Executive Summary 

Lenskart engaged Redseer, India’s leading strategy consulting firm, to support its IPO through a comprehensive multi-market study. Redseer delivered a comprehensive industry analysis that built cross‑country market sizing models to capture both the current baseline and future trajectory of demand, benchmarked competing operating models, and surfaced the strategic levers that position large, vertically integrated organised retailers with a centralised supply chain for sustained success in the global eyewear landscape. 

About the Client 

Founded in 2010, Lenskart is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products, including prescription eyeglasses, sunglasses, contact lenses and eyewear accessories. Lenskart operates through an integrated omnichannel model with 2,700+ branded stores across India, the Middle East, and Asia-Pacific, coupled with mobile applications and websites. In FY 2025, the company posted pro forma revenue of over ₹ 65 billion and India revenue of over ₹ 39 billion. 

The Strategic Imperative

• Understand the key macroeconomic tailwinds across geographies, and also understand the market evolution due to the changing consumer behaviour. 
• Estimate the size of the eyewear market across multiple geographies and split it into relevant product categories and sales channels. Basis the current market understanding, model out the growth estimates for the next 5 years. 
• Dissect the supply chain nuances for various operating models.
• Assess the right to win for vertically integrated large organised retailers operating in this market compared to partially integrated retailers, traditional organised retailers, and unorganised retailers. 
• Benchmark business models on parameters across the value chain. 

Outcomes & Impact 

• Uncovered key macroeconomic and demographic trends (e.g., rising disposable income, lifestyle-focused discretionary retail consumption, organisation of retail, digitally influenced omnichannel purchases) that underscore long-term demand for the eyewear category. 
• Developed a granular understanding of core demand drivers of prescription eyeglasses across India, Japan, the Middle East, and Southeast Asia, including modelling of rising refractive errors, improving penetration of prescription eyeglasses, and lifestyle orientation of eyewear, including uncovering geographic nuances therein. 
• Disaggregated the opportunity by city tier, channel, and type of brands, identifying demand pockets where penetration gaps, omnichannel readiness, and healthcare awareness converge to accelerate category expansion. 
• Mapped the consumer transition from medical necessity to fashion-driven lifestyle accessory, assessing value creation through frame design innovation, lens technology, increasing use cases, brand collaborations, and customisation. 
• Dissected the prescription eyeglasses supply chain, exploring the complexities and scale barriers and linking them to the fragmented nature of the market with multiple intermediaries, providing limited control over product design, quality, delivery timelines, and pricing for unorganized and traditional organized retailers, leading to challenges for consumers. 
• Benchmarked the challenges and value-add of various retailer operating models, such as vertically integrated retailers, partially integrated retailers, traditional organized retailers, and unorganized retailers, and provided key right–to–wins for vertically integrated players in the market, especially for those with centralized manufacturing capabilities vis-à-vis other business models. 

What This Means for the Industry 

The global eyewear market, which is sized at roughly ₹ 15 trillion in FY 2025, is entering a strategic inflection point. Asia accounts for nearly one‑third of this opportunity, and India is the fastest growth engine: its addressable market was ₹ 788 billion in FY 2025 and is projected to reach ₹ 1.48 trillion by FY 2030, indicating a compound annual growth rate close to 14 percent. Growth is fuelled by higher incidence rates, greater awareness of refractive errors, rising affordability, and the expanding footprint of organised retailers. Yet the landscape remains fragmented, led by independent opticians that rely on multi-tiered supply chains for frames and lenses. Direct-to-consumer players that invest in in‑house manufacturing, distinctive design, wide trend‑responsive assortments, robust after‑sales support, and omnichannel reach are steadily displacing traditional models. Tech‑enabled, vertically integrated retailers with a centralised supply chain that controls the entire design‑to‑doorstep journey are therefore positioned to capture outsized value and lead the next wave of industry growth

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