Sands Capital Management, LLC - Global Growth on Lenskart Solutions
Thesis
Lenskart is India's largest eyewear retailer by market share and operates a vertically integrated, technology-driven model with more than 2,000 stores across over 400 cities. Despite having more than twice the share of its next-largest competitor, it still represents less than 10 percent of the total market. Sands sees a long runway because prescription-eyewear penetration is low, demand is relatively nondiscretionary, margins are high, and the informal market leaves room for consolidation. Store expansion, eye testing, premiumization, and operating leverage can support double-digit long-term growth.
“We view India’s optical retail industry as highly attractive”