Lenskart, the largest eyewear retailer of India, has announced its foray into the Middle East market and plans to open its first retail store in Dubai.
The company said it has committed $50 million towards the expansion in the UAE market.
The eyewear specialist added that it has so far launched its operations in the UAE through online offerings, with free delivery across Dubai, Abu Dhabi and Sharjah.
It said the UAE is a “very active market for premium fashion eyewear and colour contact lenses”, and plans to provide eyewear through its online and offline stores across the Middle East within a year.
The move into the Middle East follows its success in Singapore where Lenskart is looking to generate $30 million revenue in 2021. In the Middle East, Lenskart said it aims to do the same by building a $250 million business over the next 3-4 years.
Peyush Bansal (pictured above), co-founder, LensKart, said: “We understand the UAE millennial buyers and believe that we have the most stylish and high-quality products that are supported by innovative technology and a strong supply chain to deliver a surprising customer experience.
“We envision to grow exponentially in the coming 3-4 years and build a robust consumer base for our brand in the Middle East. Our prime objective remains enthusiastic customer satisfaction.”
He added that Lenskart’s new production facility is under development in Delhi-NCR region of India with an investment of over $100 million with supply capacity of over 150,000 glasses per day.
Incepted in 2010, Lenskart.com operates across 700 stores online, home-service and accounts for a market share of 30 percent in India’s organised eyewear market.
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