Omni-channel eyewear retailer Lenskart plans to open more than 300 new stores as state-wide lockdowns are relaxed, taking the total to over 1,000 stores. The company has over 750 stores in total and more than 720 are in India.
Prior to the pandemic, Lenskart would see around 60-65 per cent of sales from online. Due to the nature of the business, consumers end up visiting stores quite often.
The online channel had seen a significant shift due to the second COVID-19 wave and that it had strengthened the Ghaziabad-based startup’s market share in the organized retail space. Most of these stores will be in India while it will also expand into the Middle East and Southeast Asia.
Lenskart is on track to record net profits for the first time in the ongoing financial year despite the second wave's impact from March to May. The company recorded revenue of around Rs 1,000 crore in FY20 without turning in a profit The company has also set up a 'Lenskart Vision Fund' with a corpus of around $20 million which will invest in startups in the area of eye testing technologies, omni-channel technology solutions across in-store automation, logistics, supply chain, merchandising, marketing, and deep tech solutions for eyewear, retail and ecommerce.
