Lenskart-Backed Neso Brands Makes Strategic Investment in French Eyewear Brand, Le Petit
- ByStartupStory | September 13, 2023
Neso Brands, backed by Lenskart, has announced its acquisition of a significant stake in the omnichannel eyewear brand, Le Petit Lunetier, based in Paris. The deal is valued at $4 million (Rs 33.2 crore) and is aimed at supporting Le Petit Lunetier’s retail expansion, enhancing its brand presence in Europe, and introducing the brand to Lenskart’s core markets in Asia and the Middle East.
After the acquisition, Bjorn Bergstrom, the co-founder and CEO of Neso Brands, and Peyush Bansal, CEO of the Lenskart Group, will join Le Petit Lunetier’s board of directors.
Le Petit Lunetier, founded in 2015 by former Google and Rad.co executive Jérémie Encaoua and optician Elie Attias, is a direct-to-consumer (D2C) eyewear brand. It operates 16 stores in France in addition to its online channels. The brand remained bootstrapped until this recent investment and claims to be profitable.
Bjorn Bergstrom, CEO of Neso Brands, stated: “This strategic investment marks our first foray into the European market, and we aim to grow the brand’s potential, both across France and internationally. We also plan to bring the brand to Lenskart’s customers and have already seen a good reception of the brand in India following a limited pilot launch in Delhi.” said Bjorn Bergstrom, chief executive officer, of Neso Brands.
This marks the second investment by Neso Brands in the House of Brands player. In the previous year, the Japanese brand Owndays became part of the group. Owndays is a Tokyo-based D2C eyewear retailer with a network of 500 stores across 13 markets, ranging from Sydney to Dubai.
Neso Brands, founded in 2022, is focused on investing in D2C eyewear brands, following a model similar to eyewear giant Luxottica Group. It secured $100 million in seed funding from Lenskart in 2022.
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