ASYMMETRIC India's Omni-Channel Revolution: Lessons from Lenskart, Bluestone & Wakefit
Sep 5, 2025
Tushar Behl, Principal at Glade Brook Capital, dives into India's shifting retail landscape, focusing on brands like Lenskart, Bluestone, and Wakefit. He discusses the importance of blending online and offline strategies to enhance consumer engagement. Behl sheds light on manufacturing efficiencies, average order values, and growth dynamics in omnichannel retail. Additionally, he explores the evolving investor perspective and the impact of government regulations on market operations, providing keen insights into the future of India's retail revolution.
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Omnichannel Is The Next Growth Leg
- Omnichannel is the natural next leg once online reaches scale limits and ROAS drops.
- Brands use EBOs to access the remaining ~85% of offline consumption and densify reach.
Customization Beats AOV As Offline Driver
- AOV alone doesn't determine offline mix; customization and product complexity matter strongly.
- Lenskart sells more offline despite lower AOV because eyewear requires heavy customization and assisted buying.
Backward Integration Drives Margin And Moat
- Vertical integration raises gross margin and builds moats by cutting middlemen and improving quality.
- Lenskart and Bluestone gained meaningful margin upside by bringing manufacturing in-house and running high utilization.