Lenskart is buying a majority stake in Japan’s Owndays Inc. in a deal that will create one of Asia’s biggest online retailers of eyewear.
The Indian startup backed by SoftBank Group Corp. has agreed to buy Owndays shares held by L Catterton Asia and Mitsui & Co. Principal Investments, the companies said in a statement. The deal values the Japanese chain at about $400 million, a person familiar with the transaction said, asking to remain anonymous discussing an undisclosed detail. Owndays will operate as a separate brand led by co-founders Shuji Tanaka and Take Umiyama, but target the premium segment, while Lenskart focuses on the middle and mass market segments, they said.