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What Is Warby Parker?

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Warby Parker began trading on the NYSE via a direct listing on September 29th with an assigned reference price of $40.

The new DPO, under the ticker 'WRBY' opened for trading at just over $54. 

The 11-year-old company was founded by four friends -- Neil Blumenthal, Andrew Hunt, David Gilboa, and Jeffrey Raider. 

The company makes money by providing eye exams and vision tests and selling eyewear accessories.

"We started Warby Parker 11 years ago to solve our own problems as frustrated consumers and to make a positive impact," their founders said.

An online retailer of prescription glasses and sunglasses, Warby Parkers also has 145 stores across the U.S. and Canada.

The company isn’t profitable yet and had a net loss of $55.9 million in 2020. 

“We have a history of losses, and we may be unable to achieve or sustain profitability,” the company said in its recent SEC filing. "We will need to generate and sustain increased revenue and manage our costs to achieve profitability."

"For the year ended December 31, 2020, we generated 95% of net revenue from the sale of glasses, 2% of net revenue from the sale of contacts, 1% of net revenue from eye exams, and the remaining 2% of net revenue primarily from the sale of eyewear accessories," the company said. 

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