Lenskart acquires majority stake in Japanese eyewear brand for $400 million

Owndays Co-Founders, CEO Shuji Tanaka and COO Take Umiyamawill remain shareholders and lead the management team that will continue to operate as a separate brand.

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Current major shareholders L Catterton, Mitsui and Principal Investments will exit their positions in Lenskart.

“I see that Lenskart and Owndays share the same values ​​focused on enriching customers’ lives, caring for people in our communities, as well as continuous learning, and we also have very complementary skills,” said Peyush Bansalco-founder and CEO of the group at Lenskart.

Lenskart with its 300-person technical team, estimated to scale to 500 people in FY23, will help build a stronger online and Omni experience for Owndays.

The company said it will continue its rapid expansion in India and: South East Asia to serve the mass to mid-premium segments, while Owndays is rapidly scaling to cater to premium segments.

“Owndays has been recognized as the preferred eyewear brand in multiple countries in Asia since we opened our first overseas store in Singapore in 2013,” said Tanaka.

Founded in 2010, Lenskart ships more than 10 million eyewear every year and has more than 20 million app downloads, 300 home eye testing representatives and more than 1,100 stores in India, Singapore and Dubai.

Lenskart is backed by the likes of Falcon Edge Capital, SoftBank, KKR, Temasek, Premji Invest and Kedaara Capital.

Owndays has approximately 460 stores in 13 markets in the region.

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