Lenskart buys controlling stake in Japan’s Owndays
NEW DELHI: Lenskart, India’s largest eyewear retailer, has acquired a controlling stake in Japanese direct-to-consumer brand Owndays, creating one of the largest retailers of eyeglasses in Asia.
Softbank-backed Lenskart agreed to buy Tokyo-based Owndays’ shares from L Catterton Asia and Mitsui and Co. Principal Investments, the Indian company said in a statement.
The deal values the Japanese company at about $400 million, Bloomberg reported. A spokesperson for Lenskart declined to provide details of the deal.
On completion of the purchase, Owndays will continue as a separate brand, targeting the premium segment, while Lenthailand, skart will focus on the middle and mass-market segments, the companies said.
The acquisition will help Lenskart expand its presence in 13 East Asian and South-east Asian markets, including Singapore,
Taiwan, the Philippines, Indonesia, Malaysia and Japan. Lenskart, which claims to have sold about 8 million pairs of eyewear in the year ended March 31, 2021, also plans to expand into the Middle East. Founded in 2008 by Peyush Bansal, Amit Chaudhary, Neha Bansal, and Sumeet Kapahi, Lenskart is also engaged in the assembly, distribution and supply of eyewear.
“The way people buy eyewear is changing rapidly. In today’s age, the customer wants great products, great prices and delightful experiences all the time,” said Bansal, co-founder and group chief executive officer at Lenskart.
Owndays co-founders, Shuji Tanaka and Take Umiyama, will continue to be shareholders and lead the management team.