Success Stories: Warby ParkerSuccess Stories: Warby Parker
Warby Parker Disrupts the Eyewear Industry The founders explain how they dramatically undercut the dominant glasses makers. Neil Blumenthal and David Gilboa, two founders of Warby Parker, explain how they dramatically undercut the dominant glasses makers. They position their $95 vintage-inspired frames like women's fashion accessories--not just to be sold when a prescription runs out. Video Transcript: 00:00 Neil Blumenthal: Warby Parker designs and produces vintage-inspired frames with prescription lenses for $95 whereas it would typically cost $500. And for every pair that we sell, we distribute one to someone in need. What is the main challenge in the glasses industry that you want to overcome? 00:18 Blumenthal: When we were sure of exploring this opportunity, we took a look at the industry dynamics and we found that there were few very large companies controlling the market and keeping prices artificially high. One such company is Luxottica and they basically own the frame industry. So they're vertically integrated. They own manufacturing facilities in Europe and Asia. They own licenses to all the major brands like Chanel, DKNY, Ralph Lauren. So when you buy those brands, you're buying from a company that's just licensing and paying a royalty to those brands. Those brands aren't even designing those frames or manufacturing it or even selling it. So when you look at an industry and you see that there's this one company that's doing roughly $7 billion a year in revenue
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