Lenskart believes in growing with its franchisees

India’s leading eyewear brand has rolled out a massive rural expansion strategy through its franchise models

Lenskart believes in growing with its franchisees

Founded in 2010, by Peyush Bansal an ex-Microsoft ‘techie’ with no money but truckloads of relentless passion to make a difference in this world, Lenskart is India’s fastest growing eyewear business today. With a rapidly growing venture reaching out to over 1 lakh customers a month via a unique combination of strong online business, uniquely designed physical stores, as well as a first-of-its-kind ‘home eye check-up’ service, the brand is revolutionising the eyewear industry in India. Lenskart currently operates 550+ stores across the country; and further plans on opening 500+ stores within the next two years. Excerpts from an interview with Kulpam Peshin, Vice President, Business Development, Lenskart:

Most of the brands are devising low-cost franchise models. How are you tapping this space?

Lenskart is currently present in 120+ cities with 550+ outlets and is expanding rapidly with a focus on smaller cities in the country. The brand has launched the Lenskart LITE (FOFO) model to attract micro-entrepreneurs; the business model requires a smaller investment of Rs 20 lakhs compared to Rs 35 lakhs for a regular Lenskart outlet. The monthly revenue of a regular Lenskart outlet in a Tier II or III city amounts to Rs 8-10 lakhs; on the other hand, a Lenskart LITE store in Tier IV and V towns can generate revenues of Rs 4-6 lakhs. The Lenskart LITE model is designed for a smaller format store, with a simple yet appealing design. The business model is aimed to yield high margins and ROI as well as allowing a faster payback period.

How do you help franchisees to achieve higher RoI?

Lenskart believes in growing with its franchisees. To enable high RoI to our franchise partners, we ensure 25-30% margins across our franchise models, quick breakeven within two years and zero stock risk. In addition, we provide full support in site selection and finalisation, store layout and design, staff hiring, and training. We track franchisee NPS on a continuous basis and training is given accordingly to help maximise revenues.

What are your priorities in the next 2-5 years?

Lenskart was created with the mission to give ‘vision to India’. We expect 50% of our up-coming stores to be set up in Tier II and III cities, predominately focusing on expanding in rural areas with Lenskart LITE. We aim to be present in 500+ cities to provide quality eyewear to customers across the country. Over 550 million people in the country need reading glasses yet only 170 million people wear them. Lenskart’s aim is to increase the adaptability in the coming years by providing high-quality eyewear to millions of Indians at affordable prices, even in the remotest segments of the country. We plan to open 500+ stores in the next two years, and take our total store count to 2,000 within the next five years.

FRANCHISE FACTS

Established: 2010

Franchising since: 2013

Total outlets: 550+

Investment: Rs 20-35 lakhs

Area: 300-500 sq. feet

Break-even: 18 months

Expansion: Pan-India

Comment
image
image
mobile
address
star franchise india
Related opportunities
  • Healthcare & Medical Products
    Herbal Mart Limited is one of the largest Herbal/Ayurvedic products..
    Locations looking for expansion Madhya pradesh
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size
    Space required 100
    Franchise Outlets -NA-
    Franchise Type -NA-
    Headquater Indore Madhya pradesh
  • Bars, Pubs & Lounge
    About Us: Sizzante is a landmark of veg/ non-veg Sizzlers. The..
    Locations looking for expansion Gujarat
    Establishment year 2016
    Franchising Launch Date 2019
    Investment size Rs. 1 Cr. - 2 Cr
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater ahmedabad Gujarat
  • Quick Service Restaurants
    We are a team of young talented dynamic cooks and..
    Locations looking for expansion Haryana
    Establishment year 2017
    Franchising Launch Date 2020
    Investment size Rs. 5lac - 10lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
  • Activity Centres, Day Care & Creches
    About Us: 'Wings', a part of the Shivam Eduwings Foundation, is..
    Locations looking for expansion West bengal
    Establishment year 2016
    Franchising Launch Date 2019
    Investment size Rs. 10lac - 20lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Saltlake West bengal
Insta-Subscribe to
The Franchising World
Magazine
tfw-80x109
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
email
mobile
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories

Free Advice - Ask Our Experts

pincode
;
ads ads ads ads