Lenskart, eyewear retailer, has announced its foray into the Middle East market and plans to open its first retail store in Dubai soon.
The company has committed $50 million (around AED185 million) towards the expansion in the UAE market. The eyewear specialist has launched its operations in the UAE through online offerings at its website ae.lenskart.com with free delivery across Dubai, Abu Dhabi and Sharjah.
Lenskart will be launching its brands – John Jacobs and Aqualens – along with lenskart, which has already disrupted the markets in India and Singapore.
Within the year, the company plans to provide eyewear through its online and offline stores across the Middle East, similar to its current practice in Singapore and India.
“The move to venture into the Middle East, follows its success and popularity in Singapore where Lenskart is looking to do $30 million revenue in 2021 and achieving the No: 1 position. In the Middle East, Lenskart aims to do the same by building a $250 million business over the next 3-4 years,” a statement made by the company said.
Peyush Bansal, Co-Founder, LensKart, said, “At Lenskart, we understand the UAE millennial buyers and believe that we have the most stylish and high-quality products that are supported by innovative technology and a strong supply chain to deliver a surprising customer experience. We envision to grow exponentially in the coming 3-4 years and build a robust consumer base for our brand in the Middle East. Our prime objective remains enthusiastic customer satisfaction.”
Lenskart’s new production facility is under development in Delhi-NCR region of India with an investment of over $100 million and the company claims that it is going to be the largest eyewear facility in the world with supply capacity of over 150,000 glasses per day.
Lenskart has 5,000 employees and an in house data and technology team of over 300 engineers. Amit Chaudhary and Ramneek Khurana who are the other co-founders dedicatedly oversee to all technology initiatives across the company. Lenskart shipped 7 million pairs of eyewear last year which is largest among all eyewear startups founded globally in the last decade.
Incepted in 2010, Lenskart.com operates across 700 stores online, home-service and accounts for a market share of 30% in India’s organised eyewear market.
It is funded by Softbank, Kedaara Capital, TPG, IFC, Premji Invest and other marquee investors. In Dec 2019, the company raised approximately 275 Million Dollars from Softbank and Kedaara Capital.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.