Lenskart.com invests $ 4Mn in eyewear brand John Jacobs; bets heavy on brand and expansion

Targets John Jacobs to be a $ 78Mn or INR 500 Cr plus brand by 2021

Lenskart.com invests $ 4Mn in eyewear brand John Jacobs; bets heavy on brand and expansion

Bangalore, February 5, 2018: 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 INR 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, Mr. 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 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.

About Lenskart

Founded in 2010, Lenskart is India’s largest online retailer of premium quality and stylish eyewear, offering over 10,000 different styles to suit all pocket sizes and diverse consumer needs. With a unique click and mortar business model, Lenskart is revolutionizing the eyewear industry by offering disruptive services like Free Home Eye check-up, 3D Try On, Free Home Trial and First Frame Free among others. Through innovative technology and a deep focus on consumer satisfaction, Lenskart has grown more than 200% year on year, and is the top optical businesses in India. With a rapidly growing network strength, Lenskart is present in over 350 stores across more than 95 cities in India. Lenskart has been funded by venture capitalists like, IDG Ventures ($4 million in October 2011) and Ronnie Screwvala-led Unilazer Ventures ($10 million in February 2013), TPG Growth & TR Capital ($22 million in January 2015), IFC (400 crores) and Premji Invest (in September 2016).

About John Jacobs:

John Jacobs is a new-age eyewear brand that offers a wide range of trendy designs & fine materials across prescription eyeglasses and sunglasses. The brand opened its first store in India in 2015 at the iconic retail destination Khan Market in New Delhi. The brand’s USP is affordable pricing for their premium quality eyewear due to its disruptive supply chain and ownership model where they avoid middlemen and unnecessary retail mark-ups.