Lenskart purchases a significant 80% share in Spanish spectacle brand Meller prior to their initial public offering (IPO)
Indian eyewear retailer Lenskart is making strides in expanding its global footprint with the acquisition of a significant stake in Spanish sunglasses brand Meller. The deal, valued at €41.5 million, was executed through Lenskart's Singapore-based subsidiary.
The acquisition, announced earlier this year, forms part of Lenskart's broader effort to strengthen its international presence and diversify its product portfolio. Meller, known for its fashion-forward sunglasses and accessories, retails its products via its website across several markets and operates a flagship store in Barcelona.
The transaction includes a payment of €230 million to Stellio Ventures' investors and €176 million to Meller's founders. This move is expected to unlock synergies in ecommerce, social media engagement, and supply chain optimisation, particularly in Lenskart's sunglasses category.
Lenskart is planning to raise Rs 2,150 crore in primary capital as part of a larger Rs 7,500-8,000 crore public offering. The funds raised will be utilised for various purposes, including lease payments and operational expenses for existing outlets (Rs 591 crore), the establishment of new stores in India (Rs 272 crore), and the acquisition of Meller.
The public offering includes a secondary share sale by prominent investors such as SoftBank, Alpha Wave, and Kedaara Capital. For the fiscal year ended March 2025, Lenskart posted a net profit of Rs 297 crore, marking a significant turnaround from a net loss of Rs 10 crore in the prior year. The company's revenue grew 22% year-on-year to Rs 6,625 crore during the same period.
Lenskart's international expansion journey is not new. In 2023, the company acquired a minority stake in Paris-based Le Petit Lunetier. The details regarding the founder of Meller who acquired an 80% stake in Lenskart are not currently available.
The deal is subject to customary closing conditions and is expected to contribute positively to Lenskart's growth trajectory. As Lenskart continues to grow and evolve, its focus remains on providing high-quality eyewear products to customers across the globe.
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