Lenskart, the Indian eyewear retailer, was set up in 2010. Today, it is rapidly revolutionizing the eye ware industry. The company has 500+ stores in over 40 cities as of September, 2020. Lenskart has bought a majority stake of Owndays. This is a deal that will create one of Asia’s biggest online retailers of eyewear.
Owndays is an international optical retail company founded in Tokyo in 1989. Currently, it has over 120 stores in Japan. It will operate as a separate brand led by co-founders Shuji Tanaka and Take Umiyama to target the premium segment. On the other hand, Lenskart will focus on the middle and mass market segments. A Bloomberg report says that the deal values the Japanese chain at around $400 million. Further, it can create a retail giant with operations in over a dozen markets from India and Japan to Southeast Asia.
The companies project aggregate sales of $650 million by the end of March 2023. Peyush Bansal, co-founder and CEO of Lenskart said, “With Owndays, we move a step closer to democratising eyewear. I have known Shuji-san and Take-san for over five years. I have been an admirer of the disruptive brand and customer experience they have built.” We hope it is a symbiotic merger for both companies and they achieve their goals.