Warby Parker is like Everlane for glasses, offering direct-to-consumer, stylish, and transparently priced eyewear with a strong brand presence online and in stores.

Warby Parker is like an Apple Store for eyewear, combining stylish products, integrated services (eye exams), and a modern, brand-focused retail experience.

• Eyeglasses: Corrective eyewear designed to improve vision.
• Sunglasses: Eyewear that protects eyes from sunlight, available with or without prescription.
• Specialty Lenses: Lenses with enhanced features such as light responsiveness and blue-light filtering.
• Contact Lenses: Corrective lenses worn directly on the eye instead of frames.
• Eyewear Accessories: Supplemental products like cases, anti-fog sprays, and lens kits to care for eyewear.
• Eye Exams and Vision Tests: Professional services provided to assess eye health and determine vision prescriptions.

• Individuals Seeking Prescription Eyewear: This category includes consumers who require prescription eyeglasses or contact lenses for vision correction. This often encompasses individuals looking for specific lens features such as blue-light filtering, light-responsive technology, or progressive lenses.
• Fashion-Conscious Consumers and Sunglass Buyers: This category targets individuals who view eyewear as a fashion accessory, purchasing frames and sunglasses for style, without necessarily needing prescription correction. It also includes those seeking high-quality sunglasses for UV protection.
• Customers Utilizing Integrated Eye Care Services: This group consists of individuals who leverage Warby Parker's in-store eye exams and vision tests, often leading to subsequent purchases of eyewear. These customers value the convenience of an integrated experience that combines eye health services with direct access to eyewear products.

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Neil Blumenthal Co-Founder and Co-Chief Executive Officer

Neil Blumenthal co-founded Warby Parker in 2010. Prior to launching Warby Parker, he served as the director of VisionSpring, a nonprofit social enterprise that trained low-income women to establish businesses selling affordable eyeglasses in developing countries. He also serves as a General Partner of Good Friends, LLC, a venture capital firm, since September 2019. Mr. Blumenthal holds a BA from Tufts University and an MBA from The Wharton School of the University of Pennsylvania.

Dave Gilboa Co-Founder and Co-Chief Executive Officer

Dave Gilboa co-founded Warby Parker in 2010. Before Warby Parker, he was 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 worked at Bain & Company, developing business strategies, and held roles at The TriZetto Group, Genomic Health, and Crescendo Bioscience. Mr. Gilboa also serves as a General Partner of Good Friends, LLC, a venture capital firm, since September 2019. He earned a BS in Bioengineering from UC Berkeley and an MBA from The Wharton School of the University of Pennsylvania.

Adrian Mitchell Principal Financial Officer and Principal Accounting Officer

Adrian Mitchell was appointed Principal Financial Officer and Principal Accounting Officer, effective February 10, 2026. He serves on the Board of Directors of Stanley Black & Decker and is a member of its Audit and Finance & Pension Committees. Mr. Mitchell holds an MBA from Harvard Business School and a bachelor's degree in chemical engineering from Louisiana State University.

Sandy Gilsenan SVP Chief Retail and Customer Experience Officer

Sandy Gilsenan oversees Warby Parker's retail operations, customer service, and eye care and vision services. Prior to joining Warby Parker, she held various store and corporate operations roles at Gap Inc. for both Banana Republic and Old Navy, before moving to Nordstrom and then J. Crew.

Kim Nemser Chief Product and Supply Chain Officer

Kim Nemser leads Warby Parker's merchandising, planning, product strategy, sourcing and product development, manufacturing, and supply chain operations across the business.

Here are the key risks to Warby Parker's business:

1. Historical Losses and Profitability Challenges: Warby Parker has a history of operating losses and faces challenges in achieving sustained profitability despite its strong brand and customer base. The company's growth initiatives, including retail store expansions and technology investments, require significant capital, which could impact its financial stability if not managed effectively. High spending on selling, general, and administrative (SG&A) expenses, particularly marketing, contributes to these profitability concerns.
2. Intense Competitive Pressure: The optical industry is highly competitive, with numerous large integrated players dominating the market. Warby Parker must continuously innovate and maintain its distinct brand positioning to compete effectively against both established eyewear brands and new direct-to-consumer entrants. Failure to do so could result in a loss of market share, especially as competitors may undercut prices and improve their online offerings, potentially squeezing Warby Parker's mid-tier brand positioning.
3. Supply Chain and Operational Risks: Warby Parker's reliance on a limited number of suppliers and manufacturers introduces risks to its operational efficiency and ability to meet customer demand. Disruptions in the supply chain, whether due to external factors or internal issues, could adversely affect the company's ability to deliver products timely and maintain its reputation for quality. For instance, a significant portion of the cellulose acetate used in its frames is sourced from a single supplier. The company is also exposed to the impacts of tariffs, particularly from goods sourced in China, which has affected gross margins.

Warby Parker operates in several addressable markets within the eyewear industry. Based on available data, the estimated market sizes for its main products and services are as follows:

• Eyeglasses (Prescription Eyewear - Frames & Lenses): The estimated addressable market for eyeglasses in the U.S. was approximately $36.8 billion in 2025. This is derived from the U.S. eyewear market size of USD 49.1 billion in 2025, with spectacles (eyeglasses) accounting for 75% of the U.S. eyewear market in 2023.
• Sunglasses: The addressable market for sunglasses in North America was approximately USD 13.59 billion in 2025. This is calculated based on the global sunglasses market size of USD 43.03 billion in 2025, with North America accounting for a 31.60% share. Warby Parker operates in both the United States and Canada, making the North American market size a relevant addressable market.
• Contact Lenses: The addressable market for contact lenses in the U.S. was valued at $10.94 billion in 2022.
• Eye Exams and Vision Tests: The addressable market for eye care services, which includes vision testing and eye exams, in the U.S. was estimated at USD 54.85 billion in 2024.

Warby Parker (WRBY) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Retail Store Expansion: Warby Parker plans to continue expanding its physical retail footprint, with approximately 50 new store openings anticipated in 2026, primarily in existing markets. This strategic expansion is aimed at enhancing brand awareness and improving customer accessibility. The company sees a long-term potential of at least 900 stores in North America.
2. Enhanced Product and Service Offerings: The company anticipates growth from increasing its active customer base and boosting average revenue per customer. This will be achieved through a higher mix of premium lenses like progressives, sustained growth in contact lens sales, broader adoption of in-store eye exams, and the regular introduction of new frame collections and lens enhancements, supported by selective price adjustments.
3. Launch of AI-powered Eyewear: Warby Parker is collaborating with Google and Samsung to develop and launch lightweight AI-enabled glasses in 2026. This new product category is expected to tap into a significant new total addressable market.

Share Repurchases

• Warby Parker authorized a $100 million share repurchase program for its Class A common stock in February 2026.
• This program does not have a fixed expiration date and can be modified, suspended, or terminated at the discretion of the company's Board of Directors.

Share Issuance

• Warby Parker went public via a direct listing on the New York Stock Exchange (NYSE) on September 29, 2021, under the ticker symbol WRBY.
• Through the direct listing, existing shareholders offered up to 77.7 million Class A shares, with some reports indicating 92.5 million Class A common stock shares were available for public offering.
• Unlike a traditional IPO, the direct listing did not involve the company issuing new shares to raise capital.

Inbound Investments

• As a private company, Warby Parker raised over $536 million in funding.
• Its last funding rounds (Series F and G) in 2020 collectively brought in $245 million in working capital.
• The company has received institutional financial backing from firms such as T. Rowe Price and Tiger Global Management.

Outbound Investments

• Warby Parker announced a strategic partnership with Google on December 4, 2025, to develop AI-powered smart glasses, indicating an investment in new product innovation.

Capital Expenditures

• Capital expenditures have remained moderate, typically ranging from $15–20 million per quarter, primarily focused on reinvestment in stores and infrastructure.
• The company opened 47 net new stores in 2025, bringing its total to 323 locations.
• Warby Parker plans to continue its retail footprint expansion, with targets of 40 new stores in 2024 and 50 new store openings projected for 2026.