The Clap👏 Online retailer of prescription glasses & sunglasses Warby Parker (NYSE: WRBY) revealed its plans to provide vision care services along with selling glasses.
Warby who?🤨 Warby Parker went public last September when it saw its stock price surge to 36% on its trading debut. Its story has inspired other direct-to-consumer companies to consider going public.
The move comes in line with the company’s strategy to become a “holistic vision care” company.
But are they ready to play with the big boys?🏋️♀️ Some analysts think so, some don’t. Here are the facts: Warby Parker made a name for itself by undercutting prices of major players such as Ray-Ban maker EssilorLuxottica. Warby Parker now has a 1% market share & is expected to grow at a faster rate than the industry. Warby Parker has a market cap of roughly $3 billion, vs EssilorLuxottica’s over $70 billion market cap. Doesn’t seem like much of a competition to us🙄 Those betting on Warby Parker argue that the 12-year old company provides glasses at a much more attractive price point than EssilorLuxottica.
But even if Warby doubles or triples its market share, would EssilorLuxottica even notice?