Lenskart pumps in $5 million on John Jacobs expansion, eyes Rs 500 crore revenue by 2021

By

Maverick Martins

Published
Feb 6, 2018

Online eyewear firm Lenskart will be investing around $5 million (approx Rs 32 crore) on the expansion of its retail outlets and product range for premium brand John Jacobs across the country.
 

The company is looking to scale up the brand’s presence in metro cities like Bengaluru, Mumbai and Delhi-NCR first followed by tier 1 and II cities for further growth. It plans to add 20 John Jacobs stores by end of this year and touch 50 retail outlets in the next 3 years.
 
Lenskart is looking to generate revenue of Rs 500 crore (approx $78 million) from John Jacobs alone by the financial year 2021. Currently, John Jacobs contributes around Rs 100 crore to the overall revenue of the firm. The company had clocked a total revenue of 179 crore rupees (approx $ 27 million) during the financial year 2017.

"India needs a premium brand for eyewear but one that is not extremely expensive. John Jacobs is a trendy designer eyewear brand, that is fast creating a name for representing top international styles at affordable prices," Lenskart founder and CEO Peyush Bansal was quoted as saying by news agency PTI.
 
“John Jacobs currently has five stores, which will be increased to 20 this year. In the next 2-3 years, we are looking at 50-odd stores across tier I cities,” he added.
 
Besides its 5 exclusive outlets, John Jacobs brand its also available on Lenskart's platform online and at over 365 stores across India.