Lenskart Expanding Presence in Southeast Asia, Aiming for 400 New Stores

Eyewear giant Lenskart is gearing up for a substantial expansion in the Southeast Asia (SEA) region, eyeing the launch of 300 to 400 stores over the next two years. CEO Peyush Bansal revealed the company's strategic move, emphasizing a broader market presence.

Expansion Strategy and Market Footprint

Lenskart, headquartered in Delhi NCR, is set to extend its reach beyond its existing 70 stores in Singapore. Bansal highlighted plans to step into Thailand, Philippines, and Indonesia, aiming to significantly amplify their market impact.

"In Singapore, one in three people wears Lenskart glasses. It’s a smaller geography but the impact is bigger," Bansal mentioned during Slush 2023, emphasizing the brand's strong foothold in the region. The company intends to approach the SEA market cautiously but with a focused, deep-rooted strategy.

Focus on SEA Region

Lenskart has been actively bolstering its presence in the SEA market. Last year, it acquired a substantial stake in Japanese eyewear brand OWNDAYS, signaling its intent to become a dominant force in the Asian eyewear landscape.

Regarding the acquisition, Lenskart CEO Peyush Bansal affirmed the company's persistence, mentioning that Lenskart had made multiple offers to OWNDAYS before finally clinching the deal.

Growth Plans and Investment Strategy

In line with its growth trajectory, Lenskart has strategically chosen long-term investors over higher valuations, highlighting its intention to establish enduring partnerships for sustainable growth.

The eyewear major secured $100 Mn in funding from private equity player ChrysCapital to accelerate its expansion plans and solidify its position as a global eyewear leader.

Product Enhancement and Innovation

In a bid to further enhance its offerings, Lenskart recently acquired Tango Eye, an AI-powered computer vision startup. This acquisition aims to automate quality testing at Lenskart's manufacturing plants, indicating the brand's commitment to technological advancements and product innovation.

Embracing Technology for Product Enhancement

In addition to physical store expansion, Lenskart is committed to enhancing its product offerings through technological advancements. The recent acquisition of AI-powered computer vision startup Tango Eye demonstrates the company's focus on leveraging technology to optimize quality control and manufacturing processes.