Lenskart plans major brick-and-mortar expansion in Southeast Asia

Eyewear and eye care business Lenskart plans to expand deeper into the Southeast Asian market and open between 300 and 400 stores in the region in the coming two years while debuting in both Thailand and the Philippines. 

“There’s a lot to do in Asia now,” Lenskart’s co-founder and CEO Peyush Bansal told the Economic Times. “In Singapore, we now have 70 stores. One in three people wear Lenskart glasses. It’s a smaller geography but the impact is bigger. Next, we’re looking at Thailand, Indonesia, the Philippines, and Malaysia… We’re looking at opening 300 to 400 stores in Southeast Asia in the next two years.”
 
The business has had a retail presence in Singapore for three years and plans to enter the Thai market this year, according to Bansal. After retailing for around a year in Thailand, Lenskart is scheduled to launch in the Philippines, seeing a large growth opportunity in the market.

Along with penetrating the Southeast Asian market by opening Lenskart stores, the business is also looking into inorganic growth opportunities. In 2022, Lenskart acquired Owndays, a Japanese eyewear brand which retails in the region after fail rejected purchase offers.