Lenskart to expand brick-and-mortar footprint
05 February 2022, Mumbai:
Eyewear business Lenskart plans to expand its brick-and-mortar footprint besides launching an initial public offering in the next two years.
The company plans to get listed In India and abroad. Backed by Softbank and Temasek , Lenskart has received over $900 million in funding to date. The business runs stores across India and is also present in international markets including Singapore, Dubai, and the U.S.
The business sees a significant opportunity for expansion in the largely unorganized Indian market as it estimates that around 600 million Indians require prescription glasses but only around 200 million currently wear them. Lenskart sees a need for more eye testing options for the general public.
Lenskart plans to open 400 retail outlets in India in the 2023 financial year and reach a total of over 1,400 stores.
The business aims to gain 50% of the eyewear market share in India through penetrating both metros and smaller cities.
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*Figures mentioned in the above article have been sourced from Fashion Network article.
