BUSINESS NEWS

How a Small Eyewear Company Makes It Big

warbyparker

$95 eyewear

In an industry where one major company, Luxottica,  dominates at least 80% of the world eyewear distribution, a New York based company has grown 500% after hitting its first year’s sales target.

The company, Warby Parker,  was formed because of a lost pair of eyeglasses from his trip in Thailand. Going back to the US and shocked with the price of a  pair of prescription glasses costing almost 4 times more than his iPhone, Dave Gilboa together with his 3 classmates from Wharton formed a vision.

Facts: only 1 % of prescription eyeglasses were sold online.

: eyeglasses cost much because of Luxottica’s grip on the market

Developing a “virtual try-on” system, the company of 4 friends started selling prescription glasses at $95. From its formation in 2010, Warby Parker has now sold more than 300,000 pairs. And giving back to society, this company also gives away 1 pair of glasses for a pair it sells.

Source: Reuters.com

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