Companies that sell directly to consumers need to have global ambitions or they will cease to exist as brands, Lenskart CEO and co-founder Lenskart Peyush Bansal told Moneycontrol in an interview.
Lenskart made a choice to diversify and today, 40 percent of Lenskart’s Rs 6,652 crore revenue comes from markets outside India, including Asia and Europe.
“Internally, we believe and say that as a consumer brand either you are a global brand or you're not a brand at all. India is creating a lot of D2C (direct to consumer) brands but I would urge these D2C brands to become global brands because in the long term, consumers want the best,” Bansal said in the interview, Bansal added
“We need to raise the bar of our brands, whether it is product quality, or the finesse, the communication, or whether it is marketing.”
Read the full interview: IPO not an exit event; Being a Promoter has an emotional angle: Lenskart’s Peyush Bansal
Lenskart acquired Owndays in Japan and Stellio in Spain to grow its international presence. Markets in the Middle East and regions like Singapore are key to the company’s next phase of growth, Bansal said.
“Being global allows us to bring the best of technologies, and raise the bar on quality. The products that we supply to Lenskart customers in India are the same as what we supply to Lenskart customers in Japan. That's raised the level of what we supply in India after our international foray. This is part of the overall ecosystem, what we do internationally is as important to India as it is internationally,” he said.
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