Lenskart.com has announced a strategic investment of $4 Million in affordable-premium eyewear brand John Jacobs. Launched two years ago, today John Jacob has 5 standalone stores in Delhi, Gurgaon and Bangalore and it 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.
“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,” said Peyush Bansal, Founder & CEO, Lenskat.com.
Company claimed that 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.