The delisting will become effective from 8 a.m London time on Dec. 27, while Dec. 24 will mark the last date of trading of Just Eat Takeaway's shares on the LSE.
Earlier this month, Just Eat Takeaway.com said it would sell its GrubHub arm to New York-based online takeout startup Wonder for $650 million — a huge discount compared to the $7.3 billion the firm paid for the U.S. food delivery app.
Advertising opportunity
Growth in markets like India can propel Reddit to boost ad revenue, its main source of income.
International markets account for just over 17% of Reddit's revenue currently, according to the company's third-quarter results, despite around 50% of its users being located outside the U.S.
Wong said that Reddit first attempts cross-border advertising for international markets, such as when a European brand is looking to advertise in the U.S. Then, when Reddit hits about 10% of a country's internet population in a country, there is an opportunity to build teams focused on local advertising — like an Indian brand advertising to Indian users.
New search tools
Reddit users will know that it's not always the easiest site to find what you're looking for — a drawback that the company is now looking to change with new search tools.
During Reddit's third-quarter earnings call last month, CEO Steve Huffman called search on the platform a "focused investment" in 2025.
Wong expanded that the company is thinking of its search feature as a way of helping users to navigate around the site to find similar topics or posts that they may have otherwise missed.
The news underscores Son's interest in the AI space and in backing the most valuable private players. SoftBank was an early investor in Arm, and Son said at a recent conference that he's saving "tens of billions of dollars" to make the "next big move" in artificial intelligence. He had previously invested in Apple, Qualcomm and Alibaba.
SoftBank's Vision Fund 2 recently invested in AI startups Glean, Perplexity and Poolside. SoftBank has about 470 portfolio companies and $160 billion in assets across its two vision funds.
"You land on a post and but it's almost like a dead end. But there are a lot of posts, often like that post, or there are other posts like that post in other communities. And so giving you a total view of what that looks like is a really interesting opportunity," Wong said.
"Guiding you through Reddit as you follow that line of thinking, is how we think of the opportunity."
Wong declined to say more except, "We're testing a lot of things."
The OpenAI investment matches SoftBank's eagerness to deploy cash, with a capital-intensive business model, a person close to Son told CNBC.
Even without SoftBank's deep pockets, OpenAI has had no trouble raising billions in cash. Its valuation has climbed to $157 billion in the two years since launching ChatGPT. OpenAI has raised roughly $13 billion from Microsoft, and it closed its latest $6.6 billion round in October, led by Thrive Capital and including participation from chipmaker Nvidia, SoftBank and others.
In some parts of the world, Workday is still facing more deal scrutiny than usual, Workday's finance chief, Zane Rowe, said on a conference call with analysts.
Now the company is looking to grow its business in the U.S. government, CEO Carl Eschenbach said. "We think there's a huge opportunity there with probably more than 80% of HCM and ERP still on premises," he said, referring to human capital management and enterprise resource planning.
The company also received a $4 billion revolving line of credit, bringing its total liquidity to more than $10 billion. OpenAI expects about $5 billion in losses on $3.7 billion in revenue this year, CNBC confirmed in September with a person familiar with the situation.
Earlier this month, President-elect Donald Trump announced plans for an advisory panel called the "Department of Government Efficiency."
"People are absolutely looking to drive more economies of scale and more efficiency," Eschenbach said.
Workday said Rob Enslin, the former Google and SAP executive who stepped down as UiPath CEO in June, was joining as president and chief commercial officer. In October, Workday told employees that Doug Robinson, a co-president, will retire.
OpenAI employees can cash out
The tender offer will be open to current and former employees who had been granted restricted stock units at least two years ago and have held the shares for at least that long, one of the people said. The unit price of $210 will align with the company's most recent funding round.
Tender offers have become crucial for tech employees amid a dormant IPO market and skyrocketing company valuations. Private companies rely on such deals to keep employees happy and reduce the pressure to list on public markets. Since OpenAI has no initial public offering immediately on the horizon and a price tag that makes the company prohibitively expensive for would-be acquirers, secondary stock sales are the only way in the near future for shareholders to pocket a portion of their paper wealth.
Databricks is another private company raising money to allow employees to cash out and avoid public markets pressure, CNBC reported this week.
OpenAI took a more restrictive approach to tender offers in the past, with rules allowing the company to determine who gets to participate in stock sales, CNBC reported in June. Current and former OpenAI employees previously told CNBC that there was growing concern about access to liquidity after reports that the company had the power to claw back vested equity.
During the quarter, Workday acquired contract lifecycle management software startup Evisort. Workday also said artificial intelligence agents for spotting inefficiencies, filing expense reports and updating succession plans would become available in early access in 2025.
"We think they're going to have a nice impact on bookings and revenue as we go into the new year," Eschenbach said.
Rowe called for $8.8 billion in fiscal year 2026 subscription revenue, good for 14% growth.
But the company reversed its policies toward secondary share sales this summer, and it now allows current and former employees to participate equally in annual tender offers.
The company expects to allow more of these secondary sales, and it will need to tap private markets again in the future based on demand from investors and the capital-intensive nature of the business, according to a person familiar with this week's tender offer.
OpenAI has faced increasing competition from startups like Anthropic and tech giants like Google. The generative AI market is predicted to top $1 trillion in revenue within a decade, and business spending on generative AI surged 500% this year, according to recent data from Menlo Ventures.
Last month OpenAI launched a search feature within ChatGPT, its viral chatbot, that positions the high-powered AI startup to better compete with search engines like Google, Microsoft's Bing and Perplexity.
The Information first reported that Databricks was raising money.
The firm has capitalized on the momentum in artificial intelligence. This summer, it acquired MosaicML, a $1.3 billion software startup that focuses on large language models that can churn out natural-sounding text. Databricks told investors earlier this year that annualized revenue would hit $2.4 billion by the midpoint of 2024.
Its decision to stay private comes as software stocks have struggled to get out of a rut brought on by higher interest rates. Shares of rival Snowflake are down 13% this year. While its fellow software IPO candidates such as Stripe have taken significant haircuts on valuations, Databricks has grown its value while expanding its employee base.
CEO Ali Ghodsi said at a conference Nov. 20 that he's optimizing for the success of Databricks over the next decade or two, not optimizing for an IPO.
"If we were going to go, the earliest would be, let's say, mid-next year, or something like that," Ghodsi said at Newcomer's Cerebral Valley AI Conference. "So, you know, could happen next year."
Analysts at the Bank of America Institute attribute this to a slowdown in paid partnerships, a more competitive market for creators, a decline in online viewership since the pandemic and a concentration of paid partnerships among the top creators.
While internet virality is unpredictable, turning content creation into a full-time career requires meeting certain financial needs, like the ability to pay monthly bills, content creators told CNBC. As a result, creators are looking to diversify their revenue streams, and in addition to paid partnerships, many content creators are increasingly looking to monthly subscription platforms like Substack and Patreon for consistency in their monthly income.
Substack and Patreon have emerged as attractive options because they enable creators to charge their followers directly for their content. Creators can offer their followers different tiers of subscriptions for monthly fees, with each tier including different perks. Since its launch in 2013, Patreon has paid creators over $8 billion, while Substack claims to host more than 4 million paid subscribers.
On TikTok and Meta's Instagram, creators have to navigate algorithmic models that control when their content is shown, making income from those apps highly volatile. Earnings can fluctuate dramatically, spiking or plummeting based on how these platforms choose to promote their content.
"I can't rely on that to be what pays my bills," said Molly Burke, a creator with more than 4 million followers across her social apps. "As an entrepreneur, as a business owner, as a creator, I have to figure out how I'm going to sustain this as a career for as long as possible."
Molly Burke, a creator known for her videos about living with blindness and navigating daily life.
Social media platforms increasingly rely on algorithms to decide what content users see, based on their past interactions and preferences. These algorithms analyze user behavior to create personalized content feeds, which often prioritize posts that are likely to generate engagement, such as likes or shares.
As a result, many creators feel pressured to make content that caters to the algorithm, even if they believe it lowers the quality of their work, content creators said.
"It ebbs and flows," Burke said. "Sometimes my TikToks are popping and I'm getting all the views, and then that algorithm just dips for a bit."
While nearly half of creators work full time, most rely heavily on brand deals for income, with more than two-thirds having brand partnerships as their primary revenue source, according to a separate study by influencer marketing agency NeoReach. The study found that more than 48% of creators earn $15,000 or less annually, even as the global influencer market reached $21 billion in 2023. There are more than 50 million content creators worldwide, Goldman Sachs said in April 2023.
Burke, a creator known for her videos about living with blindness and navigating daily life, has been producing content on the internet for five years. While it's not her biggest income stream, she uses her Patreon revenue to help cover essential expenses, including rent.
"I feel extremely lucky and grateful that it is a revenue stream that I can rely on, that I know at the bare minimum I can get my rent covered this month," she said.
Subscription platforms like Patreon address this by allowing creators to bypass the algorithm entirely, connecting directly with their most loyal fans who are willing to pay for exclusive content.
"By extending the lifecycle of furniture, overall it's just better for the environment, whether it be less wood being chopped out of forests to just the supply chain associated with producing that furniture," said Reham Fagiri, founder and CEO of AptDeco.
For big furniture retailers, there is big waste in returns and the reverse logistics involved — from the costs to the transportation emissions. Instead, partner brands are now selling their returned items on AptDeco as soon as a customer requests a return, directly from the customer's home. AptDeco uses its own resale data to price items to sell quickly, often within a week. They can then retrieve the item from the returner's home and deliver it directly to a resale buyer, bypassing the need to take these returned items to a distribution center first.
Kathleen O'Brien bought her dining room table, TV console and headboard from AptDeco.
"The world is kind of on fire, literally, and so anything that I can do to reduce my own footprint in the world is what I'm trying to do, like in all aspects of my life and furniture specifically," said O'Brien.
While the furniture sells at as much as a 50% discount to new, the service comes at a price.
"We earn a percentage that ranges from 15% to as high as 60% depending on the product, the brand, the condition, and a lot of different variations that go into it," said Fagiri.
The company operates everywhere in the U.S. except Alaska and Hawaii. The company's carrier network across so many markets makes its expansion potential very attractive to investors like Initialized Capital.
"Contributing to the circular economy through their logistics business is a great example of the types of climate adaptation companies that we see as having longevity in the next phase of climate tech," said Zoe Perret, a partner at Initialized Capital,
AptDeco is also backed by Comcast Ventures, Y Combinator, Hearst Lab, Great Oaks Venture Capital and Soma Capital. It has raised $14.5 million in total funding so far.
And if you’re working with the Compute Module 5, you can buy an IO board for $20 that lets you take advantage of all its interfaces and start developing. You can also turn the Compute Module 5 into a small desktop computer with a metal case that protects the Module hardware and the IO board.
Now, let’s see if Raspberry Pi plans to update the Raspberry Pi 400 next. That device is essentially a keyboard with a built-in Raspberry Pi computer based on the Raspberry Pi 4 — and it’s extremely cute.
Between 2015 and 2017, co-CEOs Boumediene and Oudghiri led Foodpanda’s regional operations under Rocket Internet and DeliveryHero ownership. Their experience scaling the food-delivery business – which they claim to have grown 50x in three years and taken to profitability – motivated them to start their own company.
“After our time with Foodpanda, we were hooked on entrepreneurship and knew we wanted to start something of our own,” shared co-CEO Boumediene on a call with TechCrunch. “We wanted to find the right problem to solve, so we started exploring ideas and comparing challenges we saw across different regions.”
From delivering food to selling eyeglasses
The founders brainstormed 87 ideas, and after filtering options with a list of 15 criteria and conducting a six-month evaluation, they landed on the eyewear market, a vastly different industry from food delivery.
They discovered demand for eyewear was growing significantly, but the supply wasn’t keeping up. Myopia was rising in the region’s relatively young population (one study shows that the prevalence of myopia and high myopia in the UAE is around 27%). In addition, local eyewear companies were focused on in-store sales, rarely did any e-commerce, and their brands weren’t affordable or tailored to the mass market.
With no prior experience in the eyewear industry, Eyewa started by selling eyewear brands, including Ray-Ban, Gucci, Prada, and Johnson & Johnson, online for two years.
By then, it had enough data on customer behavior, including cart additions, website searches, and purchase patterns, to design and launch its own in-house brands. Now, Eyewa has nine proprietary brands for diverse preferences, from older customers seeking functional eyewear to younger buyers looking for trendy options. Currently, 96% of Eyewa’s revenue comes from these in-house brands, which, according to the company, has been key to keeping prices affordable for the mass market, including smaller cities across Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman.
Eyewa markets its eyeglasses, even the prescription ones, as fashion accessories, unlike traditional retailers, who tend to treat customers as patients, selling expensive brands like Prada in sterile settings.
“We kind of turned around the way we look at the eyewear experience, where fashion is the thing that customers really care about from a choice perspective,” co-CEO Oudghiri commented on the call. “So that’s what we focus on in the retail experience and the health care aspect, we take care of it. We’re going to give you very high-quality lenses and exhaustive eye tests, and we’ll make sure that you have the best health quality for the eyewear that you buy. But what we want to push in the retail experience is the fashion.”
The delisting will become effective from 8 a.m London time on Dec. 27, while Dec. 24 will mark the last date of trading of Just Eat Takeaway's shares on the LSE.
Earlier this month, Just Eat Takeaway.com said it would sell its GrubHub arm to New York-based online takeout startup Wonder for $650 million — a huge discount compared to the $7.3 billion the firm paid for the U.S. food delivery app.
Advertising opportunity
Growth in markets like India can propel Reddit to boost ad revenue, its main source of income.
International markets account for just over 17% of Reddit's revenue currently, according to the company's third-quarter results, despite around 50% of its users being located outside the U.S.
Wong said that Reddit first attempts cross-border advertising for international markets, such as when a European brand is looking to advertise in the U.S. Then, when Reddit hits about 10% of a country's internet population in a country, there is an opportunity to build teams focused on local advertising — like an Indian brand advertising to Indian users.
New search tools
Reddit users will know that it's not always the easiest site to find what you're looking for — a drawback that the company is now looking to change with new search tools.
During Reddit's third-quarter earnings call last month, CEO Steve Huffman called search on the platform a "focused investment" in 2025.
Wong expanded that the company is thinking of its search feature as a way of helping users to navigate around the site to find similar topics or posts that they may have otherwise missed.
!summarize
The news underscores Son's interest in the AI space and in backing the most valuable private players. SoftBank was an early investor in Arm, and Son said at a recent conference that he's saving "tens of billions of dollars" to make the "next big move" in artificial intelligence. He had previously invested in Apple, Qualcomm and Alibaba.
SoftBank's Vision Fund 2 recently invested in AI startups Glean, Perplexity and Poolside. SoftBank has about 470 portfolio companies and $160 billion in assets across its two vision funds.
"You land on a post and but it's almost like a dead end. But there are a lot of posts, often like that post, or there are other posts like that post in other communities. And so giving you a total view of what that looks like is a really interesting opportunity," Wong said.
"Guiding you through Reddit as you follow that line of thinking, is how we think of the opportunity."
Wong declined to say more except, "We're testing a lot of things."
The OpenAI investment matches SoftBank's eagerness to deploy cash, with a capital-intensive business model, a person close to Son told CNBC.
Even without SoftBank's deep pockets, OpenAI has had no trouble raising billions in cash. Its valuation has climbed to $157 billion in the two years since launching ChatGPT. OpenAI has raised roughly $13 billion from Microsoft, and it closed its latest $6.6 billion round in October, led by Thrive Capital and including participation from chipmaker Nvidia, SoftBank and others.
!summarize
In some parts of the world, Workday is still facing more deal scrutiny than usual, Workday's finance chief, Zane Rowe, said on a conference call with analysts.
Now the company is looking to grow its business in the U.S. government, CEO Carl Eschenbach said. "We think there's a huge opportunity there with probably more than 80% of HCM and ERP still on premises," he said, referring to human capital management and enterprise resource planning.
The company also received a $4 billion revolving line of credit, bringing its total liquidity to more than $10 billion. OpenAI expects about $5 billion in losses on $3.7 billion in revenue this year, CNBC confirmed in September with a person familiar with the situation.
Earlier this month, President-elect Donald Trump announced plans for an advisory panel called the "Department of Government Efficiency."
"People are absolutely looking to drive more economies of scale and more efficiency," Eschenbach said.
Workday said Rob Enslin, the former Google and SAP executive who stepped down as UiPath CEO in June, was joining as president and chief commercial officer. In October, Workday told employees that Doug Robinson, a co-president, will retire.
OpenAI employees can cash out
The tender offer will be open to current and former employees who had been granted restricted stock units at least two years ago and have held the shares for at least that long, one of the people said. The unit price of $210 will align with the company's most recent funding round.
Tender offers have become crucial for tech employees amid a dormant IPO market and skyrocketing company valuations. Private companies rely on such deals to keep employees happy and reduce the pressure to list on public markets. Since OpenAI has no initial public offering immediately on the horizon and a price tag that makes the company prohibitively expensive for would-be acquirers, secondary stock sales are the only way in the near future for shareholders to pocket a portion of their paper wealth.
Databricks is another private company raising money to allow employees to cash out and avoid public markets pressure, CNBC reported this week.
OpenAI took a more restrictive approach to tender offers in the past, with rules allowing the company to determine who gets to participate in stock sales, CNBC reported in June. Current and former OpenAI employees previously told CNBC that there was growing concern about access to liquidity after reports that the company had the power to claw back vested equity.
During the quarter, Workday acquired contract lifecycle management software startup Evisort. Workday also said artificial intelligence agents for spotting inefficiencies, filing expense reports and updating succession plans would become available in early access in 2025.
"We think they're going to have a nice impact on bookings and revenue as we go into the new year," Eschenbach said.
Rowe called for $8.8 billion in fiscal year 2026 subscription revenue, good for 14% growth.
But the company reversed its policies toward secondary share sales this summer, and it now allows current and former employees to participate equally in annual tender offers.
The company expects to allow more of these secondary sales, and it will need to tap private markets again in the future based on demand from investors and the capital-intensive nature of the business, according to a person familiar with this week's tender offer.
OpenAI has faced increasing competition from startups like Anthropic and tech giants like Google. The generative AI market is predicted to top $1 trillion in revenue within a decade, and business spending on generative AI surged 500% this year, according to recent data from Menlo Ventures.
Last month OpenAI launched a search feature within ChatGPT, its viral chatbot, that positions the high-powered AI startup to better compete with search engines like Google, Microsoft's Bing and Perplexity.
!summarize
The Information first reported that Databricks was raising money.
The firm has capitalized on the momentum in artificial intelligence. This summer, it acquired MosaicML, a $1.3 billion software startup that focuses on large language models that can churn out natural-sounding text. Databricks told investors earlier this year that annualized revenue would hit $2.4 billion by the midpoint of 2024.
!summarize
Its decision to stay private comes as software stocks have struggled to get out of a rut brought on by higher interest rates. Shares of rival Snowflake are down 13% this year. While its fellow software IPO candidates such as Stripe have taken significant haircuts on valuations, Databricks has grown its value while expanding its employee base.
CEO Ali Ghodsi said at a conference Nov. 20 that he's optimizing for the success of Databricks over the next decade or two, not optimizing for an IPO.
"If we were going to go, the earliest would be, let's say, mid-next year, or something like that," Ghodsi said at Newcomer's Cerebral Valley AI Conference. "So, you know, could happen next year."
Analysts at the Bank of America Institute attribute this to a slowdown in paid partnerships, a more competitive market for creators, a decline in online viewership since the pandemic and a concentration of paid partnerships among the top creators.
While internet virality is unpredictable, turning content creation into a full-time career requires meeting certain financial needs, like the ability to pay monthly bills, content creators told CNBC. As a result, creators are looking to diversify their revenue streams, and in addition to paid partnerships, many content creators are increasingly looking to monthly subscription platforms like Substack and Patreon for consistency in their monthly income.
!summarize
Substack and Patreon have emerged as attractive options because they enable creators to charge their followers directly for their content. Creators can offer their followers different tiers of subscriptions for monthly fees, with each tier including different perks. Since its launch in 2013, Patreon has paid creators over $8 billion, while Substack claims to host more than 4 million paid subscribers.
On TikTok and Meta's Instagram, creators have to navigate algorithmic models that control when their content is shown, making income from those apps highly volatile. Earnings can fluctuate dramatically, spiking or plummeting based on how these platforms choose to promote their content.
"I can't rely on that to be what pays my bills," said Molly Burke, a creator with more than 4 million followers across her social apps. "As an entrepreneur, as a business owner, as a creator, I have to figure out how I'm going to sustain this as a career for as long as possible."
Molly Burke, a creator known for her videos about living with blindness and navigating daily life.
Social media platforms increasingly rely on algorithms to decide what content users see, based on their past interactions and preferences. These algorithms analyze user behavior to create personalized content feeds, which often prioritize posts that are likely to generate engagement, such as likes or shares.
!summarize
As a result, many creators feel pressured to make content that caters to the algorithm, even if they believe it lowers the quality of their work, content creators said.
"It ebbs and flows," Burke said. "Sometimes my TikToks are popping and I'm getting all the views, and then that algorithm just dips for a bit."
While nearly half of creators work full time, most rely heavily on brand deals for income, with more than two-thirds having brand partnerships as their primary revenue source, according to a separate study by influencer marketing agency NeoReach. The study found that more than 48% of creators earn $15,000 or less annually, even as the global influencer market reached $21 billion in 2023. There are more than 50 million content creators worldwide, Goldman Sachs said in April 2023.
Burke, a creator known for her videos about living with blindness and navigating daily life, has been producing content on the internet for five years. While it's not her biggest income stream, she uses her Patreon revenue to help cover essential expenses, including rent.
"I feel extremely lucky and grateful that it is a revenue stream that I can rely on, that I know at the bare minimum I can get my rent covered this month," she said.
Subscription platforms like Patreon address this by allowing creators to bypass the algorithm entirely, connecting directly with their most loyal fans who are willing to pay for exclusive content.
!summarize
"By extending the lifecycle of furniture, overall it's just better for the environment, whether it be less wood being chopped out of forests to just the supply chain associated with producing that furniture," said Reham Fagiri, founder and CEO of AptDeco.
For big furniture retailers, there is big waste in returns and the reverse logistics involved — from the costs to the transportation emissions. Instead, partner brands are now selling their returned items on AptDeco as soon as a customer requests a return, directly from the customer's home. AptDeco uses its own resale data to price items to sell quickly, often within a week. They can then retrieve the item from the returner's home and deliver it directly to a resale buyer, bypassing the need to take these returned items to a distribution center first.
!summarize
!summarize
!summarize
!summarize
!summarize
!summarize
Kathleen O'Brien bought her dining room table, TV console and headboard from AptDeco.
"The world is kind of on fire, literally, and so anything that I can do to reduce my own footprint in the world is what I'm trying to do, like in all aspects of my life and furniture specifically," said O'Brien.
While the furniture sells at as much as a 50% discount to new, the service comes at a price.
"We earn a percentage that ranges from 15% to as high as 60% depending on the product, the brand, the condition, and a lot of different variations that go into it," said Fagiri.
!summarize
The company operates everywhere in the U.S. except Alaska and Hawaii. The company's carrier network across so many markets makes its expansion potential very attractive to investors like Initialized Capital.
"Contributing to the circular economy through their logistics business is a great example of the types of climate adaptation companies that we see as having longevity in the next phase of climate tech," said Zoe Perret, a partner at Initialized Capital,
AptDeco is also backed by Comcast Ventures, Y Combinator, Hearst Lab, Great Oaks Venture Capital and Soma Capital. It has raised $14.5 million in total funding so far.
!summarize
!summarize
And if you’re working with the Compute Module 5, you can buy an IO board for $20 that lets you take advantage of all its interfaces and start developing. You can also turn the Compute Module 5 into a small desktop computer with a metal case that protects the Module hardware and the IO board.
Now, let’s see if Raspberry Pi plans to update the Raspberry Pi 400 next. That device is essentially a keyboard with a built-in Raspberry Pi computer based on the Raspberry Pi 4 — and it’s extremely cute.
Between 2015 and 2017, co-CEOs Boumediene and Oudghiri led Foodpanda’s regional operations under Rocket Internet and DeliveryHero ownership. Their experience scaling the food-delivery business – which they claim to have grown 50x in three years and taken to profitability – motivated them to start their own company.
“After our time with Foodpanda, we were hooked on entrepreneurship and knew we wanted to start something of our own,” shared co-CEO Boumediene on a call with TechCrunch. “We wanted to find the right problem to solve, so we started exploring ideas and comparing challenges we saw across different regions.”
!summarize
!summarize
From delivering food to selling eyeglasses
The founders brainstormed 87 ideas, and after filtering options with a list of 15 criteria and conducting a six-month evaluation, they landed on the eyewear market, a vastly different industry from food delivery.
They discovered demand for eyewear was growing significantly, but the supply wasn’t keeping up. Myopia was rising in the region’s relatively young population (one study shows that the prevalence of myopia and high myopia in the UAE is around 27%). In addition, local eyewear companies were focused on in-store sales, rarely did any e-commerce, and their brands weren’t affordable or tailored to the mass market.
!summarize
With no prior experience in the eyewear industry, Eyewa started by selling eyewear brands, including Ray-Ban, Gucci, Prada, and Johnson & Johnson, online for two years.
By then, it had enough data on customer behavior, including cart additions, website searches, and purchase patterns, to design and launch its own in-house brands. Now, Eyewa has nine proprietary brands for diverse preferences, from older customers seeking functional eyewear to younger buyers looking for trendy options. Currently, 96% of Eyewa’s revenue comes from these in-house brands, which, according to the company, has been key to keeping prices affordable for the mass market, including smaller cities across Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman.
!summarize
Eyewa markets its eyeglasses, even the prescription ones, as fashion accessories, unlike traditional retailers, who tend to treat customers as patients, selling expensive brands like Prada in sterile settings.
“We kind of turned around the way we look at the eyewear experience, where fashion is the thing that customers really care about from a choice perspective,” co-CEO Oudghiri commented on the call. “So that’s what we focus on in the retail experience and the health care aspect, we take care of it. We’re going to give you very high-quality lenses and exhaustive eye tests, and we’ll make sure that you have the best health quality for the eyewear that you buy. But what we want to push in the retail experience is the fashion.”