Neil Blumenthal and David Gilboa founded Warby Parker in the end of 2009 as an ordinary idea but with rebellious spirit to radically uncut the extraordinary price of glass makers. They worked on the idea to offer the same stylish and boutique-quality, classically-crafted eyewear offered by reputed glass brands but at reasonable prices.
According to Neil Blumenthal, the glass making companies, who control the entire market, keep the price dramatically and artificially high; David Gilboa added “why glasses need to be so expensive. At the end of the day, it’s a couple pieces of plastic and metal?” The entire business process and the outrageously high net margin profit inspired them to start Warby Parker that will produce vintage-inspired frames with prescription lenses only for $95 while other renowned brands charged anywhere between $300 and $500. While still a student, Neil Blumenthal and David Gilboa teamed up with Andrew Hunt and Jeffrey Raider and traveled several countries; they bought the domain in June 2009; and three months later Warby Parker started it’s journey.
Why so reasonable and inexpensive price?
They preferred to keep glassware inexpensive and under $100 to let people take glasses as a fashion accessory. According to the reports, the average US eyewear customers purchase a new pair every 2.1 years because eyeglass seems to be very expensive. They started with the intent to make them feel about eyeglasses the same way women think of their purses or shoes or cloths or fashionable accessories. They can also have multiple pairs to match up with different cloths for different occasions and different purposes including a conservative and traditional pair for office or more stylish for social gathering or short trip with friends.
According to Business insider, Forbes and Inc Magazine, the less than 3 year old Warby Parker is one of the world’s fastest growing startups with the net worth of about $150 million. Last year the company sold over 125,000 pair of glasses and is growing at about 60% annually.
Info Source: warbyparker.com
Written by: Mousumi Kumar Saha