Lenskart signs strategic partnership with Japanese eyewear brand Owndays
As part of the deal, major shareholders of Owndays, L Catterton Asia and Mitsui & Co will exit their positions to Lenskart.
Owndays co-founders CEO Shuji Tanaka, and COO Take Umiyama will continue to be shareholders and lead the management team of Owndays, which will continue to run as a separate brand.
Commenting on the deal, Peyush Bansal, co-founder CEO at Lenskart in a statement said, “The way people buy eyewear is changing rapidly and at Lenskart it is our mission to drive this transformation globally. With Owndays we move a step closer to democratizing eyewear. I see Lenskart and Owndays sharing the same set of values centered around enriching customers’ lives, caring for people in our communities, as well as continuous learning, and we also have very complementary skill sets. There is much we can achieve together which will be greater than the sum of its parts.”
Shuji Tanaka, founder CEO of Owndays added, “Owndays has been recognized as the eyewear brand of choice across multiple countries in Asia ever since we opened our first overseas store, in Singapore in 2013. Our growth accelerated following L Catterton Asia’s and Mitsui & Co, Principal Investments’ participation in us in 2018, as we leveraged their strong commercial network in Japan and across the region to expand our operations to cover a total of 13 markets today. I believe digital transformation is the key to our next phase of growth in the post-pandemic operating environment and I am excited to partner with Lenskart, which has deep expertise and intellectual capital in the information technology field.”
With the deal, the two eyewear giants will have a reach in 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia, and Japan.
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