Eyewear giant Lenskart is setting its sights on a massive expansion in Southeast Asia, with plans to launch 300-400 stores across key markets like Thailand, Indonesia, the Philippines, and Malaysia in the next two years. The move comes after the brand’s success in Singapore, where it currently boasts approximately 70 stores and has achieved a significant impact with one in three people sporting Lenskart glasses.

Lenskart’s Strategic Growth

Peyush Bansal, the co-founder and CEO of Lenskart, expressed enthusiasm about the growth opportunities in Asia, emphasizing the significant impact achieved in Singapore despite its smaller geography. Lenskart’s expansion plan aligns with its vision to become the leading eyewear brand in the Asian market.

One of the key steps in this strategic growth journey was the acquisition of a majority stake in the Japanese eyewear brand OWNDAYS for a reported $400 million in the previous year. Discussing the acquisition process, Bansal highlighted Lenskart’s persistence, mentioning that the company sent six offers before the final one got accepted.

Lenskart’s approach to growth involves a focus on sustainability, with Bansal revealing a preference for long-term investors over higher valuations. Despite rejecting deals at higher valuations, Lenskart secured $100 million in funding from private equity player ChrysCapital in June. This funding, along with the approval for Kedaara Capital to acquire 1.74% equity, showcases Lenskart’s commitment to partnering with investors for the long term.

Innovative Strategies for Market Dominance

In addition to its strategic acquisitions, Lenskart is exploring innovative approaches to enhance its product offerings and streamline operations. The recent acquisition of Tango Eye, an AI-powered computer vision startup, exemplifies Lenskart’s commitment to leveraging cutting-edge technology. Tango Eye’s technology is set to automate quality testing at Lenskart’s manufacturing plants, ensuring precision and efficiency in the production process.

As Lenskart embarks on this ambitious expansion plan in Southeast Asia, the brand’s commitment to sustainable growth, strategic acquisitions, and innovative technologies positions it as a formidable player in the eyewear market, ready to illuminate the region with its extensive network of stores and innovative product offerings.

By Admin

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