Look Optic

Fashionable Reading Glasses

Company Information

Website:

https://www.lookoptic.com/

Sector:

Apparel & Accessories

Location:

Los Angeles, CA

In less than eight years, Warby Parker, an online retailer of prescription glasses, became a $1.75 billion company.

According to New York Magazine, LOOK OPTIC is “The Warby Parker of Reading Glasses.”

LOOK OPTIC is a direct-to-consumer brand targeting the $26 billion U.S. vision correction market.

Specifically, the company provides consumers with reading glasses, known as “readers,” that are available over-the-counter through more than 100 retail partners.

LOOK OPTIC is led by an experienced team:

- Co-founder Jonathan Saven, who led fashion brand Splendid to a $238 million sale; and

- Director of Wholesale Michelle Randolph, the former Sales/Merchandise Leader for Oliver Peoples, an eyewear brand that was acquired by Oakley.

By 2020, 115 million Americans will experience presbyopia, a condition that hardens the lenses in the eye and makes it difficult to read. When this happens, most consumers believe prescription lenses are the only alternative.

As a result, many will pay hundreds of dollars for unnecessary prescription glasses. Nearly 13 million won’t see a doctor at all because they’re afraid, too busy, or unable to afford glasses.

LOOK OPTIC is providing a solution for these consumers with an over-the-counter option that costs significantly less than prescription frames and lenses.

Other glasses can cost upwards of $600, as co-founder Andrew Leary experienced first-hand after visiting the optometrist. It was this experience that was the inspiration behind LOOK OPTIC.

LOOK OPTIC’s frames start at $68.

When developing the idea for LOOK OPTIC, the company believed shoppers are 10x less likely to purchase an item when they are overwhelmed by choice.

With this in mind, LOOK OPTIC decided to limit the number of styles and colors it created. The company offers three unisex styles that come in five different colors.

Product development began in 2015, and the company underwent retail testing in 2017.

That year, LOOK OPTIC launched its proprietary Home Try-On Program. This program enables consumers to sample multiple frames at home, and then return the ones they don’t want to keep.

This is similar to the at-home program that helped Warby Parker achieve success. In addition to the program, LOOK OPTIC offers free two-day shipping within the U.S., free exchanges/returns in 30 days, and a one-year guarantee on all of its products.

In 2017, the company generated $465,000 in revenue, and expanded to more than 100 retail partnerships. These include the Guggenheim Museum, Plaza Hotel, Cooper Hewitt Museum, and the McNally Jackson Bookstore. LOOK OPTIC is anticipating a large purchase order of 1,700 units from Bloomingdale’s Department stores in New York and Los Angeles.

In addition, LOOK OPTIC launched what it calls Sun and Screen lenses in the second half of 2017. These glasses are what's known as screen readers, and are specially designed to protect against blue lights.

Blue light is found on many electronic screens, including televisions, computers, and cell phones. 60% of Americans experience headaches, eye strain, or sleep disorders as a result of exposure to blue light.

With this line of glasses, LOOK OPTIC entered the $43 billion global workplace wellness market. At the same time, the company expanded its customer base by targeting those who don’t have vision problems, but still want protection against blue light.

In the near future, LOOK OPTIC will begin testing two new frames: over-sized “fashion focused” frames, and aviator style frames targeted toward younger consumers.

In addition, the company will introduce its Continuity Program, an extension of its Home Try-On Program. The Continuity Program will provide customers with new, limited-edition frames each season to try at home.

This program will increase the lifetime value of each customer while maintaining similar customer acquisition costs. The Continuity Program is projected to launch in Q3 2018.

Team Background

Andrew Leary - Co-Founder

Prior to starting LOOK OPTIC, Andrew served as CEO of the Social Media division at Ipsos, a market research company. During his time there, he also served as Executive Vice President of the company’s Global Innovation Center, where he oversaw product development.

He previously founded Fuel Cycle, a company helping businesses integrate voice technology into their platforms. While there, he worked with notable clients including Apple, Coca-Cola, and Nike.

In addition, he previously founded Style365, one of the first global lifestyle directories for upscale consumers. While there, he developed partnerships with brands including Mercedes Benz, Neiman Marcus, Nikon, and Tiffany & Co.

Andrew earned a Bachelor’s degree in Business from Indiana University, a JD from New England School of Law, and an MBA from Stanford.

Jonathan Saven - Co-Founder

Jonathan has more than 25 years of experience in the fashion industry.

He previously served as CFO and COO of Splendid, a fashion brand acquired by Delta Galil for $238 million.

In addition, he served as Partner for Yellow Bus Brands, a fashion company focused on providing clients with brand development.

For three years, he served as CFO of Sweater.com, an e-commerce fashion website.

Jonathan studied at Cape Peninsula University of Technology in Cape Town, South Africa.

Rory Wood - Vice President & General Manager

Before working as LOOK OPTIC’s Vice President & General Manager, Rory served as Senior Director of Marketing for Society6. This company enabled artists to sell their artwork as wall art, apparel, and other accessories. While with Society6, Rory also served as the company’s Marketing Manager.

For more than five years, he served as an associate producer for Blizzard Entertainment, a video game developer.

Michelle Randolph - Director of Wholesale

Michelle has direct experience in the fashion industry, specifically with eyewear.

Before joining the team at LOOK OPTIC, she served several positions for Oliver Peoples, a luxury eyewear brand that was acquired by Oakley. While there, she worked as executive assistant to the company’s CEO, as a sales manager, and finally as Director of Sales.

She studied at California State University-Los Angeles.

Co-Investors

Raising
$1.4 million
Committed
$159K (11%)
Current Valuation
$6 million Cap / 0% Discount
Min. Investment
$500
Deal Type
Title III
(For all investors)
Offering Type
Convertible Debt
Finance History
  • $75K
    Invalid date
    Angels
Notable Investors
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