Thursday, June 20, 2024
HomeEyewear FranchiseHow to Start a Lenskart Franchise - Cost, Fee, & Profit

[Updated]How to Start a Lenskart Franchise – Cost, Fee, & Profit

Are you fascinated by the eyewear franchise and looking to Invest in it? Do you own a retail optical store and looking to invest in a renowned and well-established eyewear franchise? Starting A Lenskart franchise will be the best option and would end your research on eyewear franchises.

The article will assist you in comprehending the lenskart model with its Cost requirements, Fee, Profit margin, and complete guidelines to set up this franchise in your city – and answer some common questions about the chain..

A growing awareness of appearance and fashion is driving the rapid growth of the eyewear industry. In a study conducted by Lenskart, nearly one-third of Indians need glasses but cannot afford them due to their high prices. Consequently, many people suffer from vision problems, which can lead to significant operating costs if untreated.

Lenskart Franchise Benefits
  • Franchise fee: Rs. 2 lakh
  • Software fee: Rs. 36,000
  • Interiors: Rs. 10 lakh
  • Branding (Signage, VM, other branding): Rs. 2.7 lakh
  • LCD Screen, Tablet, Laptop: Rs. 2.5 lakh
  • Profit Margin: 13-30%
  • ROI: Over 30%
  • Total Initial Investment: Rs. 35-40 lakh

The Indian Eyewear industry is highly fragmented and dominated by the Unorganized segment, which accounts for nearly 80% of the total market share. Businesses like Lenskart have enabled themselves to grow in this sector due to its variety of products and affordability.

Please continue reading if you are looking for a Lenskart, and this little snippet of information thrills you. We would be providing the complete details about the eyewear industry growth and the journey of this franchise along with its cost, fee and profit margin.

Overview of Lenskart Franchise

Lenskart franchise cost

Founded in 2010, By Peyush Bansal(Ex. Microsoft Techie) and his colleague, the Lenskart franchise is one of the fastest growing Eyewear chains in India, mainly offers highly affordable Eyewear glasses like Eyeglasses, Computer glasses, Kids glasses, and much more.

Lenskart has a strong presence of more than 2000 retail outlets across different cities in India that offers over 5000 eyewear styles. As per the latest report, Lenskart has over 1,00,000 monthly visitors at its official website and its unique styled offline outlets. As an online eyewear company, Lenskart has successfully grown into a company offering both offline store experiences and home eye checkups.

Some of the products that lenskart offers on its offline and online channels,

  • Eyeglasses
  • Computer glasses
  • Kids glasses
  • Contact lenses
  • Sunglasses
  • Home Eye-test and Trail

Future growth prospects of Lenskart

As mentioned above, the eyewear industry is highly fragmented and dominated by the unorganized segment. By offering a wide range of affordable glasses and products on its offline and online channels, Lenskart has grown and acquired a substantial eyewear market in India.

As per the Statista report, the Indian eyewear market market will grow from US$4.99 billion in 2022 to US$6.62 billion by 2025, representing a CAGR of 9.86% during 2022-2025.

By cutting out the middleman and expanding from serving 30 clients per day with relatively affordable glasses to serving more than 3000 customers per day, lenskart has increased its company value by more than INR 1 billion and by more than 200% in just two years.

– The Journey

Revenue Trends (Post Russia-Ukraine Conflict) – Source Statista

Eyewear Industry growth

The first thing that comes to mind after reading and comprehending the above data and chart is “why” open a Lenskart outlet. Read on for more information.

Key Facts on Lenskart

Sr. NoTypePrivate
1Trade NameLenskart
2IndustryEyewear
3Founded2010
4Founders Or Parent CompanyPeyush Bansal and his team
5HeadquartersHaryana, India
6Number of locationsOver 2000+ Stores
7Area servedIndia and Few more countries
8ModelFranchise
9Product offeringEyeglasses, Contact lenses,
and much more
10Revenue₹1503 crore in FY22
11Websitehttps://www.lenskart.com/

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Why Consider Owning a Lenskart Franchise?

Why Choose a Lenskart Franchise?

Starting a lenskart outlet may be especially advantageous if you are determined to open one in your community. The main reasons listed below will guide you in making an informed decision.

  1. Strong track record:
    • The innovative founder of the Lenskart brand has a track record of successfully founding businesses and then expanding them through franchising, enabling them to understand the market needs and generating an impressive profit margin.
  2. Affordability:
    • Lenskart offers a wide selection of reasonably priced eyewear glasses that delivers using high-precision robotic machines, which aids them in producing dependable goods for its consumers.
  3. Profit Margin:
    • Lenskart provides a return of more than 25-30% of the profit margin, enabling franchisee owners to enjoy a better return on their investment.
  4. Strong social Media Presence:
    • Lenskart has been successful in attracting customers of all ages thanks to its strong social media presence and television advertisements.
  5. Offers and standards:
    • The franchise is best at its marketing tactics, which includes free eye test, zero error lens, and world-class experience at its stores.
  6. End-to-End Support:
    • With Lenskart, you will be able to set up an outlet from scratch with their support, which includes Site selection, Store layout, design, fabrication of stores from Lenskart authorized vendors, staff hiring, support, and training.
  7. Other Necessary support:
    • These supports are vital for setting up and running a franchise on regular basis, enabling the unitholder to run the franchise hassle-freely for long.
      • 24*7 Customer support.
      • End2End logistic support for order and delivery.
      • Franchise takes care of Dead stocks.
      • No different pricing across the channels.
      • Marketing support – TV, Radio and Hypermarket.

In my opinion, above mentioned reason should be sufficient for you to consider and make your decision. Once you have makeup you mind and ready to read further about the cost and other details.

How Much Does A Lenskart Franchise Cost?

Lenskart Franchise Cost

The franchise cost and profit margin are vital parts of any business. The cost breakup of the lenskart outlet will assist you in comprehending the fee and other expenses involved in setting up and running an outlet.

Nevertheless, To start a Lenskart franchise, one would at least require an initial investment of ₹ 35 lacs to ₹ 40 lacs and a dedicated floor area of over 700 square feet. This initial investment does cover the franchise fee, marketing fee, and other necessary expenses, but not the cost involved in construction the outlet from the foundation.

How Much is Lenskart Franchise Fee?

The franchise fee/deposit fee for the Lenskart is ₹ 2 lacs + GST(Depends on chosen model). Furthermore, to qualify financially, franchise candidates and their partners/investors must have minimum net worth of ₹ 80 lacs with available liquidity of ₹ 50 lacs.

Additional Cost for Lenskart

Typically, to run and maintain a Lenskart outlet, one must adhere to their standards and are liable to pay a few additional costs such as Royalty fee, advertisement fee, maintenance fee, and a few other investments.

The on-going royalty fee for Lenskart is around 25% and the franchise may charge a certain percentage as advertising and marketing, which will be detected on a monthly basis.

Main Capital Expenses:

EssentialsAmount and Other Details
Franchise feeRs. 2 lakh
Software feeRs. 36,000
Interiors (Furniture, tiles, A/C,
Displays, Storage, Music System)
Rs. 10 lakh
Branding (Signage, VM, other branding)Rs. 2.7 lakh
LCD Screen, Tablet, LaptopRs. 2.5 lakh
Staff Training ExpenseRs. 2 lakh
Opthal Equipment (Eye testing machine,
other tools etc.)
Rs. 5 lakh
Total Initial InvestmentRs. 24.56 lakh

Main Operational Expenses:

EssentialsCost per monthCost per year
RentRs. 50,000Rs. 6 lakh
Store ManagerRs. 30,000Rs. 3.6 lakh
Optometrist ( 2 Nos)Rs. 40,000Rs. 4.8 lakh
Sales ExecutiveRs. 15,000Rs. 1.8 lakh
Total SalariesRs. 85,000Rs. 10.2 lakh
Market costRs. 2500Rs. 30,000
Other Miscellaneous Exp(Electricity,
Internet, & other expenses)
Rs. 18,375Rs. 2.205 lakh
Total Operating ExpensesRs. 1.55 lakhRs. 18.70 lakh

How Much is Lenskart Franchise Profit Margin?

The profitability of Lenskart outlet depends on the various factor including Site location and the general cost involved in running a business on daily basis.

However, Lenskart offers a impressive retail margin on its products ranging from 13% -25%. These discounts are provided on the the MRP. Considering its brand value and number of outlets across in India, One can anticipate an average monthly sale of Rs. 9 lakh and Return on Investment of 33%.

  • Average Monthly Sale: Rs. 9 lakh
  • Commission earned on Sale: Rs. 2.21 lakh
  • Profit Margin:
    • Prescription Frames: 25%
    • Sunglasses: 25%
    • Contact Lens: 13%
  • Return on Investment: 33%

Requirements to Own a Lenskart Franchise

Having a franchise involves proper market research and analysis that helps franchisee unitholders obtain relevant information about the business in order to run it smoothly.

  • To obtain a Lenskart outlet, you must meet the financial and site requirements suggested by the franchise, i.e.,
    • Total Initial Investment required: Rs. 35-40 lakh
    • Site requirement: 2000 – 2500 sq. ft. preferably on busy street with suitable frontage.
  • Franchising involves complete dedication and unitholder must involve themself in running this business on daily basis.
  • Lenskart expects its franchisee owner to be customer oriented and should be able to resolve customer’s queries with patience and confidence.
  • Lenskart offers extensive training program to its franchisee unitholder and staff, which enables them in learning and offering best services to its clients.

*Do note that lenskart advices its interested applicants to follow proper channel and has mentioned the bank account details for owning this franchise.

How to get a Lenskart Franchise?

Once you are ready with the Lenskart franchise’s financial and site requirements and prepared to take up this franchise, you need to visit the official website franchise form. The highlighted link will navigate you to the lenskart partner page.

You should fill up the required details like Name, Email ID, Contact Number, City, and property type(Rented or Owned).

Apply for Lenskart franchise

Partnering through Landlord Model:

The following link can be used by property owners who wish to earn a passive income through renting to Lenskart. Please fill up the below details,

  • Personal Details ( Name, Address, Email ID, Contact Number)
  • Land Details (Landlord Types, Frontage, Area, Super Area, Carpet Area)

After the form submission, somebody from the Lenskart sales team would reach out to you via Call or Email.

One can also check with lenskart team via Email: beafranchise@lenskart.in Or Mobile Number: 9555510896.

Good Luck!! Happy Franchising!!

Conclusion

Founded in 2010 by Peyush Bansal and a few colleagues, Lenskart has quickly spread throughout numerous Indian cities because of its affordable eyewear made up of cutting-edge manufacturing technology. In addition to over 1100 locations, they offer over 5000 varieties of eyewear and provide an excellent world-class customer experience.

More than 1,00,000 customers visit the company every day through both offline and online channels because of its strong social media presence and digital platforms. Additionally, it has helped them grow into a billion-dollar business.

One would have to spend at least 35-40 lakhs to open an outlet, and they can easily make 25-30% profit margins. If you are passionate about the eyewear industry, are optimistic about it, and are capable of adding value to the business, then you should consider starting this franchise

That’s it from my side. Friends, I sincerely believe that my guide on “Start an Lenskart Franchise – Cost, Fee & Profit” was helpful and educational, but if you’d need more details, you can check out the franchise’s official website. If you like this piece, kindly let me know by leaving a comment and spreading the word to as many of your friends as you can; Your comments offer us more inspiration to keep producing high-quality material for you. Many thanks.

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FAQ

  1. How much does it cost to start a Lenskart franchise?

    Ans: Owning a renowned Lenskart Eyewear chain would at least require 35-40 lakhs. Below are a few more details about the cost required,

    Franchise fee: Rs. 2 lakh
    Software fee: Rs. 36,000
    Interiors: Rs. 10 lakh
    Branding (Signage, VM, other branding): Rs. 2.7 lakh
    LCD Screen, Tablet, Laptop: Rs. 2.5 lakh
    Total Initial Investment: Rs. 35-40 lakh

  2. Is Lenskart franchise profitable?

    Ans: Cost and Profit margin are vital elements of any business. Considering its future growth prospects, heavy customer footfall across the channels, rapid expansion, and an outstanding profit margin of over 30% with less than an investment of 50 lakhs, it is unquestionably an excellent decision.

  3. How much does a Lenskart Franchise owners make?

    Ans: Lenskart offers a hefty profit margin on its different segments of products. However, One can expect a profit margin of 13-25% and a Return on Investment of over 30%.

  4. How many Lenskart franchise locations are there?

    Ans: As per latest report, Lenskart has a presence of more than 1100 outlets across different cities in India. They have a huge collection of over 5000 eyewear design at their channels.

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