Lenskart plans to set up its largest Indian manufacturing plant to date
Following increasing sales, eyewear retailer Lenskart plans to set up its largest manufacturing plant in India to date with an investment of $50 million (Rs 380 crore).
Lenskart plans to open the new manufacturing unit in the coming six months at an undisclosed location in India, CEO Peyush Bansal said, TNN reported. The plant will measure around four to five lakh square feet, which will make it five times larger than Lenskart’s current Indian production facility.
The business currently produces its range of eyewear at its manufacturing plant in Gurugram and at a plant in China. The new facility will enable the business to increase production and increase its amount of products produced in India compared to in China.
Lockdown and the coronavirus pandemic have wreaked havoc across the Indian retail market but Lenskart has reported that sales have grown by at least 20% in the current financial year. The business plans to add between 200 to 300 new stores to its current total of 600.
“For us, there could not be a better time to expand stores and we may even take the 200 stores to 300, but haven’t finalised yet,” said Bansal, seeing an opportunity for growth, TNN reported.
Lenskart saw its sales double to reach over Rs 1,000 crore in the 2020 financial year, which ended in March. The start-up is described as a unicorn as its valuation has crossed $1 billion.
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