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.
Latest Fashion Brands & Retail News.
Author’s Posts
-
Crocs expands in Kerala with maiden store launch in Kochi
04 November 2024, Mumbai
Footwear brand Crocs has expanded its retail footprint in Kerala by...
Nov 04, 2024
-
Ethnic wear startup Suta targets Rs 90 crore revenues in current fiscal
04 November 2024, Mumbai
Ethnic wear startup
Babyshop launches maiden India store in Noida
04 November 2024, Mumbai
Introducing an extensive collection of products for babies, toddler...
Nov 04, 2024
-
Walmart India’s FY24 revenues rise by 4% to Rs 5, 200 crore
04 November 2024, Mumbai
Walmart India’s revenues increased by 4 per cent to Rs 5,200 cror...
Nov 04, 2024
-
Decathlon plans €100 million investment in India
02 November 2024, Mumbai
Latest Publications
