Indian Economy News

Lenskart acquires majority stake in Japanese eyewear brand Owndays

SoftBank backed eyewear retailer Lenskart has bought a majority stake in Japan's Owndays Inc, the direct-to-consumer eyewear brand. With this acquisition, Lenskart will extend its market reach to 13 countries, including Japan, Indonesia, Malaysia, Singapore, Thailand, Taiwan, and the Philippines.

The engineering team at Lenskart now comprises 300 employees, with plans to scale it up to 500 employees by FY23. The supply chain automation and integration that Lenskart has been bolstering will now be used by both brands to improve the consumer proposition and unit economics.

Lenskart ships over 10 million pairs of eyewear every year and has over 20 million app downloads, 300 home eye test representatives as well as over 1,100 stores across India, Singapore, and Dubai.

The company grew by 65% YoY in 2021 and is estimated to grow by another 50% in 2022. Lenskart will continue its rapid expansion in India and Southeast Asia to serve the mass to mid-premium segments.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.