Pair Eyewear Launches Collaboration with Leading Optical Retailer National Vision

Rhea-AI Summary

Pair Eyewear, a customizable eyewear brand, has partnered with National Vision, Inc. (NASDAQ: EYE) to expand its customer base by offering customizable eyewear in select retail locations through America’s Best brand. The partnership aims to introduce affordable bundles including Pair’s eyewear and a comprehensive eye exam in 110 America’s Best stores nationwide, making fashionable eyewear more accessible. Pair Eyewear's Co-CEO and Co-Founder expressed excitement over the collaboration, emphasizing the goal to establish Pair as a household name. The brand's commitment to affordability and customizable technology, along with the recent investment in research and development, indicates a focus on innovation and growth.

Insights

Market Research Analyst

The introduction of Pair Eyewear's products into National Vision's America’s Best retail locations represents a strategic expansion into brick-and-mortar for a brand that was previously direct-to-consumer. This move could potentially disrupt the traditional eyewear retail model by offering a unique value proposition: affordable, customizable eyewear with a frequent release of new styles. The partnership allows Pair Eyewear to leverage National Vision's established customer base and physical presence to enhance brand visibility and accessibility.

By aligning with America's Best, Pair Eyewear is tapping into a market segment that values both cost-efficiency and customization. The offered bundle, which includes an eye exam and customizable eyewear, is a competitive differentiator that may attract a diverse customer demographic. This strategy could result in increased foot traffic for America's Best while potentially boosting the average number of units sold per customer for Pair Eyewear, as the model encourages multiple purchases.

Financial Analyst

From a financial perspective, Pair Eyewear's partnership with National Vision could lead to an improved growth trajectory for both entities. Pair Eyewear's claim of superior unit economics and gross margins due to their business model suggests a positive outlook for profitability. The ability for customers to purchase multiple frames per year disrupts the traditional cycle of eyewear purchases and may result in a higher lifetime value per customer.

The announcement of continued investment in research and development, along with the mention of a fully integrated U.S. manufacturing facility, indicates a commitment to innovation and domestic production, which can appeal to ethically-minded consumers and potentially justify premium pricing. However, investors should monitor the execution of this strategy and its impact on operating expenses, as R&D and domestic manufacturing could lead to higher costs.

Legal Expert

Pair Eyewear's portfolio of patents around customizable technology is a significant asset that may provide a competitive edge and reduce the risk of market entry by competitors. Intellectual property protection is crucial in the eyewear industry, where design and technological innovation are key differentiators. The legal strength of these patents could safeguard Pair's market position and support long-term growth. Stakeholders should consider the potential for licensing deals or litigation as factors that could influence the company's financial health and market share.

The Perfect Pair: Pair Eyewear poised to expand online customer base with customizable eyewear available in-person through select retail locations through National Vision’s America’s Best brand

DULUTH, Ga. & NEW YORK--(BUSINESS WIRE)-- Pair Eyewear, the direct-to-consumer customizable eyewear brand reimagining the eyewear industry, announced a new partnership with National Vision, Inc. (NASDAQ: EYE), the second largest optical retailer in America (by sales).

The Perfect Pair: Pair Eyewear poised to expand online customer base with customizable eyewear available in-person through select retail locations through National Vision’s America’s Best brand. (Photo: Business Wire)

The partnership, which will introduce affordable bundles including Pair’s customizable, stylish, and accessible eyewear and a comprehensive eye exam, launched in 110 America’s Best Contacts & Eyeglasses stores nationwide this month, making Pair Eyewear's fashionable eyewear even more accessible to customers across the country. Customers can learn more here.

“We are thrilled to partner with National Vision. This collaboration allows us to expand our reach and provide customers with a sensorial shopping experience that combines style, affordability, and expert guidance,” said Pair Eyewear Co-CEO and Co-Founder Nathan Kondamuri. “Through this partnership, we aim to establish Pair as a household name. We’re eager to bring our fun, fresh frame style to consumers across the country.”

“Pair’s vision for a cutting-edge style- and personality-driven future of eyewear is inspiring,” said Megan Molony, Chief Merchandising and Managed Care Officer of National Vision. “We look forward to combining our strengths to offer customers an unmatched selection of affordable eyewear while delivering exceptional service."

Pair Eyewear shares National Vision’s commitment to affordability with prescription glasses priced at just $60. Pair customers can also change their eyewear designs as often as they change their personal styles, with customizable Top Frames starting at $25 each and new collections launching frequently. Affordable customization encourages customers to buy multiple frames per year, in contrast with the legacy model of a single glasses purchase every three years, leading to superior unit economics and gross margins.

In October, Pair Eyewear announced a move to keep investing in research and development on the heels of its fully integrated U.S. manufacturing facility. Since inception, the brand has developed a family of patents around customizable technology, further pushing innovation in the traditional optical industry.

About National Vision, Inc.

National Vision, Inc. (NASDAQ: EYE) is the second largest optical retail company in the United States (by sales) with more than 1,400 stores in 44 states and Puerto Rico. With a mission of helping people by making quality eye care and eyewear more affordable and accessible, the company operates five retail brands: America’s Best Contacts & Eyeglasses, Eyeglass World, Vision Centers inside select Walmart stores, and Vista Opticals inside select Fred Meyer stores and on select military bases, and several e-commerce websites, offering a variety of products and services for customers’ eye care needs. For more information, please visit www.nationalvision.com.

About Pair Eyewear

Pair Eyewear, the first direct-to-consumer customizable eyewear brand reimagining the consumer experience for individuals with glasses, allows adults and children alike to quickly and easily customize the look of their glasses anytime, anywhere. Pair Eyewear provides the world’s first patented and high-quality, affordable glasses with an engaging digital experience for just $60 per pair, including prescription lenses. Pair Eyewear was the first company to invent fashionable switchable top frames that attach to a base pair of glasses and is recognized for its technology to bring affordable personalization and creativity to the market. The brand's large and expanding selection of 1,000-plus customizable Top Frames includes limited edition monthly drops and licensed designs from brands such as DC, NHL, MLB, Marvel, Harry Potter, Sesame Street, The NBA, Van Gogh, Frida Kahlo, and more for optical glasses, sunglasses and blue light glasses, all available in both prescription and non-prescription models. To-date, the company has raised $145 million in venture capital funding. For more information please visit www.paireyewear.com or @PairEyewear on Instagram and TikTok.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240117027937/en/

Racheal Peters

Racheal.Peters@nationalvision.com

(470) 448-2303

Source: National Vision, Inc.

FAQ

What is the recent partnership announced by Pair Eyewear?

Pair Eyewear has partnered with National Vision, Inc. (NASDAQ: EYE) to expand its customer base by offering customizable eyewear in select retail locations through America’s Best brand.

How many America’s Best stores will offer Pair Eyewear's eyewear and a comprehensive eye exam?

The partnership will introduce affordable bundles in 110 America’s Best stores nationwide.

What is the price range for Pair Eyewear's prescription glasses?

Pair Eyewear offers prescription glasses priced at just $60.

What did Pair Eyewear announce in October?

In October, Pair Eyewear announced a move to keep investing in research and development on the heels of its fully integrated U.S. manufacturing facility.

What is Pair Eyewear's focus on innovation and growth?

The brand's commitment to affordability and customizable technology, along with the recent investment in research and development, indicates a focus on innovation and growth.