India's Lenskart acquires eyewear brand Owndays in a $400 million deal

Oluwajuwonlo Afolabi -

Lenskart, an India-based online eyewear retail platform, has acquired a majority stake in Japanese Owndays, an online optical eyewear maker and retail platform, in a deal worth $400 million.

  • Lenskart is buying the stakes from L Catterton, Mitsui, and Principal Investments.
  • Based on the deal, the acquisition will inform extending the merged brand to 13 Asian markets, including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.
  • Founded in 1989, Owndays designs and manufactures optical eyewear and operates across 350 shops in Asia including Japan, Singapore, Australia, India, and Hong Kong, with more than 2.5 million pairs in annual sales.