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K-‐Town Consul,ng Group
K
C
G
The Future of Warby Parker
Mee'ng with Mr. Gilboa and Mr. Blumenthal
January 5, 2014
TU Kaiserslautern
Nicole Muskalla
Andreas Seegmueller
Philip Tent-‐Beaumont
Marius Vennemann
K-‐Town
Consul'ng
Group
January 6, 2015 1
![Page 2: The’Future’of’’ - mbacasecomp.com · KTown’Consul,ng’Group K C G Core’Competences 9 January6,2015 CurrentSituaon# Analysis# Alternaves# Implementaon# Conclusion Social#](https://reader031.vdocuments.mx/reader031/viewer/2022022515/5afbdef37f8b9a444f8b5ac9/html5/thumbnails/2.jpg)
K-‐Town Consul,ng Group
K
C
G
Main challenge
January 6, 2015 2
How can Warby Parker increase both their sustainable growth and their
social commitment?
![Page 3: The’Future’of’’ - mbacasecomp.com · KTown’Consul,ng’Group K C G Core’Competences 9 January6,2015 CurrentSituaon# Analysis# Alternaves# Implementaon# Conclusion Social#](https://reader031.vdocuments.mx/reader031/viewer/2022022515/5afbdef37f8b9a444f8b5ac9/html5/thumbnails/3.jpg)
K-‐Town Consul,ng Group
K
C
G
Agenda
January 6, 2015 3
• Current situaFon
• Analysis
• AlternaFves
• ImplementaFon
• Conclusion
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K-‐Town Consul,ng Group
K
C
G
Key Issues Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 4
Strong compeFFon
Access to rural area
Low staFonary market presence
Low brand recogniFon
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K-‐Town Consul,ng Group
K
C
G
Objec,ves Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 5
Increase Sales Stay socially responsible
Penetrate rural area
Increase brand recogniFon
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K-‐Town Consul,ng Group
K
C
G
Business Model
January 6, 2015 6
Lifestyle affordable for everyone
Design External ProducFon MarkeFng
Warby Parker Classroom
Showroom
Online Store
Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
Value Chain
Customer Service InnovaFve
Business model
Price/ Quality RaFo
Social response-‐bility
Core Competences Facts
Revenue: $ 5,000,000 Product sold in: 24 countries Employees in HQ: 300
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K-‐Town Consul,ng Group
K
C
G
Core Competences
January 6, 2015 7
Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
Social Responsibility
Reasonable Prices
Customer Service
InnovaFve Business model
DonaFons: -‐ for every sold pair of glasses one pair is donated
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K-‐Town Consul,ng Group
K
C
G
Core Competences
January 6, 2015 8
Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
Social Responsibility
Reasonable Prices
Customer Service
InnovaFve Business model
-‐ IntuiFve online stores
-‐ Personal assistance from well educated employees
-‐ Free shipping
DonaFons: -‐ for every sold pair of glasses one pair is donated
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K-‐Town Consul,ng Group
K
C
G
Core Competences
January 6, 2015 9
Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
Social Responsibility
Price/Quality raFo
Customer Service
InnovaFve Business model
DonaFons: -‐ for every sold pair of glasses one pair is donated
-‐ InnovaFve design
-‐ ProducFon at same facility like compeFtors
-‐ Direct sales
-‐ IntuiFve online stores
-‐ Personal assistance from well educated employees
-‐ Free shipping
à Strong core competences can be used to reach objecFves
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K-‐Town Consul,ng Group
K
C
G
Customer Segmenta,on Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 10
Social responsibility
Income
low
high
low high
à Use of trend towards social responsibility
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K-‐Town Consul,ng Group
K
C
G
Market Posi,oning Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 11
Price
Quality
low
low
à Strenght: price/quality raFo
high
high
Luxo^ca
Warby Parker
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K-‐Town Consul,ng Group
K
C
G
BCG-‐Matrix Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 12
Price
Market Share
à Market share too low, high growth à investments needed
high
Market Growth
Warby Parker Glasses
low high
high
low
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K-‐Town Consul,ng Group
K
C
G
External Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 13
Rivalry
Entry Barriers
Bargaining power of customers
SubsFtutes
Bargaining power of supplier
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K-‐Town Consul,ng Group
K
C
G
External Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 14
Bargaining power of supplier
Rivalry Bargaining power of customers
Entry Barriers SubsFtutes
-‐ High number of suppliers for material -‐ High number of producers -‐ No Special resources needed
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K-‐Town Consul,ng Group
K
C
G
External Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 15
Bargaining power of supplier
Rivalry Bargaining power of customers
Entry Barriers SubsFtutes
-‐ One big compeFtor -‐ Luxo^ca: 80% -‐ Several small compeFtors
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K-‐Town Consul,ng Group
K
C
G
External Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 16
Bargaining power of supplier
Rivalry Bargaining power of customers
Entry Barriers SubsFtutes
-‐ Increasing demand -‐ Aging society -‐ Growing populaFon -‐ Limited number of supplier
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K-‐Town Consul,ng Group
K
C
G
External Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 17
Bargaining power of supplier
Rivalry Bargaining power of customers
Entry Barriers SubsFtutes
-‐ No huge investments needed -‐ No special technology needed
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K-‐Town Consul,ng Group
K
C
G
External Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 18
Bargaining power of supplier
Rivalry Bargaining power of customers
Entry Barriers SubsFtutes
-‐ No real alternaFves, customers depend on product -‐ Contact lenses, operaFons
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K-‐Town Consul,ng Group
K
C
G
External Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 19
Bargaining power of supplier
Rivalry Bargaining power of customers
Entry Barriers SubsFtutes
à High market potenFal
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K-‐Town Consul,ng Group
K
C
G
Market Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 20
Europe
Slow popula'on growth
Aging society
Only small cultural differences
Stable poli'cal situa'on
Asia
Huge popula'on growth
Purchasing power of people increases
Governmental regula'ons: coopera'on partner needed
Cultural differences
à Europe promising market
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K-‐Town Consul,ng Group
K
C
G
SWOT Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 21
-‐ Innova've business model
-‐ Social responsible acFons
-‐ High quality, lifestyle products
-‐ Low prices -‐ Customer Services
S W-‐ Low marke'ng
investments -‐ Dependence on
stakeholder -‐ Small product
porbolio -‐ Low number of
stores
-‐ Increasing demand -‐ Aging society -‐ PopulaFon growth -‐ Expansion to other
countries
O T -‐ Power of Luxo\ca à Buy out Warby Parker -‐ CompeFtors copy
business strategy
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K-‐Town Consul,ng Group
K
C
G
Main challenge
January 6, 2015 22
How can Warby Parker increase both their sustainable growth and their
social commitment?
![Page 23: The’Future’of’’ - mbacasecomp.com · KTown’Consul,ng’Group K C G Core’Competences 9 January6,2015 CurrentSituaon# Analysis# Alternaves# Implementaon# Conclusion Social#](https://reader031.vdocuments.mx/reader031/viewer/2022022515/5afbdef37f8b9a444f8b5ac9/html5/thumbnails/23.jpg)
K-‐Town Consul,ng Group
K
C
G
• Increasing physical stores (↔ online presence)
• Increasing rural presence
• MarkeFng acFviFes for higher brand awareness
Alterna,ves Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 23
Following alternaFves will all aim at...
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K-‐Town Consul,ng Group
K
C
G
Alterna,ves Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 24
Focus on domes'c market
Focus on worldwide expansion
Stay with current product por]olio Focus on U.S. Focus on expansion
Increase product por]olio Diversify products Globalize and diversify
![Page 25: The’Future’of’’ - mbacasecomp.com · KTown’Consul,ng’Group K C G Core’Competences 9 January6,2015 CurrentSituaon# Analysis# Alternaves# Implementaon# Conclusion Social#](https://reader031.vdocuments.mx/reader031/viewer/2022022515/5afbdef37f8b9a444f8b5ac9/html5/thumbnails/25.jpg)
K-‐Town Consul,ng Group
K
C
G
Alterna,ves Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 25
Increase sales Stay socially responsible
Penetrate rural areas
Increase brand
recogni'on
Focus on U.S.
Focus on expansion
Diversify products
Globalize and diversify
Objec'ves
Alterna'ves
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K-‐Town Consul,ng Group
K
C
G
Alterna,ves Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 26
Increase sales Stay socially responsible
Penetrate rural areas
Increase brand
recogni'on Rank
Focus on U.S. + + + ++ 1
Focus on expansion ++ + + + 1
Diversify products + + + o 2
Globalize and diversify + o + o 3
Objec'ves
Alterna'ves
è Concentrate on U.S. market in short term while preparing the European expansion for the long-‐term
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K-‐Town Consul,ng Group
K
C
G
Implementa,on Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 27
< 2 years >2 years
Building the business
US
Global
Being socially
responsible
US
Global
MR Set up Stores
MR
MR
Management Team
Set up Stores
Modify Busses Drive Busses
OpFonal Price Increase
Donate Bubble Glasses to NPO
Drive Busses
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K-‐Town Consul,ng Group
K
C
G
Building the Business Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 28
• Increase number of physical stores • Market research to find real estate and profitable
locaFons • Focus locaFon on state capitals • Set up 10 stores per year
Building the domesFc Business
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K-‐Town Consul,ng Group
K
C
G
Building the Business Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 29
• Employ new staff to manage market entry • Find real estate in Europe to manage from • Set up 5 stores per year • Focus locaFon on country capitals • First: Germany, Sweden, Finland, France and Norway
Building the global Business
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K-‐Town Consul,ng Group
K
C
G
Implementa,on Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 30
< 2 years >2 years
Building the business
US
Global
Being socially
responsible
US
Global
MR Set up Stores
MR
MR
Management Team
Set up Stores
Modify Busses Drive Busses
OpFonal Price Increase
Bubble Glasses
Drive Busses
![Page 31: The’Future’of’’ - mbacasecomp.com · KTown’Consul,ng’Group K C G Core’Competences 9 January6,2015 CurrentSituaon# Analysis# Alternaves# Implementaon# Conclusion Social#](https://reader031.vdocuments.mx/reader031/viewer/2022022515/5afbdef37f8b9a444f8b5ac9/html5/thumbnails/31.jpg)
K-‐Town Consul,ng Group
K
C
G
Building the Business Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 31
• Evaluate rural areas with demand
• Buy and modify busses to expand WP Class Trip • • Frequent the areas
Being socially responsible domesFcally
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K-‐Town Consul,ng Group
K
C
G
Building the Business Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 32
• Offer customers to donate 2$
• Donate bubble glasses to NPO e.g. Unicef for use in Africa
Being socially responsible globally
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K-‐Town Consul,ng Group
K
C
G
Net Present Value Analysis in US$ Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 33
Net Present Value Analysis in US$ Cost of Capital 15%
U.S. expansion European expansion
Year 2014 2015 2016 2017
Sales 7,000,000.00 14,000,000.00 18,000,000.00 22,000,000.00
Material Costs 1,400,000.00 2,800,000.00 3,600,000.00 4,400,000.00
Ren'ng costs 3,120,000.00 6,240,000.00 7,800,000.00 9,360,000.00
Personnel Cost 1,500,000.00 3,000,000.00 3,750,000.00 4,500,000.00
Investment Costs 2,000,000.00 1,500,000.00
Net income -‐1,020,000.00 1,960,000.00 1,350,000.00 5,700,000.00
Present Value -‐1,020,000.00 1,704,347.83 1,020,793.95 3,747,842.52
Net Present Value 5,452,984.30
èVery profitable project with a NPV of approx. US$ 5.5m
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K-‐Town Consul,ng Group
K
C
G
Net Present Value Analysis Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 34
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
2014 2015 2016 2017
Expected Sales Development in US$:
47,5m 61,8m 80,3m 104,4m
54,2m
75,4m
98,4m
126,6m
Without expansion project With expansion project
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K-‐Town Consul,ng Group
K
C
G
Risk and Con,ngencies Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 35
Impact
Probability high
high
low
low
1. HosFle takeover
2. Rising material costs
3. No acceptance in Euro[pe
1
2
3
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K-‐Town Consul,ng Group
K
C
G
Objec,ves Current SituaFon Analysis AlternaFves ImplementaFon Conclusion
January 6, 2015 36
Increase Sales Stay socially responsible
Penetrate rural area
Increase brand recogniFon
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K-‐Town Consul,ng Group
K
C
G
Main challenge
January 6, 2015 37
Short-‐term: -‐ Focus on domesFc market -‐ Expand WP Class Trip
Long-‐term: -‐ Increase presence in Europe
How can Warby Parker increase both their sustainable growth and their
social commitment?
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K-‐Town Consul,ng Group
K
C
G
Thank you for your aPen,on!
Mee'ng with Mr. Gilboa and Mr. Blumenthal
January 5, 2014
TU Kaiserslautern
Nicole Muskalla
Andreas Seegmueller
Philip Tent-‐Beaumont
Marius Vennemann
K-‐Town
Consul'ng
Group
January 6, 2015 38