Omnichannel retailer Lenskart has acquired a larger share of Japanese eyewear brand Owndays to become the district’s largest omnichannel eyewear company taking it to 13 business segments in Asia including India, Singapore, Thailand , Taiwan, the Philippines, Indonesia, Malaysia and Japan.
Supposedly, the arrangement is supposed to be for $400 million. However, the organization did not reveal the intricacies of the arrangement.
In a press statement, the organization said that Owndays co-initiators, CEO Shuji Tanaka and COO Take Umiyama, will continue to be investors and lead the oversight group while the brand will work freely.
The Japanese retailer’s ongoing large investors, including L Catterton Asia and Mitsui and Co., Principal Investment, will pull out.
Peyush Bansal, Co-Founder and Group CEO at Lenskart, said, “With OWNDAYS, we are one step closer to democratizing eyewear. I’ve known Shuji-san and Taka-san for over five years and admire the problematic brand and customer experience they’ve worked with with OWNDAYS. To achieve incremental change, such as that the world demands in eyewear, we want to work with like-minded and reciprocal creators.
Prior to May, Neso Brands, a subsidiary of eyewear retailer Lenskart, had raised $100 million from KKR, Softbank, Alpha Wave Global and Temasek. Lenskart was one of the first unicorns in the Direct-to-shopper space and is currently valued at $4.3 billion.
Lenkskart currently has 300 people on its design team and plans to grow to 500 people in FY23. It has also invested resources in a combination of deeper production networks and computerization that will currently be used by both brands to further improve customer suggestions and unit financial matters.
In April this year, he secured $100 million in new mix from new backer Alpha Wave Ventures. In May last year, Lenskart brought in $95 million in grants through confidential value firm KKR and CO Inc. It became unicorn in December 2019 after raising $275 million from the SoftBank Vision Fund.
In May, the eyewear brand declared a $100 million venture into Singapore-based eyewear brand Neso in a seed funding round.
Lately, Lenskart declared the extension of its internet presence by offering its articles on Nykaa, Myntra, Tata Cliq and other scenes.
Apart from online offerings, the organization also has more than 1,000 establishment stores and by the financial year 2023, the opening of 400 outlets in the country is on the hunt.
In June 2021, Lenskart set up a dream store with a corpus of $20 million (Rs 148 crore) for new eye care businesses as it hopes to leverage a part that specializes in developing the eye care industry. medical services in India.
The organization plans to speculate up to $2 million in each of the chosen new ventures through its vision store.