WRBY - Is Warby Parker Stock A Buy Or Sell: Retail Pivot And Dilution Makes It A Hold
- Warby Parker started off as an online only offering, but eventually pivoted to a more omnichannel strategy that involves them opening stores.
- The economics therefore became more traditional, and the value of the business is less about model and more about brand now.
- From that perspective, the brand does retain customers, and LTVs for customers are quite high.
- Holistic vision care customers have much higher LTV, and the penetration is still very low here.
- However, this is a business predicated on driving down sector ROICs, and dilution could be meaningful, so we're not sure about Warby given the high PE multiples.
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Is Warby Parker Stock A Buy Or Sell: Retail Pivot And Dilution Makes It A Hold