Indian eyewear brand Lenskart began its journey by becoming an aggregator of brands that make spectacles and sunglasses but now the company is changing tactics.
Last valued at $4.5 billion in July 2022, Lenskart now wants to be a house of exclusive brands. The company has removed the likes of Ray-Ban and Oakley from its outlets and replaced them with its labels like Vincent Chase and John Jacobs. Lenskart also recently acquired a majority stake in Japanese eyewear brand Own days and plans to market it as the premium offering under its umbrella.
With 10 million pairs of spectacles sold each year and 20 million app downloads, Lenskart holds a formidable position in the Indian eyewear market. It has plans to open 400 new stores in the country and is also expected to open a large-scale manufacturing facility for spectacles in Delhi.
While the firm has outlined a clear ambition to become a head-to-toe player in the eyewear segment, the transition is easier stated than accomplished. Eyewear tends to be a highly-customised product, with customers preferring to visit their nearest retailer. Technology can help Lenskart build brand recognition and aid in scaling up its operations, but turning first-time buyers to repeat customers is the more arduous battle to fight.
In an insightful and detailed story today, We dives into Lenskart’s confidence about its new ambitions and what it will take to become a full-stack player that helps buyers keep their eyesight straight.
