Operating with about 865 stores in India, Lenskart was founded in 2010 by Peyush Bansal and has been experiencing tremendous growth in recent years. It has sorted the revolution in the market of optic and optical frames by providing excellent quality frames within the competitive prices of the optical frames which has made it a first preference brand of millions of consumers across India. This has paved the way to the fact that the brand has been strategically positioned with both an online site which clicks well with the large numbers of stores around the physical world.
Multi-beneficial strategy to extend its operations in the territory, Lenskart added the franchise model that gives the opportunity to businessmen to benefit from the growing demand for eyeglasses in India. For the investors, acquiring the Lenskart franchise is an opportunity to invest in a company with an already tested economic model, a well-established brand, and a continually improving customer base. In this article, let us discuss what the Lenskart Franchise Cost in India currently is, the advantages of participating in this business, and things to consider when signing up with this company.
Overview of Lenskart Franchise Opportunity
Lenskart caters mostly to the eyewear industry where the company offers different types of eyewear such as spectacles, sunglasses, contact lenses, and accessories. The organization has expanded greatly from its original store locations, and now boasts of having stores in the hundreds across India, as well as always having a substantial online store.
It is an online as well as an offline eyewear platform where customers can purchase tillers through its website or visit stores for consultation. One of the ways that have kept them relevant is the fact that they blend the features of Internet selling with the effectiveness of traditional brick-and-mortar stores.
Lenskart Franchise Model
The Lenskart franchise model offers two primary formats i.e. Single-Store Franchise and Multi-Store Franchise. Both models are intended to allow franchisees to realize the brand value, business model and support infrastructure within Lenskart.
- Single-Store Franchise: This model entails setting up one store in a preferred area, according to the Retail Control trade’s model. A Lenskart franchise uses Lenskart’s branding; they sell glasses, including prescription ones, sunglasses, and contact lenses. The party that will run the store, and be in charge of sales, customer relations, and the general running of the store is the franchisee while Lenskart handles brand promotion, the IT side, and stocks.
- Multi-Store Franchise: In this model, franchisees make multiple outlets in different areas and are a prime example of this model. This created the possibility of a larger-scale investment, and with large-scale investment, very high returns are often possible. In return, Lenskart has done extensive market research, training, and offering supply chain solutions to help franchisees run multiple centers.
Both of them comprise the franchise fee with store establishment, merchandise procurement, and access fees, normally monthly royalties in terms of the store’s sales.
Lenskart Franchise Cost in India
The Lenskart franchise cost structure comprises several parts that any potential franchisee requires to assess before commencing the company. Below is a general overview of the costs involved in setting up a Lenskart franchise in India:
1. Initial Franchise Fee
Cost: Between ₹ 5 Lakh to ₹ 15 Lakh (approximately).
This fee relates to the franchise that will be given the Opportunity to open a Lenskart store, License to use the Lenskart brand and Orientation of the Franchisee.
2. In Store Fixed Investments:
Cost: ₹ 5 lakhs – ₹15 lakhs (almost)
It consists of the expenses incurred in acquiring the store, basic maintenance, interiors and branding, fixing and marking as per Lenskart store benchmark.
3. Rent and Lease
Cost: ₹2 lakhs to ₹10 lakhs per month depending upon the place.
One big continual expense is rent or lease on a retail location. Greater rental prices will be charged for areas in the metro cities or places that witness huge traffic or rush.
4. Inventory and Stocking
Cost: ₹10 lakhs to ₹25 lakhs or approximately.
This cost is for buying the first stock, that include glasses, lenses and other related accessories to stock the outlet.
5. Royalty Fees
Cost: 5% to 7% of monthly sales
Franchisees are also expected to make a monthly royalty fee on a percentage basis to Lenskart for management, support, and marketing for the brand.
6. Marketing and advertising strategies
Cost: ₹1 lakh to ₹5 lakh annually
Local and regional advertising is also a necessary expense that has to be provided by franchisees in order to get more people to know about the franchise and thus visit the store.
7. Technology and Equipment
Cost: Most, but not all, of these costs are included in the setup and thus vary.
This includes the cost of the POS systems, the computers, the inventory management software among other technological tools in which Lentskart offers.
Total Investment Cost Assumption
Range: ₹25 lakhs to ₹60 lakhs
The total investment required in a Lenskart franchise can be high based on the location, size of the store, and the business model opted for – one and a half store or more stores. This machinery involves initial total investment such as the franchise fee, inventory, established store costs, and other costs monopolized to reach the franchisee’s end of the bargain agreement.
Minimum Investment and Expected Return on Investment (ROI)
To open a Lenskart franchise in India, the investment is registered from as low as ₹25 lakhs to ₹60 lakhs. This investment is composed of initial fees for the franchise as well as the cost of setting up a store, sourcing for store inventory, rent, and marketing. The actual investment may also differ concerning place, size of the store, and so on.
On average, businesses may only take a few years within 2 to 3 years, within which profitability returns to the franchisees according to site visibility, consumer traffic, and managerial performance of the store. This market is fast growing in India and by partnering with a reputable firm such as Lenskart, franchisees are assured of making handsome profits within a certain period.
The royalty fee, monthly fee percent of the sales and the marketing expenses will affect the profitability of the business, however with the high traffic generality, it is possible for the business to attain profitability within a short period.
Benefits of Owning a Lenskart Franchise
That said, starting a Lenskart franchise has several advantages for businessmen who want to set their business within the eyewear retail business. These advantages include:
1. Established Brand Recognition:
Being one of the well known optical platforms in the market of India, Lenskart franchisees enjoy the benefit of the instantly recognizable brand. This can pull customers and make sales right from the initial stage.
2. Comprehensive Training and Support:
The partners get a lot of support from Lenskart on how they should run their stores, products offered, customers, and other marketing strategies. Furthermore, follow up support is offered to enable continued and efficient running of the business.
3. Proven Business Model:
The success model of Lenskart has been developed and therefore there is less difficulty in actualizing the franchise model for anyone willing to be a franchisee. Competitive advantage means that there has been an effective strategy implemented for the brand which in return provides fewer chances of failure to the franchisee.
4. High Demand for Eyewear:
The need for spectacles in the country has continued to rise as people embrace the need to check their eyesight to enhance the fashionable ones. This enlarging market is favorable for the generation of stable revenues for the franchisees.
5. Marketing and Advertising Assistance:
Marketing collateral, national advertising and digital assistance are offered by Lenskart to franchisee stores for establishment marketing. This is helpful when setting up franchises from the headquarters since it alleviates the burden practiced by franchises to formulate marketing strategies totally on their own.
6. Access to Technology:
Franchisees benefit from Lenskart-driven technological developments in inventory management systems, sales tracking and CRM systems that may assist in easing the overall business processes.
7. Wide Product Range:
Lenskart deals with various eyewear products: prescription eyewear, fashion eyewear, sunglasses, contact lenses, etc. It also ensures that the company captures a large market and offers the franchisees chances to meet various customers’ demands.
8. Growing Online Presence:
Being an Omni channel player, Lenskart helps in making the franchisees’ selling point stores more conspicuous. Consumers can surf and order online thereby also helping increase offline sales.
9. Exclusive Territory:
There is usually a protection of territory with the franchise store receiving protection on the store type means there is no direct competition from other stores owned by Lenskart in the protected territory.
10. Scalability:
One of the organizational arrangements is that franchisees can open several stores. The need for eyewear is ever-increasing and there is a benefit that Lenskart brings to franchisees that they can open up their operations and achieve more profitability as time goes on.
All in all, a Lenskart franchise is a wise business decision because it brings you into a growing industry with a dependable partner.
Eligibility Criteria for Lenskart Franchise
The Lenskart franchise eligibility criteria are set up in such a way that the franchisee would be able to operate the business. Generally, this includes the following requirements:
- Economic Ability: They should be economically strong enough to sustain the investment, which in this case is between ₹25 lakh to ₹60 lakh. Investment in this context can be treated as a one-time franchise fee, investment in the infrastructure of the store, the initial purchase of stock, and all other investments while running any business.
- Retail or Business Experience: There is no prior experience in the eyewear industry, but experience in retail management, sales, or business operations will be a big plus as Lenskart truly values franchisors with exceptional business acumen.
- Location: The place should satisfy the high footfall and visibility requirements for a Lenskart. Places are also sought in prime locations within urban locales or shopping malls because of customer traffic and, therefore, the potential for higher sales.
- Quality and Service Commitment: The franchisee needs to adopt the quality, customer service, and brand values that Lenskart believes in. Good service to the customers is the only way to go forward.
- Standard Operating Procedures(SOPs): The Lenskart business model goes along with its standard operating procedures. A well-prepared franchisee who can cope with all the SOPs, such as the working SOPs that Lenskart is going to apply inside its stores about its management of stocks, customer services, and marketing.
- Infrastructure and Space: The retail space for the store should be provided by the franchisees, and it should match the requirements of Lenskart concerning size, design, and layout. Ideally, the location of a store should be busy with easy visibility.
- Investment Commitment: They should be able to stay with the business for the long run and are more interested in putting efforts into developing and profitability of the franchise. This includes dealing with day-to-day operations as well as getting involved in the local marketing processes.
- Technologically Savvy: Since Lenskart operates on cutting-edge technology, the franchise owners should be at least computer-savvy or not have problems using digital applications that can help track stock levels, monitor sales, and manage customer relationships.
- Employee Management: The franchisees will have to hire and manage the workforce that would be able to deliver quality service to the customers. Leadership and managing a team shall be imperative for the smooth functioning of the store.
On all these parameters, potential franchisees would quite likely turn out to be outstanding entrants into this rapidly emerging eyewear market in India with the brand Lenskart.
How to Apply for a Lenskart Franchise?
To apply for a Lenskart franchise, follow these simple steps:
- Visit the Lenskart Website: Go to Lenskart’s official website and fill out the franchise inquiry form.
- Submit Your Details: Provide information about your background, financial capabilities, and preferred location.
- Initial Discussion: Lenskart’s franchise team will contact you for an initial discussion, reviewing your eligibility and business plan.
- Franchise Agreement: If you meet the criteria, you will be required to sign a franchise agreement and pay the initial franchise fee.
- Store Setup: Lenskart will guide you through the store setup process and provide training for operations.
- Launch Your Store: Once everything is set up, you can open your Lenskart franchise and start selling eyewear.
Lenskart Product Range
This online store offers a variety of eyewear products to meet various needs, such as:
1. Prescription Glasses
- Single vision, bifocal, and progressive lenses
- Anti-glare, blue light protection, and transition lenses
2. Sunglasses
- Polarized and UV-protected sunglasses in trendy designs for men, women, and kids
- Styles are aviators, wayfarers, cat-eye, and sporty types.
3. Contact Lenses: Daily, monthly, and yearly lenses of Bausch & Lomb, and Acuvue, among others. It also includes colored and cosmetic lenses for aesthetic purposes.
4. Computer Glasses: Lenses with some blue light filtering to prevent eye strain when using digital screens.
5. Kids Eyewear: Tough and fashionable glasses for kids; safety and comfort are the primary advantages.
6. Luxury and Designer Frames: Global Brands collections by Ray-Ban, Oakley and Vincent Chase
7. Accessories:
- Cleaning kits
- Lens case
- Eyewear chains
- Protective case
Read more franchise option to start your business journey:
Sustainability and Ethical Practices in Lenskart Franchise Operations
Lenskart’s franchise operations take into consideration sustainability and ethics to engage with the environment’s preservation apart from responsible business practices. The company strongly advocates for environmentally friendly materials when producing its products and packaging materials. For example, Lenskart has developed and introduced recyclable and biodegradable packaging systems to reduce its environmental footprint.
From its operations, Lenskart is concerned about the power consumption in energy-efficient store design, such as LED lighting, and an optimized floor layout. Even when sourcing its raw materials, the ethical sourcing policy puts a premium on fair labor standards and environmental principles.
Lenskart is ensuring that quality eyewear reaches everybody from the bottom of the pyramid to affordability with free eye check-ups. Such activities are adding to a better brand reputation besides attracting environmentally and socially conscious consumers. Operating franchise units of Lenskart contribute to a greener, fairer, and more inclusive business ecosystem while keeping the bottom line intact and benefiting society.
Conclusion
The Lenskart franchise offers a highly exciting investment opportunity for entrepreneurs in a fast-growing and profitable market. It has a tested business model, high brand recall, and support from the company that would provide leverage in profiting from Lenskart’s success in the eyewear market.
One must never forget that any kind of investment costs an initial investment, along with an ongoing royalty fee and even potential ROI. In addition, eligibility to participate and the ability to work successfully within a franchise brand’s set operations should not be overlooked in joining forces.
Lenskart’s franchise opportunity would give an excellent chance to those desirous of entering India’s rapidly growing optical retail market and taking advantage of the growing demand for eyewear products.
FAQs
What is the investment required to begin a Lenskart franchise?
This goes around ₹30 lakh and ₹50 lakh, as per the size. This encompasses initial investment towards any store setting up, the interiors, the branding, all the equipment required, and also the initial stock needed.
What is the approximate franchise amount that one will require for setting up a store in Lenskart?
The approximate franchise amount that is required for setting up a Lenskart store is ₹2.36 lakhs.
Does one need what kind of area to start up a Lenskart franchise?
A Lenskart store requires an initial investment of around 300 to 500 square feet of retail space.
What ROI is expected of the Lenskart franchise?
The return on capital expenditure was approximated to be 33%. This can approximate an earning of around ₹8.5 lakh within one year. Real returns might be different based on variables such as location, sales performance, etc.
What does Lenskart support for its franchisees?
Lenskart provides all supports: training of staff, interior and branding support for stores, ophthalmic equipment, and marketing support for successful functions.
How to become a Lenskart franchisee?
Interested franchisees can go to the website of Lenskart- official franchise and fill up the details. The same will be processed through the Lenskart team, followed by contacting all the selected ones for further details.
Is any eligibility criterion given to become a Lenskart Franchisee?
The explicit criteria are not published, but the company is seeking energetic, customer-centric, and interested partners who have a high interest in eyewear.
What is the period of a franchise agreement?
The term of the franchise agreement is mentioned at the application stage and could be mutually decided between Lenskart and the franchisee.
Does the company help choose the site of the store?
Lenskart will assist the retailer in making appropriate choices to ensure that the location has more footfall and business acuity.
