Tuesday, February 6, 2018
Lenskart.com Invests $ 4Mn in Eyewear Brand John Jacobs; Targets $ 78Mn Plus Brand by 2021
Lenskart.com, India’s leading eyewear company today announced a strategic investment of $ 4 Million in affordable-premium eyewear brand John Jacobs. Launched with an aim to secure a position in the affordable luxury segment, John Jacobs, in a short span of over two years, has established itself as one of the leading premium eyewear brands in India with 5 standalone stores in Delhi, Gurgaon and Bangalore. The brand has clocked over Rs 100 Cr sales and plans to open 20 more outlets in Delhi, Gurgaon, and Bangalore along with entering Mumbai in 2018.
John Jacobs offers premium quality eyeglasses and sunglasses at a disruptive pricing model due to their unique supply ownership model. John Jacobs has teamed up with the globally renowned Italian design house – Mazzucchelli for material and design partnership. With its exclusive stores, John Jacobs offers a wide range of trending designs made from high-end materials like titanium, Italian handcrafted acetate, pure wood etc – all under one roof.
John Jacobs is ushering in a new way of consuming eyewear where consumers can access a pair of premium sunglasses and prescription eyeglasses at an unheard price point of Rs. 4500. The brand urges customers to explore more styles, mix & match and break monotony.
Commenting on the investment, Peyush Bansal, Founder & CEO, Lenskat.com said,“The urban Indian millennial is changing the dynamics of the Indian market. Presently, India needs a premium eyewear brand which brings latest fashion but not at 10x prices. John Jacobs is a trendy designer eyewear brand, that is fast creating a name for representing top international styles at surprisingly affordable prices and that’s their USP. With this strategic investment, we continue our mission of creating enthusiastically satisfied customers and providing great value for money to Indian consumers.”
Given the vastness of the market and the growth opportunities, John Jacobs is expected to grow ten times to become a Rs 500 crore business by 2020. There will be about 50 stores across tier 1 and tier 2 cities in India, and also across a few marquee international destinations by 2020.
Keeping in mind the requirements of its target audience, some of John Jacobs’ existing outlets include one of a kind retail experiences, including a mini café, travel books, polaroid photo booths and props for an engaging consumer experience. The premium brand currently retails through 5 exclusive outlets – Khan Market (New Delhi), Galleria (Gurgaon), Indiranagar (Bangalore), Koramangala (Bangalore) and Vega City Mall (Bangalore) in addition to its exclusive online destinations www.John-Jacobs.com.
John Jacobs also retails through www.lenskart.com, Lenskart offline stores and services online orders from Australia, Philippines and the UK. The brand is now also readying itself to tap new geographies like the US and Canada to expand its presence globally.