Softbank-backed prescription glasses company Lenskart has acquired a majority stake in Japan’s D2C eyewear brand Owndays. The deal will create one of Asia’s largest online eyewear retailer.
The acquisition will take Lenskart’s presence to 13 markets in Asia, including India, Singapore, Thailand, Taiwan, the Philippines, Indonesia, Malaysia, and Japan.
The deal, according to sources, is estimated to be $400 million and will give exit to Owndays major shareholders L Catterton Asia and Mitsui & Co, and Principal Investments. Owndays co-founders CEO Shuji Tanaka, and COO Take Umiyama, will continue to be shareholders and lead the management team of the company.