Published: 28 November 2025
New Delhi / Mumbai / Singapore:
Shares of Lenskart Solutions Ltd stayed in the spotlight on Friday as global brokerage Jefferies initiated coverage with a ‘buy’ rating and a ₹500 target price, just as the eyewear retailer ramps up a string of pop‑culture collaborations — from Pop Mart’s Sweet Bean & Labubu in Singapore to a brand‑new Netflix Stranger Things 5 eyewear line. [1]
By mid‑afternoon, Lenskart was trading around ₹410 per share, up slightly for the day, after moving in a range of ₹408.15–₹428.50 on 28 November — leaving the stock modestly above its ₹402 IPO price and close to its recent highs. [2]
Lenskart share price today: why the stock is moving
Jefferies’ initiation report is the biggest near‑term trigger for the stock. The brokerage has set a base‑case target price of ₹500, implying roughly 23% upside from Thursday’s close near ₹408, and argues that Lenskart is still early in monetising India’s fast‑growing, under‑penetrated eyewear market. [3]
In early trade on Friday, the stock climbed nearly 4% to about ₹423, before extending gains to an intraday high of ₹428.50, according to exchange and market‑data snapshots. [4] That intraday spike briefly lifted Lenskart’s market capitalisation close to ₹75,000 crore, underlining how sensitive the counter has become to analyst calls and brand‑building news. [5]
Jefferies highlights several structural positives:
- Lenskart is India’s largest tech‑driven organised eyewear retailer, yet holds only around 5% share of a domestic market estimated at roughly ₹79,000 crore.
- The Indian eyewear market is growing near 13% CAGR, driven by rising screen time, urban lifestyles and greater awareness of eye health.
- Lenskart runs a vertically integrated, omni‑channel model with manufacturing hubs in India, Singapore and Dubai, giving it a cost advantage and allowing quick deliveries, including next‑day service in many cities. [6]
Jefferies forecasts around 24% revenue CAGR and 50%+ adjusted EBITDA CAGR between FY25 and FY28, helped by store expansion, higher in‑house production and a growing customer base, while cautioning that competition and tech disruptions (like smart eyewear) remain key risks. [7]
The Pop Mart x Sweet Bean Bitz collection: what exactly is launching on 4 December?
The original trigger for this week’s excitement came from Lenskart’s announcement that it has partnered with Pop Mart, the Chinese designer‑toy giant behind cult characters Labubu and Sweet Bean, to roll out a limited‑edition eyewear and “Bitz” charms collection in Singapore. [8]
According to the company’s exchange disclosures and subsequent media reports:
- The collaboration centres on Pop Mart’s “Sweet Bean” IP, one of its most popular character universes.
- The “Lenskart × Sweet Bean Bitz Collection” features tiny, magnetically snappable charms that click onto compatible Lenskart frames.
- Many charms are inspired by Sweet Bean’s “I Want a Hug” series, allowing wearers to personalise frames with interchangeable accessories.
- The collection is scheduled to debut in Singapore on 4 December 2025, available online and in select physical Lenskart stores across the city‑state. [9]
Pop Mart’s blind‑box business model — where customers buy sealed boxes without knowing which character they’ll get — has built a global community of toy collectors and turned characters like Labubu into lifestyle symbols for Gen Z and young professionals. [10] Lenskart is effectively trying to bring that collector culture into eyewear, turning glasses from a functional product into a “wearable toy” with emotional and social value.
Lenskart co‑founder and CEO Peyush Bansal has framed the tie‑up as a way to inject “play, imagination and collectability” into eyewear and to cater to customers who want global design and authentic brands rather than just generic frames. [11]
Netflix’s Stranger Things 5 x Lenskart: another pop‑culture play lands today
While investors were still pricing in the Pop Mart deal, Lenskart announced another high‑profile collaboration this week — this time with Netflix’s Stranger Things, tied to the fifth and final season of the hit series. [12]
FashionNetwork reports that:
- The Lenskart x Stranger Things 5 line is a limited‑edition eyewear collection for men and women.
- It features 11 distinct designs, riffing on the show’s “Upside Down” theme and blending retro 1980s silhouettes with bolder, futuristic touches.
- Frames use materials like gunmetal and acetate, and the temples are engraved with subtle “11” motifs, nodding to the fan‑favourite character.
- The collection is sold exclusively through Lenskart stores and its direct‑to‑consumer website. [13]
Bansal described the Stranger Things tie‑up as a way to “make eyewear undeniably cool” and meet customers where they already spend time — on streaming platforms and in fandom communities — by turning spectacles into a piece of wearable fan merch rather than a purely medical accessory. [14]
Together, the Pop Mart Sweet Bean Bitz launch and the new Stranger Things 5 line position Lenskart firmly in the pop‑culture x fashion space, an arena where global labels often charge hefty premiums but Indian mass brands have had relatively little presence.
Inside Lenskart’s global ‘House of Brands’ strategy
These collaborations are not one‑off stunts. They fit into Lenskart’s multi‑year plan to evolve into a global “House of Brands” — curating and owning a portfolio of eyewear labels and IPs rather than relying solely on a single homegrown name. [15]
Key pillars of that strategy include:
- Acquisitions:
- Lenskart bought Japan’s Owndays in 2022, giving it a major foothold across Japan and Southeast Asia.
- In 2024, it acquired Spain’s Meller, popular among Gen Z and Millennial consumers in Europe, and this year started selling Meller sunglasses across India. [16]
- Strategic stakes & partnerships:
- Investments via subsidiary Neso Brands in European label Le Petit Lunetier, and partnerships with lens innovators like 6over6, Tokai and Rodenstock broaden Lenskart’s product and technology stack. [17]
- IP‑driven capsules:
- Over the last few years, Lenskart has rolled out themed collections around properties such as Harry Potter, Marvel, and now Pop Mart and Stranger Things, aimed squarely at design‑conscious younger shoppers. [18]
The numbers underscore how global the business has already become. According to the company’s IPO documents, around 40% of revenue now comes from outside India, and as of March 2025 Lenskart operated over 2,700 stores worldwide, including 650+ outlets across Southeast Asia, the Middle East and the US. [19]
By pairing acquisitions (like Meller and Owndays) with brand collaborations (like Pop Mart and Netflix), Lenskart is trying to blend steady, scale‑driven growth with buzz‑worthy campaigns that keep it culturally relevant.
From IPO jitters to mixed analyst calls
Lenskart’s stock‑market journey has been volatile from day one:
- The company listed on 10 November 2025 after raising about ₹7,278 crore in an IPO priced at ₹402 per share. [20]
- The stock initially listed at a small discount and then swung between a low near ₹355.70 and a high around ₹438.65 over the following weeks. [21]
Ahead of the listing, domestic brokerage Ambit had taken a contrarian stance, assigning a ‘sell’ rating and a target price of ₹337 — roughly 16% below the issue price — arguing that Lenskart’s capital‑intensive model and heavy capex would delay free‑cash‑flow generation despite strong growth prospects. [22]
Jefferies’ bullish call on 28 November effectively balances that early pessimism:
- It accepts that Lenskart trades at a premium multiple versus other retail names, but contends that the premium is justified by its category leadership, vertically integrated model and long runway for growth in an under‑penetrated market.
- The brokerage notes that India contributes over 85% of EBITDA, making the domestic business the financial backbone, while international operations serve as upside optionality. [23]
Other market commentators still warn that any earnings disappointment or negative news around new‑age listings could trigger sharp drawdowns given how tightly owned the stock is by institutional investors.
Q2 results on 29 November: three numbers to watch
Lenskart will report its quarterly results on Saturday, 29 November 2025, its first earnings release since going public. [24]
Analysts tracking the company say investors will focus on three broad areas: [25]
- Revenue growth
- Street estimates point to 20–25% year‑on‑year revenue growth, building on Q1 FY26 revenue of about ₹1,894 crore and profit around ₹61–62 crore.
- Any acceleration would support Jefferies’ thesis of a sustained mid‑20s revenue CAGR.
- Margins and store economics
- Lenskart has been investing heavily in store expansion and automation; analysts expect store‑level EBITDA margins above 30% and are watching how quickly new stores break even.
- Jefferies believes India EBITDA margins can expand from roughly 11% in FY25 to 15% by FY28 if operating leverage kicks in as planned.
- Customer and store metrics
- The company reported 4.43 million transacting customers in Q1 FY26, up sharply from 3.41 million a year earlier, and nearly 10 million annual transacting users in FY25.
- Commentary on store rollout and use of IPO proceeds for expansion will be critical for justifying its premium valuation.
A clean, in‑line or better‑than‑expected print could reinforce Jefferies’ positive stance; a weak quarter, especially on margins or cash flows, might revive concerns flagged earlier by more cautious brokerages.
December share unlock: 4.07 crore Lenskart shares set to become free‑floating
Beyond earnings, investors are also watching a technical event in December. Brokerage Angel One notes that Lenskart is among several high‑profile companies whose post‑IPO lock‑in periods expire next month. [26]
- Roughly 4.07 crore Lenskart shares — about 2% of the company’s equity — will become eligible for trading when the lock‑in ends.
- Other consumer‑tech names like Urban Company, Pine Labs and Groww also face sizeable unlocks, collectively adding up to shares worth around ₹6,923 crore hitting the market. [27]
A lock‑in expiry does not automatically mean large selling, but it does:
- Increase free‑float and liquidity.
- Potentially create short‑term supply pressure if early investors decide to book profits.
For Lenskart, the unlock will arrive just as the market digests its first post‑listing results and the impact of Jefferies’ upbeat coverage — a combination that could amplify volatility in either direction.
How the Pop Mart & Netflix deals fit into the bigger investment story
From an investor’s lens, the Pop Mart and Stranger Things 5 collaborations may look like marketing headlines, but they have strategic implications:
- Premiumisation & pricing power
- IP‑driven collections typically carry higher price tags and margin profiles than plain‑vanilla frames, helping offset discounts and “Buy 1 Get 1” type offers that Lenskart uses to drive volume. [28]
- Customer acquisition and retention
- Pop‑culture capsules give fans a reason to pick Lenskart over neighborhood opticians, potentially lowering customer‑acquisition costs and increasing repeat purchase behaviour.
- The Sweet Bean Bitz charms in particular encourage collecting and swapping, keeping users engaged long after the initial purchase. [29]
- Global brand positioning
- Launching the Pop Mart collection first in Singapore, a fashion‑forward market with significant tourist traffic, is a statement that Lenskart wants to be seen as a global lifestyle brand, not just an Indian optics chain. [30]
- Cross‑selling with owned brands
- As Lenskart deepens distribution of Owndays and Meller, energetic campaigns around Pop Mart and Stranger Things help pull more footfall into stores where those brands can be cross‑sold. [31]
For now, these collaborations are primarily brand and engagement drivers, but if they scale well, they could become a meaningful profit lever — something analysts will likely ask about on upcoming earnings calls.
What it all means for investors and customers
As of 28 November 2025, the Lenskart story sits at an interesting crossroads:
- Operationally, the company is doubling down on design, technology and global expansion, backed by pop‑culture IP and a rapidly expanding store network.
- Financially, Jefferies’ bullish stance has improved sentiment, but valuation remains demanding, and upcoming Q2 results plus the December share unlock will test just how much optimism the stock can sustain.
- For customers, Lenskart is signalling that prescription glasses can be as expressive as sneakers or streetwear — whether through Sweet Bean Bitz charms or Stranger Things‑inspired frames.
For investors, the near term will be about execution: can Lenskart translate all of this publicity — IPO buzz, global collaborations, and analyst love — into consistent growth, expanding margins and healthy cash flows?
One thing is clear: on 28 November 2025, Lenskart is no longer just a D2C eyewear startup. It is positioning itself as a global, culture‑led eyewear platform, and the market is watching closely to see whether that vision holds up under the hard glare of quarterly numbers.
References
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