Eyewear brand Lenskart is reportedly planning to expand its Southeast Asia (SEA) market footprint with the launch of 300-400 stores in the region over the next two years.
With currently about 70 stores in Singapore, the Delhi NCR-based unicorn is planning to expand into Thailand and Philippines, cofounder and CEO Peyush Bansal told Economic Times.
“There’s a lot to do in Asia now. In Singapore, we now have 70 stores. One in three people wear Lenskart glasses. It’s a smaller geography but the impact is bigger. Next, we’re looking at Thailand, Indonesia, the Philippines and Malaysia,” he added.
Addressing Slush 2023, an annual startup and technology ecosystem event, the Lenskart cofounder said that the company plans to go slow initially, but dive deep into the SEA market.
The eyewear brand has been actively focussing on expanding its reach in the SEA region. Last year, it acquired a majority stake in Japanese eyewear brand OWNDAYS in a deal reportedly worth around $400 Mn.
Back then, the company said that with such acquisitions, Lenskart aims to become the largest eyewear brand in the Asian market. Though it acquired majority stakes, OWNDAYS would continue to target the premium segment, while Lenskart would target the budget segment.
About the acquisition, Bansal said that Lenskart was persistent about it and they sent six offers to the company out of which the last one got accepted.
Further talking about Lenskart’s growth plans, Bansal said that the company wants to work with long-term investors. “I have rejected a lot of deals at higher valuations to bring in the right investor, one we can partner with over the longer term,” he added.
In June, the eyewear major secured $100 Mn funding from private equity player ChrysCapital to expedite its growth plans and strengthen its position as a global eyewear leader.
Recently, Kedaara Capital, which is already an investor in the eyewear brand, received approval from Competition Commission of India (CCI) to acquire 1.74% equity in the company.
In addition to market expansion, the eyewear major has been exploring ways to enhance its product as well. Recently, Lenskart acquired AI-powered computer vision startup Tango Eye for an undisclosed amount to automate quality testing at its manufacturing plants.
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