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Majority share in rival Owndays acquired by eyewear giant Lenskart

According to Nikkei, the market leader in Indian eyeglasses, Lenskart, is purchasing a share of around 75% in Owndays, a Japanese eyewear chain with operations throughout Asia.

An investment company connected to the luxury business LVMH Moet Hennessy Louis Vuitton, and a fund connected to Mitsui & Co. would sell their share to Lenskart. The purchasing cost was not made public.

According to the agreement, the management of Owndays will keep their ownership holdings in the company. The names of the stores and the management structure will both remain the same.

In Singapore, India, and Dubai alone, there are more than 900 locations of the online eyeglasses retailer Lenskart. Owndays, meanwhile, has over 460 outlets across 13 nations and territories, including Singapore.

Within the following three years, Lenskart apparently plans to go public. SoftBank, which has a 20 percent stake in the firm, is funding it. Among the first investors were TPG and the International Finance Corporation.

Although the firm had no liquidity problems and was on a “clear road to profitability,” Peyush Bansal, CEO and co-founder of Lenskart, has stated that the company was not in a rush to go public.

 

 

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