New Delhi: Lenskart, the leading omnichannel eyewear retailer, has significantly increased its marketing expenditure for the fiscal year ending March 2024. The company’s advertising and promotional budget surged by 20% to Rs 352 crore, up from Rs 293.8 crore in the previous fiscal year. This strategic move underscores Lenskart’s commitment to expanding its market presence and driving customer acquisition.
Strong Financial Performance and Expansion Plans
In FY2024, Lenskart’s revenue witnessed a remarkable 43% growth, reaching Rs 5,427.7 crore. The Indian market continues to be a significant contributor, accounting for 58% of the total revenue. The company’s extensive network of over 2,500 stores across India has solidified its position as a dominant player in the domestic market.
Internationally, Lenskart has expanded its footprint to key markets like Japan, Singapore, the Middle East, and China. With 500 stores globally, the company’s international operations contribute 42% to its overall revenue.
Improved Financial Health and Future Outlook
Lenskart’s financial performance has also seen significant improvement. The company’s net loss reduced to Rs 10 crore from Rs 64 crore in the previous fiscal year. Additionally, its operating margins expanded, with EBITDA rising to Rs 856 crore, up from Rs 403 crore in FY23.
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To further strengthen its marketing efforts, Lenskart recently initiated a media pitch for its approximately Rs 100 crore account. The current media mandate is held by Starcom.
In September 2023, Jaimit Doshi, a seasoned marketing professional, joined Lenskart as the Global Head of Marketing and CEO of Hustlr. This strategic hire is expected to bolster the company’s marketing initiatives and drive brand growth.
Furthermore, Lenskart received a significant boost with investments from Temasek and Fidelity in June 2023, valuing the company at $5 billion. The company is also gearing up for an IPO, with recent funding rounds from its co-founders further fueling its growth ambitions.
As Lenskart continues to expand its operations both domestically and internationally, its increased marketing investment is poised to drive further growth and solidify its position as a leading eyewear retailer.
