Lenskart, India’s one of the biggest eyewear solution is projecting a 20% growth in sales for current fiscal year. This is still low as compared to previously recorded 40-50% every year until 2019. They are yet to present their figures for year 2020. 90% of the company’s sale is through its website and mobile app and 10% from the stores currently as opposed to 70:30 ratio prior to pandemic.
About 100 lenskart stores have started operations in green zones over last week. They are expecting revenue from these stores as of now. Peyush Bansal, chief executive of Lenskart told that people would still need affordable eye care solutions and that’s what the company caters to. If the demand picks up from third quarter, the company is expecting to sell 7 million pairs.
The company is looking at expanding itself in Tier 1 and Tier 2 cities with 200 new stores opening. They are planning to base it on revenue-share model with the landlords. This announcement comes at a time when experts have predicted that economy will be crippled post the pandemic and we will move into recession.
Bansal says that 60% of the population needs eye care and that cannot be changed. The company is in a necessity business and even though retail is getting affected, it will get better once the lockdown is lifted. The retail stores are currently acting as eye testing centers.
The company raised some amount just before the entire pandemic situation which makes them financially secure and they are not looking to raise anymore funds as of now.