How Lenskart crafted a new vision in the eyewear sector
Founded in 2008 and started only as an online player in 2010, the company entered offline retail in 2013 and has died in 2,067 stores in India since then. In a highly fragmented market, Lenskart stands out as a rare consumer technology initiative that creates both scale and market leadership.
Here is a view of five powerful directions that guide the story and the risks that investors should pay attention to.
Growth: to see a future
When Lenskart entered the glasses market, the area was disintegrated and dominated by the scattered local players. Titan had already started the eye+ section in 2007, but the category remained a small part of the empire led by larger jewelry.
Lenskart, then, passed the Titan Eye+quickly – revenues were already 1.8 times larger in the FY20 and rose to 8.3 times in 25 financial years. The advantage of the company came from a hibrite strategy, which is supportable and offline accessible and offline access, supported by heavy investment in a vertical supply chain, which includes design, production and retail sales.
Profitability: a wider view
Lenskart, which identified the potential beyond India, exported the money, technology-specific model to global markets-in time it has largely expanded Asia to a great extent.
His biggest move came with the purchase of his own days in 2022, and then he entered Europe last month. La407 Spanish label Meller’s Crore acquisition.
Unlike peers such as Zomato or Olala, which took back its international bets, Lenskart continued a strong overseas existence. 25 In financial financially, approximately 40% of its revenues came from outside India.
In particular, international operations are more profitable: domestic product margins were 63%, while overseas margins were higher than 74%. Even after the marketing and the accounting of commissions, the business margins landed on the range of 12-17%.
Stores: New View
While trying to expand the store count further, this expense will keep the heads under pressure.
Lenskart’s draft prospectus, the store footprint in India at 1.65 million square meters – more than 2.3 times the closest organized opponent in prescription glasses. Although the store facades have more than one dimension, there is a brand consistency in the field of appearance and sensation.
Between March 2023 and March 2025, Lenskart increased the total number of stores from 1,959 to 2,723. The stores in India made up 85% of this expansion. Titan Eye+has comparatively seven stores in India and about 700 outside India. Lenskart plans to gather new funds on proposed issues La2,150 CRORE. He left this La273 Crore – Store installation costs and additional equipment for capital expenditures for approximately 620 new stores by March 2029.
Demand: Looking beyond
Lenskart divides Indian business into three markets: 900 stores operating eight metro; 39 Tier-ı city with 469 stores; and 698 output Tier-II and smaller towns.
The numbers recommend a large ceiling gap for expansion in all segments. According to a Redseer report in the draft prospectus, India sells 214-263 million glasses annually.
In FY25, Lenskart sold 22.9 million units – about 10.7% at the lower end of the market size and underlined its modest share. Redseer also marked a large need not met: Penetration is only 32-53%, millions of need for visual correction are still going without glasses – a GAP Lenskart hopes to close.
Production: Vertical Integration
The risk for Lenskart is that its expansion is progressing in front of its inability to obtain increasing sales or incremental sales. From stores to production capacity to new markets, it invests in every field of the enterprise. Most of them in the physical field – after all, the stores made up 76% of Lenskart’s glasses reservations in India and 97% internationally.
Lenskart also has four production facilities: my pride in Haryana, Singapore and Dubai, and Bhiwadi. All of the capacity, all in 2024-25, completed a combined use of only 48%. Still, the company invests La1,500 Crore in a new facility in TaLangana. A reading of this is that Lenskart’s integrated business model and growth expectations are sure. However, if business growth does not keep up with the entire building, it can return to bite Lenskart.
www.howindialives.com is a database and search engine for general data
