lenskart owndays deal: SoftBank-backed Lenskart acquires Japan’s Owndays


Lenskart, the SoftBank-backed omni-channel eye-wear retailer, has picked up a majority stake in Owndays – Japan’s direct-to-consumer eyewear brand – the company said. The strategic partnership through this merger will build Asia’s largest omni-channel eyewear retailer, the company added.

The acquisition will expand Lenskart’s presence to 13 markets in Asia, including Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.

As a part of the deal, the majority shareholders of Owndays – L Catterton Asia and Mitsui & Co., Principal Investments – will sell their stake to Lenskart. The company is yet to disclose the size of the deal.

The cofounders of Owndays – CEO Shuji Tanaka and COO Take Umiyam – will continue as shareholders and lead the management team of Owndays post the deal. It will continue to operate as a separate brand, the company noted.

“With Owndays, we move a step closer to democratising eyewear. I have known Shuji-san [Tanaka] and Take-san [Umiyam] for over five years. I have been an admirer of the disruptive brand and customer experience they have built,” said Peyush Bansal, cofounder, and CEO of Lenskart.

As reported by ET, Lenskart is currently closing a $250-million funding round led by Alpha Wave Global at a valuation of $4.5-5 billion. As a part of the funding exercise, it has already raised
$28 million from Avendus Future Leaders Fund II and around $100 million from Alpha Wave Global, regulatory filings showed.

Discover the stories of your interest

Recently, it said that its Singapore-based subsidiary Neso Brands, which invests in eyewear brands,
has raised more than $100 million in its first funding round.

Stay on top of technology and startup news that matters. Subscribe to our daily newsletter for the latest and must-read tech news, delivered straight to your inbox.

Source link