Lenskart’s eyewear brand John Jacobs is looking to garner Rs 500 crore in revenue in two years as it strengthens its retail presence and expands the product portfolio. The brand, which has eight stores currently in Delhi, Pune and Bengaluru, will add six more in the next two months and aims to set up about 50 stores by March 2021.
“John Jacobs has been witnessing strong growth, we expect to close this fiscal with a topline of Rs 180 crore. By March 2021, we expect our revenues to touch Rs 500 crore,” Manan Duggal, Business Head, John Jacobs told PTI.
According to a PTI report: He added that about 40 percent of the sales is driven by online channels, with the rest coming from offline stores.
Last year, Lenskart had said it will invest US$ 4 million in John Jacobs to fuel the brand’s expansion plans.
“We are aggressively growing our presence both in online and offline. The brand is already retailing through Lenksart outlets (over 450 in more than 100 cities). The aim is to take the number of our own stores from 8 now to 50, by March 2021, covering all major metro cities,” he told PTI, adding that the store expansion will entail investment of about Rs 10-15 crore.
John Jacobs is also in discussions with fashion retail chains for distribution of its products.
“In terms of online reach, we are already there on Lenskart and Amazon.in and will soon be available on Flipkart as well,” Duggal told PTI, adding that the brand is aggressively expanding its product portfolio as well.
John Jacobs recently introduced a new eyewear delivery model where the brand delivers eyeglasses, fitted with powered lenses, in a 20-minute timeframe.
The service, currently available in select stores in Bengaluru, will be expanded to Delhi and Pune as well, Duggal said.
He further told PTI that with the new service, the brand expects to “see 30-40 percent upside in orders”.