Lenskart builds SE Asia expansion
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India-based eyewear retailer Lenskart plans to open stores in Thailand and the Philippines to expand in Southeast Asia.
“We’re looking at opening 300 to 400 stores in southeast Asia in the next two years. Initially, we go slow, but we like to go deep,” Peyush Bansal, Lenskart cofounder and CEO said.
“We’ve been in Singapore for the last three years, and we are going to Thailand this year. After a year in Thailand, we’ll go to the Philippines.”
“There’s a lot to do in Asia now,” said Bansal. “In Singapore, we now have 70 stores. One in three people wear Lenskart glasses. It’s a smaller geography but the impact is bigger.”
He noted that the brand is considering opening stores in Indonesia and Malaysia.
In addition, the company is considering inorganic expansion opportunities as part of its regional expansion plans, following its acquisition of a majority stake in Japanese eyewear label Owndays last year.
Questions & Answers
Q.Which Southeast Asian countries is Lenskart focusing on for its initial expansion plans?
Which Southeast Asian countries is Lenskart focusing on for its initial expansion plans?
Lenskart is set to open stores in Thailand this year and plans to expand into the Philippines the following year. The company is already established in Singapore with 70 stores.
Q.What is Lenskart's target for store openings in Southeast Asia over the next two years?
What is Lenskart's target for store openings in Southeast Asia over the next two years?
Lenskart aims to open between 300 and 400 stores across Southeast Asia within the next two years. This expansion follows a strategy of starting slowly but aiming for deep market penetration.
Q.Beyond organic store expansion, how else is Lenskart planning to grow in the region?
Beyond organic store expansion, how else is Lenskart planning to grow in the region?
Lenskart is also exploring inorganic expansion opportunities as part of its regional strategy. This follows its acquisition of a majority stake in the Japanese eyewear label Owndays last year.
Q.Which other countries are Lenskart considering for future store openings in Asia?
Which other countries are Lenskart considering for future store openings in Asia?
After their initial moves into Thailand and the Philippines, Lenskart is considering opening stores in Indonesia and Malaysia. The CEO noted there is much more to do in Asia.
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