John Jacobs to expand international footprint, enter US, Canada
Lenskart-owned eyewear brand John Jacobs will enter the U.S. and Canadian markets to expand its global presence. The company has earmarked $5 million on its overall expansion plans.
The company has already established presence in South East Asia, Europe and Australia.
"As an overall brand we will clock around $10 million revenue in 2016-17 for John Jacobs. We are looking to reach $20 million topline in financial year 2017-18. So as we grow to be a $20 million business we will invest close to 25 percent of the projected topline," Sambuddha Bhattacharya, co-founder and business head at John Jacobs, told the Economic Times.
"The brand will open six more retail outlets this year in Mumbai along with Delhi-NCR and Bengaluru. We will also enter new markets like US and Canada," Bhattacharya said, adding that cost of opening a new store is around Rs 40 lakh.
John Jacobs will also start selling its eyewear from Shopper Stop outlet in the coming month to increase its offline footprint.
It currently sells its eyewear from its own website, through Indian parent company Lenskart's website and through four company-owned retail stores in Delhi-NCR and Bengaluru.
The brand is aiming to sell around 5 million pieces of eyewear this financial year. It is currently getting 90 percent of the revenue from the offline channel.
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