Lenskart, an omnichannel eyewear retailer, plans to expand its Southeast Asian presence by opening 300 to 400 stores by 2025, marking a significant step in its growth strategy and aiming to dominate the Asian eyewear market.
As of now, Lenskart has successfully established a strong presence in Singapore, with 70 stores already operational. This achievement is just the beginning. The company’s vision extends far beyond, targeting major Southeast Asian countries like Thailand, Indonesia, the Philippines, and Malaysia. In Singapore, Lenskart has made a remarkable impact – one in three people now wear glasses from Lenskart, a testament to the brand’s popularity and the quality of its products.
Furthermore, Lenskart isn’t just growing organically. The company is also looking at strategic acquisitions to bolster its presence in the region. A notable move in this direction was the acquisition of a majority stake in Owndays, a Japanese eyewear brand that also operates in Southeast Asia. This acquisition is a clear indicator of Lenskart’s commitment to expanding its market reach and enhancing its product offerings.
The expansion plan is backed by robust financial support. In a significant funding round, Lenskart raised $500 million from the Abu Dhabi Investment Authority (ADIA). Additionally, it secured $100 million from Chryscapital. This influx of capital not only fuels the expansion but also brings in long-term investors who believe in Lenskart’s vision and growth trajectory.
Peyush Bansal, the co-founder and CEO of Lenskart, shared at Slush 2023, an annual startup and technology event, the company’s ambition to build a growing ecosystem, akin to the likes of e-commerce giant Amazon. Bansal’s vision is not just about expanding the number of stores but also about creating a sustainable and influential brand presence in the eyewear industry.