Warby Parker, a US DTC brand, has reached a turning point in its development

Warby Parker, a well-known DTC brand in the United States , has attracted much attention since its listing last year. Other similar companies include luggage manufacturer Away and sports shoe brand Allbirds .

Warby Parker rose to fame for selling glasses online and established a good reputation among consumers by offering frames (including lenses) starting at $95 , which is a clear price advantage over other brands.

Warby Parker debuted on the stock market through a direct listing in September 2021 , and its stock price soared on the same day . More than five months after its listing , Warby Parker is currently in a period of transformation and expanding its business scope .

Dave Gilboa , the company's co-founder and CEO , said his company is in an interesting transition. Historically, they were an eyewear company and an eyewear brand . But now, the company is transforming into a holistic vision care company . He also said that consumers can not only buy glasses from here , but also get services such as eye exams and prescriptions from the company .

Image courtesy of Warby Parker

Data shows that Warby Parker customers spent an average of $218 in 2020 , up from $188 in 2018 .

According to a 2021 investor presentation, the company expects future growth to come from people who buy progressive or multifocal lenses, eye exams and contact lenses. The company said these "overall vision customers" are likely to spend $500 or more a year after their first purchase, more than twice as much as consumers who only buy glasses .

In addition to expanding its business scope, Warby Parker also noted that physical stores are another opportunity for its development . Currently, Warby Parker has 160 stores in the United States and Canada . Gilboa said it is possible to increase this number to 900, but it will take some time.

Warby Parker's third quarter revenue for fiscal year 2021 was $137.4 million, net income increased by $33.3 million, an increase of 32.0%, and active customers increased to 2.15 million. Warby Parker also raised its net income for fiscal year 2021, with an adjusted revenue forecast of $542 million. However, due to the complex current market environment, brands such as Warby Parker and Allbirds are facing many uncertainties.

Warby Parker

Turning Point