admin Lenskart, a prescription glasses company backed by Softbank, has recently acquired a majority stake in the brand Owndays, which is a Japan’s D2C eyewear brand. This deal is going to result in the establishment of one of Asia’s largest online eyewear retailers.
The acquisition will result in making Lenskart’s presence prominent. It will be visible in 13 markets in Asia, which includes India, Singapore, Thailand, Taiwan, the Philippines, Indonesia, Malaysia, and Japan.
As per sources, this deal is estimated to be $400 million and will mark the exit of Owndays major shareholders L Catterton Asia and Mitsui & Co, and Principal Investments. CEO Shuji Tanaka, and COO Take Umiyama, co-founders of Owndays, will continue to be shareholders and will also lead the management team of the company.
Peyush Bansal, co-founder and group CEO at Lenskart expressed his views on the current market trends and customer demands. “In today’s day and age, the customer is always on the lookout for great products, great prices, and delightful experiences all the time. With the acquisition of Owndays, we are now a step closer to democratising eyewear. I have been an admirer of Shuji-san and Take-san and have known them for over five years. I am very impressed by their disruptive brand and customer experience that they have built. There is still scope in what and how much we can achieve together. That will definitely be greater than the sum of its parts.”
Owndays founder and CEO, Shuji Tanaka, was optimistic about this acquisition. He said, “I believe the key to our next phase of growth, especially in the post pandemic operating environment, is digital transformation. I am very much excited to team up with Lenskart, as they have deep expertise and intellectual capital in the information technology field.”
This acquisition will allow Lenskart to increase its presence and dominate the premium segment. However, Owndays maintains its autonomy, as it will continue to operate as a separate brand. While Lenskart will continue its expansion in India and Southeast Asia to serve the mass to mid premium segments, Owndays scales to cater to premium segments.
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