Here are 1-3 brief analogies for Warby Parker:

• Warby Parker is like the Dollar Shave Club for eyeglasses.
• Warby Parker is like Casper for eyeglasses.

• Eyeglasses: Offers a wide selection of prescription glasses for vision correction, available in various styles, materials, and lens types.
• Sunglasses: Provides both prescription and non-prescription sunglasses for UV protection and style, featuring their own designs and a range of tints.
• Contact Lenses: Sells daily and monthly disposable contact lenses from major brands, including their proprietary brand, Scout by Warby Parker.
• Eye Exams: Conducts comprehensive eye exams performed by optometrists in their retail locations to determine prescriptions and assess overall eye health.

Warby Parker (WRBY) primarily sells directly to individuals rather than to other businesses. As a direct-to-consumer (DTC) brand, its major customers are the end-users of its products.

The company serves the following categories of individual customers:

• Customers seeking prescription eyeglasses: This category includes individuals who require vision correction and purchase eyeglasses for daily wear, reading, computer use, and other activities. This represents a significant portion of Warby Parker's customer base, drawn to its stylish designs, home try-on program, and competitive pricing.

• Customers seeking sunglasses (prescription or non-prescription): This segment comprises individuals looking for sun protection, a fashion accessory, or prescription-grade sunglasses for outdoor vision correction. Warby Parker offers a wide range of sunglasses to cater to various styles and needs.

• Customers seeking contact lenses: Through its "Scout by Warby Parker" brand and other offerings, the company also serves individuals who prefer contact lenses for vision correction. This category includes those who use contact lenses exclusively or in conjunction with eyeglasses.

Neil Blumenthal Co-CEO

Neil Blumenthal co-founded Warby Parker in 2010 while he was an MBA student at the Wharton School. Before launching Warby Parker, he served as the Director of VisionSpring, a non-profit social enterprise focused on providing affordable eyeglasses in developing countries. He holds a BA from Tufts University and an MBA from the Wharton School of the University of Pennsylvania. He is recognized as a Young Global Leader by the World Economic Forum.

Dave Gilboa Co-CEO

Dave Gilboa co-founded Warby Parker in 2010 while he was an MBA student at the Wharton School. Prior to Warby Parker, he worked as an associate at the merchant bank Allen & Company, where he invested in seed-stage and venture-stage healthcare and digital media companies and advised on M&A transactions. He also gained experience at Bain & Company, developing business strategies for leading retail and technology firms. He is a founding member of the Entrepreneur Board of Venture for America. Gilboa earned a B.S. in bioengineering from UC Berkeley and an MBA from the Wharton School.

Steven Miller Chief Financial Officer

Steven Miller has served as Warby Parker's Chief Financial Officer and Treasurer since 2011. He played a key role in managing the company's funding rounds and its direct listing on the New York Stock Exchange in September 2021. Before joining Warby Parker, Miller was the CFO and Senior Vice President of Corporate Development for Majestic Research, a data-driven research firm, where he successfully led the sale of the company to ITG (now part of Virtu Financial). He also worked as a Vice President in Comerica Bank's Technology and Life Sciences Division, focusing on venture capital and private equity lending, and began his career as a strategy consultant at Monitor Company. Miller holds a Bachelor of Arts degree in Political Science from Columbia University. He is expected to become the Executive Vice President and CFO of Monumental Sports & Entertainment effective October 2, 2025.

Lon Binder Chief Technology Officer

Lon Binder is the Chief Technology Officer at Warby Parker. He is described as an entrepreneur with nearly two decades of experience, known for building strong cultures and driving growth in startups and growth-stage companies.

Kimberly Nemser Chief Merchandising Officer, Head of Product Strategy

Kimberly Nemser holds the position of Chief Merchandising Officer and Head of Product Strategy at Warby Parker. She previously served as the Vice President of Product Strategy, overseeing merchandising, planning, and product development.

The key risks to Warby Parker's (WRBY) business include:

1. Intense Competition and Market Saturation: The optical industry is highly competitive, with both established brands and new direct-to-consumer entrants vying for market share. This competition can lead to pricing pressures and make it challenging for Warby Parker to maintain or grow its market position and customer base.
2. Profitability Challenges: Despite experiencing revenue growth, Warby Parker has a history of operating at a net loss. The company allocates significant funds to marketing and selling, general, and administrative (SG&A) expenses, which have historically accounted for a large portion of its total revenue, impacting its profitability. Achieving sustained profitability remains a critical concern.
3. Supply Chain and Operational Risks: Warby Parker faces risks related to its supply chain, including potential increases in component costs, shipping expenses, long lead times, and supply shortages. Factors such as wage rate increases, inflation, and the impact of tariffs on products sourced from countries like China can disrupt operations and materially affect the company's financial results and gross margins.

One clear emerging threat for Warby Parker is the development and increasing adoption of pharmaceutical solutions for vision correction. An example of this is Vuity (pilocarpine hydrochloride ophthalmic solution), an FDA-approved prescription eye drop designed to treat presbyopia (age-related farsightedness). If such drug-based treatments continue to advance in efficacy, broaden their scope to correct other refractive errors, and become widely adopted, they could significantly reduce or eliminate the need for traditional corrective eyewear, such as glasses and contact lenses, for a growing segment of the population. This represents a fundamental shift in how vision correction could be achieved, directly challenging the core product offerings of Warby Parker.

Warby Parker's primary products and services include prescription eyeglasses, sunglasses, contact lenses, and eye exams. The addressable markets for these offerings fall under the broader eyewear market.

U.S. Eyewear Market:

• The U.S. eyewear market was valued at approximately $68 billion. Other estimates for the U.S. eyewear market include $37.98 billion in 2023, expected to reach $41.12 billion in 2024, and $45.50 billion in 2024, projected to grow to $69.05 billion by 2032.

Global Eyewear Market:

• The global eyewear market was valued at approximately $200.46 billion in 2024 and is projected to reach $335.90 billion by 2030. Other sources estimate the global market size at $169.6 billion in 2024, expected to reach $285.9 billion by 2033, and around $200 billion in 2024, with an expectation to reach approximately $222 billion in 2025.

Warby Parker (WRBY) is expected to drive future revenue growth over the next two to three years through several key strategies:

1. Continued Retail Store Expansion: Warby Parker plans to significantly expand its physical footprint. The company opened 15 net new stores in the third quarter of 2025, reaching a total of 313 locations, and is on track to open 45 new stores for the full year 2025. Management believes there is potential for more than 900 stores in the long term, indicating substantial room for growth in brick-and-mortar retail. This expansion is a primary driver for customer acquisition and retail revenue growth.
2. Accelerated Active Customer Growth: The company has demonstrated consistent growth in its active customer base, reporting its eighth consecutive quarter of accelerating active customer growth as of Q2 and Q3 2025. In Q3 2025, active customers increased by 9.3% year-over-year to 2.66 million. This growth is fueled by marketing investments and the expansion of its retail presence.
3. Increase in Average Revenue Per Customer (ARPC): Warby Parker has been successful in increasing the average revenue generated from each customer. In Q3 2025, average revenue per customer rose 4.8% year-over-year to $320. This increase is attributed to factors such as selective price adjustments for glasses, a higher penetration of premium lenses like progressives, and continued growth in contact lens and eye exam sales.
4. Expansion of Vision Care Offerings: The company is diversifying its product and service portfolio beyond traditional prescription glasses. There has been strong growth in contact lens sales, which increased by 21% year-over-year in Q3 2025, and eye exam services, which grew by 41% year-over-year in the same period. Growth in its insurance business also contributes to higher-value customers who tend to spend more and return more frequently.
5. Innovation through AI and Intelligent Eyewear: Warby Parker views "innovation through AI" as a central component of its future strategy, referred to as its "third act." The company is focused on creating new products, such as "AI glasses," and enhancing the overall customer experience through AI-driven innovations. Strategic partnerships, including those with Google and Samsung for intelligent eyewear, are expected to significantly expand Warby Parker's addressable market.

Share Issuance

• Warby Parker went public via a direct listing on September 29, 2021.
• At the time of its direct listing, registered stockholders planned to sell up to 77.7 million Class A shares.
• Stock-based compensation has led to dilution, with outstanding shares diluted by approximately 6% from the end of 2021 to the first quarter of 2024, and the share count increasing by 3 million from 2023 to 2024.

Inbound Investments

• In 2020, Warby Parker raised $245 million through Series F and Series G funding rounds, which valued the company at $3 billion.
• The Series F round in April 2020 was led by Durable Capital Partners, and the Series G round in August 2020 was led by D1 Capital Partners.
• Google committed up to $75 million for product development and commercialization costs, alongside a potential investment of up to $75 million in Warby Parker, as part of a partnership announced in May 2025 for AI glasses.

Capital Expenditures

• Warby Parker's capital expenditures were -$64 million in 2024.
• The company plans to open 45 new stores in 2025, including five shop-in-shops at select Target locations, as part of its retail footprint expansion strategy.
• Capital expenditure expectations are slightly higher for the next couple of years due to continued store expansion.