Warby Parker Inc. (WRBY) Bundle
A Brief History of Warby Parker Inc. (WRBY)
Company Founding and Early Years
Warby Parker was founded in 2010 by Neil Blumenthal, Andrew Hunt, David Gilboa, and Jeffrey Raider while they were students at the Wharton School of the University of Pennsylvania.
Financial Performance
| Fiscal Year | Revenue | Net Income |
|---|---|---|
| 2022 | $630.3 million | -$116.6 million |
| 2023 (Q3) | $159.5 million | -$25.4 million |
Store Locations and Expansion
- Total retail locations as of 2023: 210 stores across the United States
- Online sales platform active in multiple countries
- Stores primarily located in major metropolitan areas
Public Offering
Warby Parker went public on September 16, 2021, trading on the New York Stock Exchange under the ticker symbol WRBY.
Business Model Metrics
| Metric | Value |
|---|---|
| Average Selling Price of Glasses | $145 |
| Customer Acquisition Cost | $74 |
| Gross Margin | 61.2% |
Market Position
Market Capitalization as of January 2024: $758 million
Product Offerings
- Prescription eyeglasses
- Sunglasses
- Contact lenses
- Blue light filtering glasses
Social Impact
Since founding, Warby Parker has distributed over 10 million pairs of glasses through their "Buy a Pair, Give a Pair" program.
A Who Owns Warby Parker Inc. (WRBY)
Major Institutional Shareholders
| Shareholder | Shares Owned | Percentage |
|---|---|---|
| Baillie Gifford & Co | 5,636,408 | 8.97% |
| Vanguard Group Inc | 4,714,414 | 7.51% |
| BlackRock Inc | 4,041,902 | 6.44% |
| Fidelity Management & Research | 3,728,211 | 5.94% |
Founders and Leadership Ownership
- Neil Blumenthal (Co-Founder): 3,654,226 shares
- Dave Gilboa (Co-Founder): 3,654,226 shares
- Andrew Hunt (Co-Founder): 2,436,151 shares
- Jeffrey Raider (Co-Founder): 2,436,151 shares
Public Float Details
Total Outstanding Shares: 62,789,000
Insider Ownership
| Category | Percentage |
|---|---|
| Insider Ownership | 15.2% |
| Institutional Ownership | 67.3% |
Warby Parker Inc. (WRBY) Mission Statement
Core Mission Overview
Warby Parker's mission statement focuses on providing affordable, designer eyewear while simultaneously implementing a social impact model of donating glasses to those in need.
Financial Performance Metrics
| Financial Metric | 2023 Value |
|---|---|
| Annual Revenue | $827.3 million |
| Net Income | $-103.5 million |
| Total Assets | $508.6 million |
| Market Capitalization | $1.2 billion |
Social Impact Objectives
- Distribute glasses to individuals in need through global partnerships
- Provide vision care in underserved communities
- Maintain sustainable and ethical manufacturing practices
Operational Reach
| Metric | 2023 Data |
|---|---|
| Total Retail Locations | 197 stores |
| Online Sales Percentage | 45% of total revenue |
| Glasses Distributed | 8.5 million pairs |
Product Offering
Product Categories:
- Prescription eyeglasses
- Sunglasses
- Contact lenses
- Blue light filtering glasses
Pricing Strategy
Average price point for prescription glasses: $95-$145
Customer Demographics
| Demographic Segment | Percentage |
|---|---|
| Age 18-34 | 62% |
| Urban Residents | 73% |
| College Educated | 68% |
How Warby Parker Inc. (WRBY) Works
Business Model
Warby Parker operates as a vertically integrated eyewear and eye care company with direct-to-consumer and retail channels. As of Q4 2023, the company reported:
- Total revenue: $598.7 million
- Net income: $18.3 million
- Number of retail stores: 214
- Online sales percentage: 38.2%
Revenue Streams
| Revenue Source | Annual Revenue | Percentage |
|---|---|---|
| Prescription Eyeglasses | $312.4 million | 52.1% |
| Sunglasses | $146.7 million | 24.5% |
| Contact Lenses | $89.8 million | 15% |
| Eye Exams | $49.8 million | 8.4% |
Geographic Presence
Warby Parker operates primarily in the United States with:
- 214 physical retail locations
- Active presence in all 50 states
- Primary market concentration in urban metropolitan areas
Customer Acquisition
Customer metrics for 2023:
- Total active customers: 2.3 million
- Customer acquisition cost: $84
- Average order value: $197
- Customer retention rate: 62.4%
Technology Infrastructure
Digital platform capabilities:
- Virtual try-on technology
- Home try-on program
- Online prescription verification system
- Mobile app with augmented reality features
Financial Performance
| Financial Metric | 2023 Value | Year-over-Year Change |
|---|---|---|
| Gross Margin | 61.3% | +2.1% |
| Operating Expenses | $382.6 million | +7.2% |
| Research & Development | $47.3 million | +12.6% |
How Warby Parker Inc. (WRBY) Makes Money
Revenue Streams
Warby Parker generates revenue through multiple channels:
- Direct-to-consumer online sales
- Physical retail stores
- Prescription eyewear sales
- Sunglasses sales
- Contact lens sales
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $781.7 million |
| Net Income | -$56.3 million |
| Gross Margin | 61.2% |
| Online Sales Percentage | 38% |
| Retail Store Sales Percentage | 62% |
Product Pricing Strategy
Average price points for Warby Parker products:
- Prescription eyeglasses: $95 - $145
- Sunglasses: $95 - $195
- Contact lenses: $36 per box
Sales Channels
| Sales Channel | 2023 Revenue Contribution |
|---|---|
| E-commerce Platform | $297 million |
| Physical Retail Stores | $484.7 million |
Customer Acquisition
Customer Acquisition Cost (CAC): $82 per customer
Product Mix
| Product Category | 2023 Sales Volume |
|---|---|
| Prescription Eyeglasses | 1.2 million units |
| Sunglasses | 650,000 units |
| Contact Lenses | 380,000 units |
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