Eyewear unicorn Lenskart is acquiring a majority stake in Japanese eyewear firm Owndays. The deal’s financial terms have not been disclosed, but sources close to the matter report that Owndays has been acquired for around $400 Mn.
The deal will be followed by Owndays’ current majority stakeholders L Catterton Asia and Mitsui & Co., Principal Investment exiting the firm. Owndays will continue to operate independently in Japan, with current leadership in the form of co-founders CEO Shuji Tanaka, and COO Take Umiyama, continuing to be at the helm.
In a statement, Peyush Bansal, Co-founder and group CEO at Lenskart said “With OWNDAYS we move a step closer to democratizing eyewear. I have known Shuji-san and Take-san for over five years and have been an admirer of the disruptive brand and customer experience they have built with OWNDAYS. To bring about a revolutionary change such as the one the world needs in eyewear, we need to work with like-minded and complementary founders.”
This acquisition puts Lenskart firmly on top as Asia’s largest online eyewear retailer, granting it presence in 13 Asian markets including India, Japan, Thailand, Taiwan, Philippines and Singapore. Owndays operates a total of 350 stores in Asia. “The way people buy eyewear is changing rapidly and at Lenskart it is our mission to drive this transformation globally. In today’s age, the customer wants great products, great prices, and delightful experiences all the time. With Owndays we move a step closer to democratizing eyewear,” Bansal added.
Lenskart, one of the earliest unicorns of India, is reported all set to raise capital at a valuation of $4.5 Bn, close to double the valuation at the previous round. Neso Brands, a roll up subsidiary of Lenskart, raised $100 Mn in a financing round in May, led by KKR, Softbank, Alpha Wave Global and Temasek.