 percent are controlled by large chains. This high level of fragmentation, combined with under penetration of vision care and limited professional management, creates room for a scaled brand with standardized operations and national marketing strength. SMZTO and QÓculos see an opportunity to consolidate share in a sector that moved the equivalent of roughly $5 billion in 2024 while improving access to eyewear for a broader portion of the population.
Business Model, Products and Franchise Economics
QÓculos operates with a franchise model that requires an initial investment starting at around US$41,000 and projects an average payback period of roughly 18 to 30 months for franchisees. The network holds the Brazilian Franchising Association’s seal of excellence and reports high satisfaction among partners, reinforced by the fact that the chain did not close stores and even opened new units during the pandemic. On the product side, the company offers prescription lenses, frames and sunglasses from global brands such as Ray Ban, Oakley, Prada, Tom Ford, Hugo Boss and Persol, alongside exclusive private labels that widen the price spectrum and consumer reach.
Digital DNA, Expansion Plan and SMZTO Synergies
Because QÓculos was born in e commerce, technology remains embedded in its store operations, simplifying processes at the counter and supporting leaner management for franchisees. The expansion roadmap prioritizes cities with more than 80,000 inhabitants across Brazil, while SMZTO and the founders already study complementary acquisitions, new product verticals and deeper supplier partnerships to build an integrated optical ecosystem. The expectation is that being part of SMZTO’s portfolio will trigger network effects, with existing franchisees from other brands opening QÓculos units and a stronger marketing and technology backbone accelerating both new openings and same store performance.
The entry of SMZTO into QÓculos marks a turning point for both the chain and the broader Brazilian optical market, signaling a more assertive phase of consolidation in a still dispersed sector. With digital roots, a diversified product mix and a franchise model validated in more than 120 stores, the brand now gains the financial firepower and strategic support of an experienced franchise investor. For consumers, franchisees and investors, the partnership aims to translate structural demand for vision care and eyewear into a larger, more accessible and professionally managed retail platform that is benchmarked in US dollar terms.