Private Equity

PE Fund Investments

D2C eyewear retailing unicorn Lenskart buys majority stake in Japan's Owndays for $400-M

Business Line   Entrackr  

Eyewear retail unicorn Lenskart has picked up a majority stake in Japan's direct-to-consumer eyewear brand Owndays, for a reported USD 400 million. Owndays' co-founders will continue to be the shareholders and lead the management of the brand, which will remain operational separately. The current major shareholders- L Catterton Asia and Mitsui & Co and Principal Investments—will exit their positions to Lenskart. The acquisition will expand Lenskart's presence to 13 markets in Asia, including Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan. Owndays will be scaled to cater to premium segments.