Inside Bailey Nelson’s vision for a new type of optometrist
How Nick Perry and Peter Winkle launched global optical business Bailey Nelson, and how Afterpay has helped them grow.
Launching any business means making sacrifices – and that was certainly true for the co-founders of Bailey Nelson.
By any definition, by their late twenties, Nick Perry and Peter Winkle had excelled in their careers; Perry was working with the founding team at The ICONIC, while Winkle, an ex-management consultant, was set to take up a full scholarship at the University of Oxford.
And yet another future beckoned; the pair had spotted a niche in the optometry market, and were convinced that a business selling stylish, modern glasses at competitive prices had potential to be successful.
So, Perry left his job and Winkle turned down Oxford – and instead they set up a stall at North Bondi markets.
It was, they admit, a humbling experience.
“We literally had a table with a white plastic tablecloth over it with 20 frames laid out,” recalls Perry. “Most of our friends lived in Bondi, so basically anytime we saw someone we would hide under the table.”
When Winkle’s parents – understandably perplexed by their son’s decision to jettison a place at Oxford – visited their stall, the pair memorably failed to sell a single pair of glasses.
“Things were very, very tense,” remembers Perry.
Fortunately, the business soon grew, and within a few months, Bailey Nelson opened its first store in William St, Paddington. Today, a decade later, the brand has more than 110 stores in four countries, as well as a thriving online business.
Despite Bailey Nelson’s rapid expansion, Winkle and Perry’s vision has remained the same since inception. “We pride ourselves on providing incredible glasses, incredibly good prices and a great customer experience in store,” says Winkle.
The pair credit their success to a great product, hard work, attracting the right talent – and perfect timing; when Bailey Nelson launched the retail optometry landscape was ripe for innovation, they say.
"The pair credit their success to a great product, hard work, attracting the right talent – and perfect timing."
“When Peter and were looking to start the business [shopping for glasses] was a very medical experience. The optometrist we used to go to didn’t have a lot of passion for what they were doing, and the prices were unbelievably high. So, it was kind of a grudge purchase,” Perry says.
Plus, having studied mechanical engineering, Perry could see that most optical frames were fairly inexpensive to manufacture – but sold with a huge mark-up. “I just thought it was extraordinary. It seemed like such a high margin."
Today, Bailey Nelson has evolved into a full-service optometry business, offering eyewear, retail, sunglasses, contact lenses and optometry services.
Just as Winkle and Perry have taken an innovative approach to optometry, they have been similarly forward-thinking in their approach to payments, and, in 2018 Bailey Nelson became the first optical retailer to partner with Afterpay. Today, all their stores offer Afterpay or Clearpay.
“We would recommend to every merchant that they should be working with Afterpay,” says Winkle.
The business took on Afterpay after customers – especially younger customers – began asking for it, and at first, says Perry, they didn’t understand the value of the payments platform – or the younger generations’ aversion to credit. “I’m an older Millennial and I’ve always had credit cards,” says Perry. “So, I didn’t get it at the start. But you have to follow the younger customers – they are the trendsetters.”
Today, Afterpay allows Bailey Nelson customers to purchase glasses or other optical products when they need them and pay them off in instalments. Offering this kind of flexibility is critical for customer-centric brands, says Winkle, especially those in the health space.
“Buying glasses is a necessity not a desire. People need them for work and home, so we believe it’s important to have different payment options.”
And the Afterpay partnership has benefited Bailey Nelson, too. Customers who pay with Afterpay spend, on average, 10 per cent more than other customers at Bailey Nelson. They also shop more frequently with the brand. Meanwhile, Afterpay Day drives awareness and last year a 41 per cent spike in sales.
“Afterpay has played an important role in our business journey up until this point and will so in the future.”
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