One of Asia's biggest online retailers of eyewear is being created by India's Lenskart and Japan's Owndays. A person with knowledge of the matter said the merger values Owndays at $400 million.
L Catterton, Mitsui and Principal Investments are selling Owndays shares to a Bengaluru-based startup. The co- founder of Owndays, Take Umiyama, will continue to be a shareholder and lead the management team.
The merged entity will be able to reach 13 Asian markets, including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.
The way people buy eyewear is changing fast and it is our mission to drive this transformation around the world. Customer want great products, great prices, and delightful experiences all the time. "With Owndays, we move a step closer to democratizing eyewear, as I have known Shuji-san and Take-san for over five years."
According to people familiar with the matter, the development comes at a time when the company is close to securing a new round of funding.
Owndays was founded in 1989 in Tokyo. In Asia, the company has over 350 shops in Japan, Singapore, Australia, India and Hong Kong. 2.5 million pairs of glasses are sold annually.
The firm, which received backing from L Catterton Asia and Mitsui in 2018, never disclosed how much money it had raised, but it was in talks with two private equity firms to sell the business, according to a report.
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