SoftBank-backed Indian eyewear retailer Lenskart acquires Japan’s Owndays in $400-million deal
- ByStartupStory | June 30, 2022
The direct-to-consumer eyewear firm Owndays Inc. from Japan is being acquired by Lenskart, the SoftBank-backed eyeglasses shop. One of Asia’s largest online eyeglasses stores will be created as a result of the purchase. With this acquisition, Lenskart expands its market reach to 13, including Japan, Indonesia, Malaysia, Singapore, Thailand, Taiwan, and the Philippines.
The co-founders of Owndays, CEO Shuji Tanaka and COO Take Umiyama, will remain stockholders and head the management team of Owndays Inc., which will carry on as a distinct brand. L Catterton Asia and Mitsui & Co., Principal Investments, two of Owndays’ current largest shareholders, will sell their shares to Lenskart. According to informed sources, the deal will likely cost around $400 million.
Co-founder and CEO of Lenskart, Peyush Bansal, said: “The customer of today constantly seeks out excellent goods, competitive pricing, and enjoyable experiences. We take a step toward democratising eyewear with Owndays. For more than five years, I have known Shuji-san and Take-san, and I have admired the innovative brand and customer experience they have created. Together, we can accomplish a lot that will be more than the sum of our efforts.”
The technical team at Lenskart now comprises 300 employees, with plans to increase that number to 500 by FY23. According to a press statement from the company, it will aid in strengthening Owndays’ online and Omni experiences. 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. While Owndays scales to service the premium categories, Lenskart will continue its rapid expansion in India and Southeast Asia to offer the mass to mid-premium segments.
Shuji Tanaka, founder and CEO of Owndays, said, “In the post-pandemic operating environment, I believe digital transformation is the key to our next stage of growth, and I am thrilled to partner with Lenskart, which has extensive knowledge and intellectual capital in the field of information technology. We believe that Owndays and Lenskart working together will lead to a wealth of innovation that will further revolutionise the eyewear market for the good of consumers everywhere.” After L Catterton Asia and Mitsui & Co., Principal Investments joined in 2018, Owndays’ expansion surged. It expanded its activities to span 13 markets by utilising its robust commercial network in Japan and the rest of the region.
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