On Tuesday, the omnichannel eyewear company Le Petit Lunetier in Paris announced that eyewear company Lenskart subsidiary Neso Brands had committed $4 million for a "significant stake" in the business.
In its statement, Neso Brands gave no further details.
According to the terms of the agreement, Bjorn Bergstrom, CEO of Neso Brands, and Peyush Bansal, CEO of the Lenskart Group, will join the board of directors of Le Petit Lunetier.
According to sources familiar with Lenskart's plans, its brand roll-up subsidiary Neso Brands intends to gradually raise its ownership position in the French company while cooperating with the creators of Le Petit Lunetier.
According to the announcement, the investment will be used to expand Le Petit Lunetier's retail footprint quicker, strengthen its position in Europe, and bring the brand to Lenskart's key markets in Asia and the Middle East.
According to the company, Neso Brands will make comparable investments in other European brands that will be distributed through Lenskart throughout India and Southeast Asia.
“This strategic investment marks our first foray into the European market and we are thrilled to begin this journey by working with Jérémie, Elie, and their leading entrepreneurial team to grow the brand’s potential, both across France and internationally,” said Bergstrom. “We are particularly excited to bring this vibrant brand to Lenskart’s customers and have already seen a tremendous reception for the brand in India following a limited pilot launch in Delhi.”
Jérémie Encaoua and Elie Attias, two former Google and Rad. co-executives founded the direct-to-consumer company with headquarters in Paris in 2015. France is home to 16 of its stores.
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