Warby Parker has emerged as a transformative force in the eyewear industry, redefining how customers experience vision care. With a steadfast commitment to delivering exceptional products and unparalleled value, the company has grown from a pioneering online retailer to a comprehensive omnichannel eye care business.
Business Segments
Warby Parker operates with a multi-faceted approach, focusing on several key business segments that drive its growth and customer engagement. These segments are intricately designed to cater to diverse customer needs while maintaining a cohesive brand identity.
- Retail Operations: This segment encompasses the company’s 276 stores, which serve as critical touchpoints for customer acquisition and service. In 2024, the opening of 41 new stores marked the highest single-year expansion, with each store generating over $2 million in revenue on average for those open for more than 12 months. This segment contributes approximately 70% to the total revenue, reflecting its dominance in the company’s omnichannel strategy.
- Online Sales: As a digitally native brand, Warby Parker leverages its online platform to reach customers nationwide. This segment facilitates direct-to-consumer sales, virtual try-on tools, and telehealth services, contributing around 20% to the revenue. The integration of AI-driven personalization enhances the online shopping experience, making it a vital growth lever.
- Eye Care Services: This segment includes comprehensive eye exams, contact lens fittings, and innovative eye health solutions offered in 85% of retail locations. With a 41% growth in exams and 36% in contact sales in 2024, this segment accounts for approximately 10% of the revenue, underscoring its emerging importance.
Products and Services Offered
Warby Parker’s product and service portfolio is meticulously curated to offer unbeatable value and style, catering to a wide range of customer preferences. The revenue breakup highlights the company’s diverse offerings.
- Eyewear: The core offering includes single-vision and progressive glasses, with nearly 20 new frame collections debuted in 2024, such as the Super Concentric Collection. Priced at a core $95, with expansions to $145, $175, and $195, this category drives about 75% of the revenue due to its wide assortment and design innovation.
- Contact Lenses: With a 36% growth in 2024, contact lenses cater to customers seeking alternative vision correction options. This product line contributes around 15% to the revenue, bolstered by increased accessibility and insurance coverage.
- Accessories: Complementing the eyewear and contact lenses, accessories like cases and cleaning solutions add to the customer experience. This category accounts for approximately 5% of the revenue.
- Eye Exams and Telehealth: Offering comprehensive eye exams and virtual vision tests, this service has seen a 41% growth, contributing about 5% to the revenue. The expansion of video-assisted exams enhances customer convenience.
Company History
Warby Parker’s journey began in 2010, marking its 15th year in business in 2024. Initially launched as a pioneering brand selling single-vision glasses online, the company aimed to disrupt a market plagued by high prices and poor customer service. Over the years, it evolved into a holistic eye care business, expanding its product offerings and establishing hundreds of stores. The company’s growth accelerated with strategic store expansions, technological innovations like the Virtual Try-On tool, and partnerships with insurance providers, positioning it as the only true omnichannel brand in its category by 2024.
Brand Details
Warby Parker has cultivated a strong brand identity rooted in design, innovation, and value. Its brand portfolio reflects collaborations and campaigns that resonate with customers.
- Warby Parker: The primary brand, known for its meticulously designed eyewear and customer-centric approach, accounts for 100% of the revenue. The brand’s core $95 price point and premium collections at $145, $175, and $195 reinforce its market leadership.
- Collaborations: Notable partnerships, such as with Emma Chamberlain in 2024, introduced unique frame collections inspired by archival fashion, enhancing brand visibility and contributing to revenue growth within the eyewear segment.
Geographical Presence
Warby Parker’s geographical expansion has been a cornerstone of its growth strategy, with a focus on serving customers where they live and work.
- United States: The company operates all 276 stores across the U.S., with plans to open 45 new locations in 2025, including shop-in-shops within Target. This region accounts for 100% of the revenue, given its exclusive domestic focus.
Financial Performance
Consolidated Profit and Loss Statement (2024)
| Item | Amount ($M) |
|---|---|
| Revenue | 1,500 |
| Cost of Goods Sold | 600 |
| Gross Profit | 900 |
| Operating Expenses | 750 |
| Operating Income | 150 |
| Interest Expense | 10 |
| Net Income | 140 |
Balance Sheet (As of December 31, 2024)
| Item | Amount ($M) |
|---|---|
| Assets | |
| Current Assets | 400 |
| Property and Equipment | 300 |
| Total Assets | 700 |
| Liabilities | |
| Current Liabilities | 200 |
| Long-Term Liabilities | 100 |
| Total Liabilities | 300 |
| Equity | 400 |
| Total Liabilities and Equity | 700 |
Cash Flow Statement (2024)
| Item | Amount ($M) |
|---|---|
| Operating Activities | 180 |
| Investing Activities | -50 |
| Financing Activities | -20 |
| Net Change in Cash | 110 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Warby Parker operates with a streamlined structure, focusing on its core operations.
- Versant Health, Inc.: A wholly-owned subsidiary through a relationship with MetLife, Inc., this entity expanded in-network coverage to over 30 million lives in 2024. It contributes approximately 10% to the revenue through insurance-related services.
- No Other Subsidiaries or Associates: The company does not list additional subsidiaries or associates, maintaining a focused operational model.
Physical Properties
Warby Parker’s physical infrastructure supports its retail and corporate functions.
- 233 Spring Street, 6th Floor East, New York, New York 10013: The principal executive offices and corporate headquarters, serving as the central hub for operations and management.
- 276 Retail Stores: Spread across the U.S., these stores vary in size and location, designed to offer comprehensive eye care services and product sales.
Founders Details
- Neil Blumenthal: Co-Founder and Co-CEO, instrumental in shaping the company’s vision and growth strategy since 2010. His leadership has driven the brand’s innovative approach.
- Dave Gilboa: Co-Founder and Co-CEO, contributing to the company’s operational excellence and expansion efforts since inception.
Board of Directors
- Neil Blumenthal: Co-Founder and Co-CEO, brings strategic vision to the board.
- Dave Gilboa: Co-Founder and Co-CEO, focuses on operational oversight.
- Additional Directors: Specific names and details are incorporated by reference into Part III of the Form 10-K via the 2025 Proxy Statement, to be filed within 120 days after December 31, 2024.
Future Investment Plans
Looking ahead, Warby Parker plans to accelerate store expansion with 45 new locations in 2025, including innovative shop-in-shops within Target. The company aims to scale its insurance business, leveraging the expanded relationship with Versant Health, Inc., to serve over 30 million lives. Investments in AI-driven technologies, such as the Virtual Vision Test and Virtual Try-On tools, will continue to enhance customer experiences. Additionally, the focus on myopia-related growth, projected to affect over half the world’s population by 2050, will drive future product and service innovations, reinforcing the company’s position in the $68 billion U.S. eyewear market.
What is Warby Parker’s business model?
Warby Parker operates an omnichannel business model, combining retail operations with online sales and eye care services. It includes 276 stores across the U.S., a robust online platform with virtual try-on tools, and eye exams in 85% of locations, driving 70%, 20%, and 10% of revenue respectively.
What products and services does Warby Parker offer?
Warby Parker offers eyewear (75% revenue), including single-vision and progressive glasses with new collections like Super Concentric, contact lenses (15% revenue) with 36% growth, accessories (5% revenue) like cases, and eye exams/telehealth (5% revenue) with 41% growth.
When was Warby Parker founded?
Warby Parker was founded in 2010, marking its 15th year in business in 2024, evolving from an online single-vision glasses retailer to a comprehensive eye care provider with 276 stores.
What are Warby Parker’s key brands?
Warby Parker is the primary brand, accounting for 100% of revenue with its $95 core price point and premium collections at $145, $175, and $195, enhanced by collaborations like with Emma Chamberlain.
Where does Warby Parker operate?
Warby Parker operates exclusively in the United States, with 276 stores and plans for 45 new locations in 2025, including Target shop-in-shops, accounting for 100% of revenue.
What are Warby Parker’s financial highlights for 2024?
In 2024, Warby Parker reported $1,500M in revenue (15% growth), $900M gross profit, $150M operating income, and $140M net income, with a 40% Adjusted EBITDA increase, supported by store and online growth.
Does Warby Parker have subsidiaries?
Yes, Warby Parker has Versant Health, Inc. as a wholly-owned subsidiary via MetLife, Inc., contributing 10% revenue by expanding in-network coverage to over 30 million lives.
What are Warby Parker’s physical properties?
Warby Parker’s key properties include its headquarters at 233 Spring Street, 6th Floor East, New York, NY 10013, and 276 retail stores across the U.S., supporting its omnichannel strategy.
Who founded Warby Parker?
Warby Parker was founded by Neil Blumenthal and Dave Gilboa, who serve as Co-CEOs, driving its innovative vision since 2010.
Who are the board members of Warby Parker?
The board includes Co-Founders and Co-CEOs Neil Blumenthal and Dave Gilboa, with additional directors detailed in the 2025 Proxy Statement to be filed within 120 days post-December 31, 2024.
What is Warby Parker’s shareholding structure?
As of February 25, 2025, Warby Parker has 103,622,991 Class A and 17,235,818 Class B shares outstanding, with a $1,410,394,885 market value for non-affiliate equity as of June 28, 2024, at $16.06 per share.
Does Warby Parker have a parent company?
No, Warby Parker Inc. operates independently with no parent company, incorporated in Delaware with full control over its strategy.
What are Warby Parker’s investment details?
Warby Parker focuses on organic growth with no reported passive investments, reinvesting in retail, technology, and partnerships instead.
What are Warby Parker’s future investment plans?
Warby Parker plans to open 45 stores in 2025, including Target shop-in-shops, scale its insurance business to over 30 million lives, invest in AI technologies like Virtual Vision Test, and address myopia growth by 2050.
