04 July 2022, Mumbai:
Lenskart has signed a deal to buy a majority stake in Japan’s Owndays Inc, making it one of Asia’s biggest online eyewear retailers. Supported by SoftBankk Group Group, Lenksart will buy the shares held by L’Catterton Asia and Mitsui & Co. Principal Investments. The deal values Owndays at about $400 million.
The Japanese retailer will operate as a separate brand led by co-founders Shuji Tanaka and Take Umiyama but target the premium segment, while Lenskart will focus on the middle and mass market segments, they said. Lenskart will own majority stake in Owndays but the deal is designed as a merger.
The eyewear brand will depend on Owndays to expand presence in physical retail. The deal will help the brand to build a company like Amazon for eyewear, says Piyush Bansal, Co0Founder and CEO, Lenskart.
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