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Lenskart acquires majority stake in Japan’s Owndays, becomes Asia’s largest Omnichannel retailer

Lenskart snaps up Japanese brand in its debut global M&A deal

Lenskart snaps up Japanese brand in its debut global M&A deal

Omnichannel retailer Lenskart has procured a larger part stake in Japanese eyewear brand Owndays to turn into the district’s biggest Omni-channel eyewear business by taking it to 13 business sectors in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.

Supposedly, the arrangement is supposed to be $400 million. However, the organization didn’t reveal the subtleties of the arrangement.

In a press proclamation, the organization said that Owndays’ Co-originators, CEO Shuji Tanaka, and COO Take Umiyama, will keep on being investors and lead the supervisory group while the brand will work freely.

The ongoing significant investors of the Japanese retailer including L Catterton Asia and Mitsui and Co., Principal Investment will exit.

Peyush Bansal, Co-Founder, and Group CEO at Lenskart said, “With OWNDAYS we draw a stage nearer to democratizing eyewear. I have known Shuji-san and Taka-san for more than five years and have been an admirer of the problematic brand and client experience they have worked with OWNDAYS. To achieve a progressive change, for example, the one the world requirements in eyewear, we want to work with similar and reciprocal originators.”

Prior to May, Neso Brands, a roll-up auxiliary of eyewear retailer Lenskart, raised $100 million from KKR, Softbank, Alpha Wave Global, and Temasek. Lenskart has been one of the early unicorns in the Direct-to-shopper space and is as of now esteemed at $4.3 billion.

Lenkskart right now has 300 individuals in its designing group and means to increase to 500 individuals in FY23. It has likewise been putting resources into more profound production network combination and computerization which will presently be utilized by both the brands to additional improve client suggestions and unit financial matters.

In April this year, it got $100 million in the new mixture from the new financial backer Alpha Wave Ventures. In May last year, Lenskart brought $95 million up in subsidizing driven by confidential value firm KKR and CO Inc. It turned unicorn in December 2019 subsequent to raising $275 million from SoftBank Vision Fund.

In May, the eye brand declared a venture of $100 million in Singapore-based eyewear brand Neso in a seed financing round.

As of late, Lenskart declared the extension of its internet-based presence by offering its items on Nykaa, Myntra, Tata Cliq, and different stages.

Aside from online deals, the organization additionally has north of 1,000 establishment stores and by the monetary year 2023, opening 400 outlets the nation over is looking.

In June 2021, Lenskart set up a dream store with a corpus of $20 million (Rs 148 crore) for eyecare new companies as it hopes to take advantage of a specialty portion in India’s developing medical services industry.

The organization eyes speculation up to $2 million in every one of the chosen new companies through its vision store.

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