Glasses Direct
While studying for his final university examinations, Murray Wells discovered that he needed to start wearing spectacles. Surprised by the high price quoted by an optician, he contacted first manufacturers and then individual workers until a technician told him that a pair of glasses selling for £150 costs only £7 to make. Inspired by this, he created a website selling spectacles directly to the public, initially funding his business using the remains of his student loan, he joined the small existing group of online spectacles retailers in the UK's traditionally highly controlled, arguably oligopollistic spectacles market. (See the article UK Opticians (retailers) for a discussion of industry structure.)
In its first year of business, Murray Wells' new company Glasses Direct sold 22,000 pairs of glasses, and had an annual turnover of £1m. In 2009 Glasses Direct had 70 employees and sold a pair of glasses every three minutes. Turnover reached more than £10,000,000 per annum in 2013.
Read more about this topic: James Murray Wells
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