Lenskart acquires Japanese eyewear agency Owndays

Lenskart acquires Japanese eyewear agency Owndays

Eyewear unicorn Lenskart is attaining a majority stake in Japanese eyewear company Owndays. The deal’s monetary phrases haven’t been disclosed, however sources shut to the make a distinction report that Owndays has been acquired for round $400 Mn.

The supply shall be adopted by Owndays’ latest bulk stakeholders L Catterton Asia and Mitsui & Co., Principal Monetary funding exiting the company. Owndays will proceed on to run independently in Japan, with present-day management within the type of co-founders CEO Shuji Tanaka, and COO Contemplate Umiyama, persevering with to be on the helm.

In a assertion, Peyush Bansal, Co-founder and group CEO at Lenskart reported “With OWNDAYS we transfer a motion nearer to democratizing eyewear. I’ve identified Shuji-san and Contemplate-san for about 5 a few years and have been an admirer of the disruptive model and shopper expertise they’ve crafted with OWNDAYS. To convey a few groundbreaking alter these sorts of because the an individual the world needs in eyewear, we wish to function with like-minded and complementary founders.”

This acquisition places Lenskart firmly on high as Asia’s best on the web eyewear retailer, granting it presence in 13 Asian marketplaces along with India, Japan, Thailand, Taiwan, Philippines and Singapore. Owndays operates a general of 350 shops in Asia. “The way in which people receive eyewear is altering swiftly and at Lenskart it’s our mission to generate this transformation globally. In as we speak’s age, the consumer needs good merchandise, fantastic charges, and nice actions on a regular basis. With Owndays we switch a step nearer to democratizing eyewear,” Bansal added.

Lenskart, one explicit of the earliest unicorns of India, is famous all set to lift capital at a valuation of $4.5 Bn, shut to double the valuation on the earlier spherical.  Neso Fashions, a roll up subsidiary of Lenskart, lifted $100 Mn in a financing spherical in Might, led by KKR, Softbank, Alpha Wave Worldwide and Temasek.

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