Lenskart’s Aggressive Growth Enabled it to be Ranked among the Top-10 Franchise Brands
The eyewear brand Lenskart has been ranked among the Top-10 brands in the latest Franchise 100 list, recently published by The Franchising World magazine. The Franchise 100 is regarded as the most comprehensive and celebrated annual list of Top-100 franchise brands in India, which are assessed on over 45 parameters to identify the high growth and franchise-friendly opportunities across the sectors.
One of the fastest-growing eyewear businesses in India, Lenskart has 500+ franchise outlets as of 2019 and posted a 66.6% growth of franchise outlets over the last three years from 120 franchise outlets in 2017 to over 200 franchise store by 2019-end.
In fact, Lenskart scored impressively across the parameters to be upgraded to the ‘Established’ players category in the Franchise 100 list 2020 from the ‘Emerging’ brands category in the previous list.
Lenskart started franchising in 2013, and relies heavily on its expansive franchise model, spanning over 120+ cities. The brand attributes focus on technology and innovative services behind its success.
“We provide a unique offering – 3D Try On – that allows customers to try eyewear virtually on their face and the inbuilt technology recommends frames as per facial analysis,” informs Chaudhary. “We are making all our stores augmented reality-enabled soon,” he adds. The brand is India’s first to use a robotic technique that delivers micro-precision glasses which are accurate to three decimal places and has launched home eye checkups to further their reach. Lenskart aims to provide high-quality eyewear at affordable rates, targeting rural areas.
In line with this, the brand has devised a low-cost franchise model, Lenskart Lite, to target micro-entrepreneurs throughout Tier III and IV markets. The business model of Lenskart Lite requires a smaller investment of Rs 20 lakhs compared to Rs 35 lakhs of a regular Lenskart outlet. The monthly revenue of a regular Lenskart outlet can be Rs 8-10 lakhs while a Lenskart LITE store can generate revenue of Rs 4-6 lakhs.
Moving forward, Lenskart aims to open 500 more stores in the next two years and take the total store count to 2,000 stores within the next five years.
The Franchising World, India’s no.1 franchising magazine, identifies the Top-100 franchise brands and celebrates their achievements every year in its anniversary issue. The issue highlights the established and emerging Indian and global brands that are increasing their positioning in India along with the new-age brands that are lucrative and profitable, expanding fast and can act as a reference guide for budding entrepreneurs and investors across India.
Franchise 100 is the one-stop destination to know everything about the franchise industry and the leading brands, which investors and prospective franchisees can consider to start their entrepreneurship journey.