Lenskart secures an 80% ownership in the Spanish eyewear brand Meller before its initial public offering
Indian eyewear retailer Lenskart has announced the acquisition of an 80% stake in Spanish sunglasses brand Meller for Rs 407 crore (€41.5 million). The deal, which is subject to customary closing conditions, marks a significant step in Lenskart's efforts to strengthen its international presence and diversify its product portfolio.
The acquisition was executed through Lenskart's Singapore-based subsidiary. Meller, a profitable enterprise by Spanish accounting standards in 2024, operates a flagship store in Barcelona and retails fashion-forward sunglasses and accessories via its website across several markets.
Lenskart's net profit for the fiscal year ended March 2025 surged to Rs 297 crore, a stark contrast to a net loss of Rs 10 crore in the prior year. The retailer's revenue for the same period grew 22% year-on-year to Rs 6,625 crore.
The transaction includes Rs 230 crore payable to Stellio's investors and Rs 176 crore to its founders, through a mix of fixed and deferred payments. Rs 591 crore from the IPO funds will go towards lease payments and operational expenses for existing outlets, while about Rs 272 crore will be used for the establishment of new stores in India.
This acquisition is part of Lenskart's larger IPO, which aims to raise Rs 2,150 crore in primary capital. Key investors listed in Lenskart's IPO filing include Temasek, SoftBank, and TPG. The IPO also includes a secondary share sale by SoftBank, Alpha Wave, and Kedaara Capital.
Lenskart currently operates more than 2,700 stores across geographies. The deal is expected to unlock synergies in ecommerce, social media engagement, and supply chain optimisation, particularly in Lenskart's sunglasses category.
In addition to Meller, Lenskart also acquired another stake in Mumbai-based Ajna Lens, an AI-driven XR glasses startup, earlier this year. With these acquisitions, Lenskart is positioning itself for growth in the global eyewear market.
The acquisition of Meller is a strategic move by Lenskart to expand its international footprint and bolster its product offerings. As the company continues to grow, it is poised to become a major player in the global eyewear industry.
