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Eyewear retail channel Lenskart announced that it was acquiring a majority stake in Japanese Eyewear brand Owndays.
Lenskart is a name that needs no introduction. From seeing its founder Peyush Bansal on Shark Tank to it being India's largest eyewear retailer, Lenskart is a well-known brand today. The unicorn eyewear company was founded in 2010 and stands at 1000+ stores throughout India with stores in Singapore and Dubai. It also has the support of several prominent investors like Ratan Tata, Aziz Premji, Kris Gopalakrishnan, Softbank, and TPG growth.
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“With Owndays, we move a step closer to democratizing eyewear. I have known Shuji-san and Take-san for over five years. I have been an admirer of the disruptive brand and customer experience they have built.” said Peyush Bansal.
In this deal, reportedly worth $400 million, Lenskart will buy the stake of L Catterton Asia and Mitsui & Co. Principal Investments, who are the largest shareholders of the company. Founders of Owndays, Shuji Tanaka and Take Umiyama, will continue to run the company as it would operate as a separate brand.
Owndays will be the premium segment of eyewear while Lenskart will focus on the middle and mass segments. This deal makes Lenskart one of the largest omnichannel players in Asia as the deal allows Lenskart to expand into 13 Asian markets including Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.
Shuji Tanaka said, “I believe digital transformation is the key to our next phase of growth in the post-pandemic operating environment and I am excited to partner with Lenskart, which has deep expertise and intellectual capital in the information technology field".
Early in June 2022, Bansal disclosed that the company was planning an IPO in 2-3 years and were in no hurry, stating that the investors were in no hurry to exit and that the company wanted to expand more before going public.
Article by Aman Agarwal.
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