IPO
A timeline of Warby Parker's decade-long path to a $6B+ direct listing
September 29, 2021
Direct-to-consumer eyewear brand Warby Parker made its public market debut Wednesday as a $6.78 billion company, more than a decade after it was founded. PitchBook has mapped out Warby Parker's road to public markets, its current ownership breakdown and some key financial measures.
Warby Parker proved to be a highly influential brand whose business model was soon applied to consumer staples from mattresses to sneakers. One of its co-founders would later start Harry's, which took a Warby Parker-style approach to razors; another set of alumni created luggage company Away.
The glasses maker is one of a growing number of companies that have chosen to go public through a direct listing this year, joining the likes of Roblox and Squarespace. Data analytics company Amplitude also completed a direct listing this week, debuting at a more than $7 billion valuation.
Warby Parker was co-founded by four bespectacled Wharton business school classmates: Neil Blumenthal, David Gilboa, Andy Hunt and Jeff Raider. Only Blumenthal and Gilboa remain at the company: Hunt is now a venture capitalist at Elephant, and Raider is co-CEO at Harry's.
Blumenthal and Gilboa, who share the CEO reins, have grown their eyeglass empire and now own stakes worth a combined $1.09 billion at Wednesday's closing price, alongside a majority of voting rights.
Tiger Global, Warby Parker's largest investor, led a $12.5 million Series A into the company in 2011 and would return to lead its Series C. Its pre-direct listing holdings were worth $851.8 million at the closing price.
In its early years, the eyewear maker saw its valuation rise rapidly, hitting $1.2 billion in 2015.
But signs of trouble for the company surfaced in 2017, when John Hancock Investments and other mutual funds reportedly marked down their stakes in Warby Parker to below $1 billion. The company's sales growth slowed considerably from its early years, according to Bloomberg Second Measure, which tracks consumer transactions.
Despite the challenges, Warby Parker went on to successfully raise two more large financing rounds and achieved a $3 billion valuation in 2020.
In recent years, online retailer has increasingly bet on physical retail locations to grow. It now operates 145 retail stores, which contributed about 65% of revenue in 2019 prior to pandemic-related restrictions. In 2021, Warby Parker is on track to add up to 35 new stores.
In 2020, revenue grew just 6% on a year-over-basis, due in part to the pandemic's negative impact on in-store sales. Sales have improved considerably in 2021, with revenue reaching $270.5 million in the first six months, up 53% compared with the same period last year.
Featured image by Drew Sanders/PitchBook News
Warby Parker proved to be a highly influential brand whose business model was soon applied to consumer staples from mattresses to sneakers. One of its co-founders would later start Harry's, which took a Warby Parker-style approach to razors; another set of alumni created luggage company Away.
The glasses maker is one of a growing number of companies that have chosen to go public through a direct listing this year, joining the likes of Roblox and Squarespace. Data analytics company Amplitude also completed a direct listing this week, debuting at a more than $7 billion valuation.
Warby Parker was co-founded by four bespectacled Wharton business school classmates: Neil Blumenthal, David Gilboa, Andy Hunt and Jeff Raider. Only Blumenthal and Gilboa remain at the company: Hunt is now a venture capitalist at Elephant, and Raider is co-CEO at Harry's.
Blumenthal and Gilboa, who share the CEO reins, have grown their eyeglass empire and now own stakes worth a combined $1.09 billion at Wednesday's closing price, alongside a majority of voting rights.
Tiger Global, Warby Parker's largest investor, led a $12.5 million Series A into the company in 2011 and would return to lead its Series C. Its pre-direct listing holdings were worth $851.8 million at the closing price.
In its early years, the eyewear maker saw its valuation rise rapidly, hitting $1.2 billion in 2015.
But signs of trouble for the company surfaced in 2017, when John Hancock Investments and other mutual funds reportedly marked down their stakes in Warby Parker to below $1 billion. The company's sales growth slowed considerably from its early years, according to Bloomberg Second Measure, which tracks consumer transactions.
Despite the challenges, Warby Parker went on to successfully raise two more large financing rounds and achieved a $3 billion valuation in 2020.
In recent years, online retailer has increasingly bet on physical retail locations to grow. It now operates 145 retail stores, which contributed about 65% of revenue in 2019 prior to pandemic-related restrictions. In 2021, Warby Parker is on track to add up to 35 new stores.
In 2020, revenue grew just 6% on a year-over-basis, due in part to the pandemic's negative impact on in-store sales. Sales have improved considerably in 2021, with revenue reaching $270.5 million in the first six months, up 53% compared with the same period last year.
Featured image by Drew Sanders/PitchBook News
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