Premium eyewear brand Lenskart, which operates with an omni-channel retail model, has plans to invest $4 Mn more to set up more offline stores for one of its major brand John Jacobs.
Reportedly, the company has already invested $1 Mn in the brand. The push towards scaling the brand further is on lines with the company projections, which expects the revenue from John Jacobs to reach $78.1 Mn (INR 500 Cr) by FY 2020-21, from the current $15.6 Mn (INR 100 Cr) in FY17-18.
Peeyush Bansal, founder of Lenskart said, “India needs a premium brand for eyewear but one that is not extremely expensive. John Jacobs is a trendy designer eyewear brand, that is fast creating a name for representing top international styles at affordable prices.
John Jacobs currently has five stores in India and Lenskart is looking to add 20 more offline stores for the brand by the end of 2018. The preferred cities for the new stores will be Bengaluru, Mumbai, Delhi-NCR amongst others.
The brand is also sold online and on 400 retail touchpoints of Lenskart. The company is also trying to bolster the brand sale by partnering with large format retail stores.
John Jacobs has teamed up with Italian design house—Mazzucchelli for material and design partnership. Its range is priced at $54.67 (INR 3,500) onwards. Going ahead, in the next 2-3 years, we are looking at 50-odd stores across Tier I cities, added Peeyush.
Earlier in July 2017, an ET report stated Lenskart’s plans to expand its offline presence from 300 stores to 600 stores by March 2018. Peeyush also indicated his plans to float an IPO by 2020, in order to provide an exit to the existing shareholders.
An email sent to Lenskart founder Peeyush Bansal did not elicit any response till the time of publication.