India’s largest eyewear retailer Lenskart is buying an approximately 75% stake in Japanese eyewear chain Owndays.
Lenskart will acquire all the shares held by a joint venture between an investment company affiliated with LVMH Moet Hennessy Louis Vuitton and a fund affiliated with Mitsui & co.
The value of the deal is yet unknown.
Owndays has around 460 stores in 13 countries and regions. Lenskart has about 1,100 stores in India, Singapore, and other countries.
“Under the deal terms, Owndays management will retain their stakes in the company. The management structure and store names will remain unchanged,” the report noted.