Lenskart plans to expand operations through franchise model

Online eyewear retailer Lenskart, which claims to be the largest in the country in terms of daily items shipped, plans to expand by opening 1,000 brick-and mortar shops through the franchise model. These shops, which will also enable delivery, service and return of products ordered online, will enable the company to expand quickly while remaining asset light, CEO Peyush Bansal  said. 

According to Bansal, the eyewear category is highly fragmented and dominated by small neighbourhood stores. The online retailer ships close to 1,20,000 orders a month, which is "too high compared to the competitors", he said.

The Titan Company, which runs eyewear, watch and jewellery outlets, had 1,266 stores at the end of December. Reliance Retail operates India's largest chain, with more than 3,000 stores in 371 cities. Lenskart, based in Faridabad, already operates 150 stores. A majority of its business now comes from its mobile apps and stores, unlike last year when all orders were placed online through desktops, Bansal said. 

The company plans to open another 150 outlets in the coming months and hopes to "reach the 1,000 mark very quickly", said Bansal. Apart from catering to demand from offline customers, the partner network of franchise stores would offer supplementary services for online consumers. 

"The same partner network allows for many things. It services the online orders via home delivery, takes care of the logistics and payments, provides home service," said Bansal. He added that the company won't have to spend on setting up the stores and these shops in turn would help expand business.

Lenskart has about 170 employees on the ground in seven cities who conduct about 1,000 eye exams at home every day. "We hope to expand to 55 to 60 cities in the next six months," added Bansal. 

The firm received funding of about $22 million in a Series-C round led by private equity firm TPG Growth, Hong Kong-based TR Capital and existing investor IDG Ventures earlier this year. Lenskart is already clocking a revenue "run rate" of Rs 300 crore and hopes to reach the Rs 2,500 crore mark in the next four years. Although it is well funded, it could do with more funding to invest in its backend infrastructure and its manufacturing capacity. 

Fastrack opens store in Rajahmundry

Following its success in other cities in Andhra Pradesh, Fastrack has opened its first store at Danavaipet here on Wednesday. The 600-sqft store houses the latest collection of watches, bags, backpacks, helmets and belts from the brand, including a new and exciting range of helmets for guys and girls. The store was inaugurated by Narayanan Sabharatnam, Business manager, South, Titan Company Limited.

Commenting on Fastrack’s growing retail footprint, H G Raghunath, AEO, watches and accessories division, Titan Company Limited said, “The launch of this new store in Rajahmundry is exciting for Fastrack, as it is the first store in the city. We have been steadily growing since the launch of our first store in 2009 and now have 162 Fastrack stores spread over 75 cities in India.”

ASM Sonny Sandi, retail executive Khasim, project manager Mahesh and franchisee owner Sudheer were present on the occasion.

Helios in expansion mode

Helios, the multi-brand watch retailer from Titan Industries, plans to open another 13 stores in different parts of the country by the end of this fiscal. A wide range of latest designs across 20 international brands, including Tommy Hilfiger, FCUK, Fossil, Guess and Armani, ranging Rs 3,000 to Rs 48,000 would be available in the showrooms. By the end of this fiscal, Helios would have 50 stores in India and would open more such stores in future.