Lenskart reduces sales growth prediction to 20% for FY21
Eyewear brand Lenskart expects 20% sales growth in the 2021 financial year, a reduced prediction from the the brand’s initial figure of between 40% and 50% growth. The brand has also reopened around 100 stores.
Lenskart had reported sales growth of between 40% and 50% year-on-year until the 2019 financial year and previously expected this trend to continue into the 2021 financial year. However, the effects of the coronavirus and subsequent lockdown have caused the brand to drastically reduce its growth projections for the current fiscal year.
“At a time like this, we are still hoping to record a 20% growth in business for financial year 2020-21,” Lenskart’s chief executive Peyush Bansal told the Economic Times. “It is obviously not as much as we have usually recorded in the past, and is certainly not going to be in the 40%-50% revenue growth range that we anticipated earlier, prior to the pandemic.”
The business expects its sales to be driven by more essential products such as contact lenses and eyewear moving forward. Lenskart still aims to open at least 200 brick-and-mortar stores in Tier 1 and 2 cities this year but plans to pursue revenue-share rent options for new stores as opposed to its current fixed-rental model.
As India’s citizens remain under lockdown, the majority of Lenskart’s sales are coming from its website and mobile app, like for many other fashion and lifestyle retailers. The brand has opened around a sixth of its brick-and-mortar stores under the new lockdown regulations and is still seeing a higher ratio of online sales compared to before the pandemic, ET Bureau reported.
Lenskart has given free glasses to doctors and medical staff treating Covid-19 patients, the brand announced on Facebook. The brand has shared doctors’ responses to its ‘Vision for Warriors’ initiative and has also shared tips for looking after your eyes during lockdown on its Facebook page.
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