Warby Parker (WRBY) Morgan Stanley Global Consumer & Retail Conference 2025 summary

Strategic evolution and business model

• Transitioned from online-only to omnichannel, now operating over 300 stores and employing hundreds of eye doctors.

• Focused on convenience, offering eye exams, glasses, and contacts both online and offline.

• Entering a new phase centered on AI, developing smart glasses with Google and Samsung, and integrating AI across operations.

• AI is used for personalized recommendations, operational efficiency, and creative processes.

• Maintains a direct-to-consumer model, leveraging real-time customer feedback for product development.

Market landscape and competitive differentiation

• Operates in a $60B+ resilient category driven by healthcare needs and fashion.

• Only scaled eyewear retailer with a true omnichannel offering; most competitors lack e-commerce or tech investment.

• Value proposition includes stable pricing since 2010, exclusive designs, and strong brand partnerships.

• Category has returned to normal post-COVID, with steady shopping behavior expected to continue.

Growth drivers and AI glasses opportunity

• Partnership with Google and Samsung to launch AI glasses, expected to be a major new business and revenue driver.

• AI glasses aim to become the native device for the AI era, offering advanced utility and integration with daily life.

• Anticipates rapid business and category transformation from these products.

• Google is funding $75M of initial AI glasses development costs.