Mission Statement, Vision, & Core Values (2024) of Warby Parker Inc. (WRBY)

An Overview of Warby Parker Inc. (WRBY)

General Summary of Warby Parker Inc.

Warby Parker Inc. (WRBY) was founded in 2010 with a mission to offer affordable eyewear while providing a unique shopping experience. The company was established to disrupt the traditional eyewear industry by selling directly to consumers, cutting out middlemen, and thus reducing costs. Warby Parker designs its glasses in-house and manufactures them using custom materials. As of 2024, the company operates 269 retail stores across the United States and Canada, providing both eyewear products and eye exams.

Warby Parker's product offerings include a wide range of prescription and non-prescription eyewear, including glasses, sunglasses, and contact lenses. The company has also expanded its services to include vision tests and eye exams through its retail locations and telehealth app, Virtual Vision Test. In 2024, Warby Parker reported significant sales growth, with net revenue reaching $580.7 million for the nine months ended September 30, 2024, compared to $507.9 million in the same period of 2023, marking a 14.3% increase.

Company's Financial Performance

For the three months ended September 30, 2024, Warby Parker posted a net revenue of $192.4 million, representing a 13.3% increase from $169.8 million in the same period of 2023. The growth was primarily attributed to an increase in Average Revenue per Customer, which rose to $305 from $284 year-over-year. The number of Active Customers also increased by 5.6%, contributing to the overall revenue growth. The company's gross profit for the same period was $104.9 million, yielding a gross margin of 54.5%.

For the nine months ended September 30, 2024, the cost of goods sold was $256.9 million, resulting in a gross profit of $323.7 million and a gross margin of 55.7%. The company reported a net loss of $13.5 million for this period, significantly improved from a net loss of $44.2 million in the same period of 2023. The Adjusted EBITDA for the nine months was $59.3 million, up from $42.9 million in the prior year, reflecting a strong operational performance.

Introduction to Company as an Industry Leader

Warby Parker is recognized as one of the leading companies in the eyewear industry, known for its innovative approach to retail and customer engagement. The company effectively combines online and offline shopping experiences, allowing customers to purchase eyewear through its website, mobile app, or retail locations. As of September 30, 2024, Warby Parker had 2.431 million Active Customers and continues to expand its footprint in the market, with plans for further growth and product diversification.

The company is committed to providing high-quality, affordable eyewear, which is reflected in its pricing strategy—glasses start at $95, including prescription lenses. Warby Parker's successful integration of technology, such as the Virtual Try-On tool and telehealth services, enhances customer experience and engagement. The company's mission-driven approach, including its Buy a Pair, Give a Pair program, has positively impacted communities around the world, distributing over 15 million pairs of glasses globally.

Mission Statement of Warby Parker Inc. (WRBY)

Company's Mission Statement

Warby Parker Inc. (WRBY) aims to offer designer eyewear at a revolutionary price while leading the way for socially conscious businesses. Their mission emphasizes providing high-quality products, enhancing customer accessibility, and creating a positive social impact.

Core Component 1: Quality Products

Warby Parker is committed to delivering high-quality eyewear at accessible prices. The company designs its glasses in-house, utilizing custom materials that ensure durability and style. As of September 30, 2024, the average revenue per customer increased to $305, up from $284 in the previous year, indicating a growing acceptance of their premium offerings, such as precision progressive lenses launched in April 2023.

Core Component 2: Customer Accessibility

Accessibility is a cornerstone of Warby Parker's mission. The company operates 269 retail locations as of September 30, 2024, up from 227 in the previous year. This expansion allows them to reach more customers directly and provide in-person services, including eye exams at 228 of these locations.

Core Component 3: Social Impact

Warby Parker integrates social responsibility into its business model through initiatives like the Buy a Pair, Give a Pair program, which has distributed over 15 million pairs of glasses to individuals in need across more than 80 countries. The company is a public benefit corporation, highlighting its commitment to positively impacting stakeholders.

Vision Statement of Warby Parker Inc. (WRBY)

Vision Statement of Warby Parker Inc. (WRBY)

As of 2024, Warby Parker's vision statement emphasizes providing innovative, accessible, and high-quality eyewear solutions while maintaining a commitment to social responsibility. The company aims to redefine the eyewear industry through a customer-centric approach that leverages technology and direct-to-consumer sales.

Warby Parker seeks to lead in eyewear innovation, focusing on design and technology. The company has introduced features such as Virtual Try-On and Virtual Vision Tests, enhancing customer experience by allowing users to try frames and update prescriptions from home. This innovation is reflected in their product offerings, including precision progressives, which saw strong adoption following its launch in April 2023.

The company's vision includes making eyewear accessible to all. As of September 30, 2024, Warby Parker reported an Average Revenue per Customer of $305, up from $284 in the prior year. This increase demonstrates their commitment to providing quality products while maintaining competitive pricing, with glasses starting at $95, including prescription lenses. This pricing strategy aims to attract a broader customer base and enhance market penetration.

Warby Parker is committed to positively impacting communities through its Buy a Pair, Give a Pair program, which has distributed over 15 million pairs of glasses globally. This initiative underscores their vision of incorporating social impact into their business model, aligning with their identity as a public benefit corporation.

The company promotes a seamless shopping experience across various channels, including its website, mobile app, and 269 retail stores as of September 30, 2024. This multichannel approach caters to diverse consumer preferences and enhances brand engagement.

Warby Parker's vision is closely tied to its financial performance and operational strategies, reflecting a robust growth trajectory and significant market presence. The integration of technology and social responsibility into their business model positions Warby Parker as a leader in the eyewear industry, aiming to inspire other businesses to adopt similar values.

Core Values of Warby Parker Inc. (WRBY)

Customer Experience

The core value of Customer Experience at Warby Parker Inc. emphasizes the significance of providing exceptional service and innovative solutions to meet customer needs. This value is reflected in various initiatives designed to enhance the shopping experience.

As of September 30, 2024, Warby Parker operated 269 retail stores, up from 227 stores the previous year, indicating a commitment to accessibility and convenience for customers .

The company's Home Try-On program allows customers to select five pairs of glasses to try at home for free, enhancing the purchasing process. Additionally, the Virtual Try-On tool utilizes augmented reality to help customers find the best fit for their eyewear.

Social Responsibility

Social Responsibility is a fundamental core value for Warby Parker, underscoring their commitment to positively impacting communities. The company operates the Buy a Pair, Give a Pair program, which has distributed over 15 million pairs of glasses to individuals in need across more than 80 countries.

In the first nine months of 2024, Warby Parker recognized $2.2 million in charitable stock donations to the Warby Parker Impact Foundation . This reflects the company's dedication to social impact and philanthropy.

Innovation

Innovation is a core value that drives Warby Parker's business strategy, focusing on developing cutting-edge solutions for eyewear and customer service. The introduction of precision progressives in April 2023 represents a significant advancement in lens technology, contributing to an increase in Average Revenue per Customer from $284 to $305 .

Warby Parker also emphasizes technological integration in their services, offering the Virtual Vision Test app, which allows customers to update prescriptions from home.

Employee Engagement

Employee Engagement is a core value that highlights the importance of a motivated workforce. Warby Parker focuses on recruiting and retaining highly engaged team members. As of September 30, 2024, the company reported 344,404 in selling, general and administrative expenses, reflecting investments in employee-related costs .

The company also emphasizes a positive workplace culture, aligning employee goals with the company's mission, further driving engagement and performance.

Quality

The commitment to Quality is evident in Warby Parker's approach to product development and customer service. The company designs its eyewear in-house using custom materials, allowing for competitive pricing—glasses start at $95 including prescription lenses.

Warby Parker's gross profit for the nine months ended September 30, 2024, was $323.7 million, with a gross margin of 55.7%, indicating a strong focus on maintaining quality while managing costs .

Updated on 16 Nov 2024

Resources:

1. Warby Parker Inc. (WRBY) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Warby Parker Inc. (WRBY)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Warby Parker Inc. (WRBY)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.