Warby Parker (WRBY) Goldman Sachs 32nd Annual Global Retailing Conference 2025 summary

Market outlook and consumer trends

• Customer behavior has remained consistent, with higher-income demographics showing steady repeat purchases and strong growth since May, following a brief dip in April due to tariff announcements.

• Confidence remains high for the second half of 2025, with expectations of consistent or higher growth, despite challenging comps from Q4 of the previous year.

• The company is prepared to adapt marketing strategies as needed and feels positive about entering 2026.

Competitive landscape and market share

• The competitive landscape has remained stable since 2010, with no significant new entrants gaining share.

• The market is split evenly between large retail chains and independent optometry practices, with gradual consolidation expected.

• The company continues to outperform the market and expects to keep gaining share.

Store expansion and densification strategy

• Currently operating around 300 stores, with plans to open about 45 more this year, including new Target shop-in-shops.

• Densification in established markets like New York, Chicago, Boston, and Dallas is driving both store and e-commerce growth.

• The Target partnership is performing well, with positive customer feedback and full integration of the brand experience.