Lenskart-backed house of brands player Neso Brands said Tuesday that it has acquired a significant stake in the Paris-based omnichannel eyewear brand, Le Petit Lunetier for $4 million (Rs 33.2 crore).
The investment is intended to aid the Parisian eyewear brand’s retail expansion, improve its brand presence in Europe, as well as introduce the brand to Lenskart’s core markets in Asia and Middle East, according to a statement.
Post-acquisition, Bjorn Bergstrom, the co-founder and chief executive officer of Neso Brands and Peyush Bansal, chief executive officer of the Lenskart Group, will join Le Petit Lunetier’s board of directors.
Founded in 2015 by former Google and Rad.co executive Jérémie Encaoua and optician Elie Attias, Le Petit Lunetier is a direct-to-consumer (D2C) eyewear brand. It operates 16 stores in France and along with online channels. It operated as a bootstrapped venture until the current investment and claims to be profitable.
Bjorn Bergstrom, CEO of Neso Brands, stated: “This strategic investment marks our first foray into the European market, and we aim to grow the brand’s potential, both across France and internationally. We also plan to bring the brand to Lenskart’s customers and have already seen a good reception of the brand in India following a limited pilot launch in Delhi.” said Bjorn Bergstrom, chief executive officer, Neso Brands.
This is the second investment by the House of Brands player. Last year, the Japanese brand Owndays became part of the group. The Tokyo-based D2C eyewear retailer operates its store network of 500 stores across 13 markets ranging from Sydney to Dubai.
Meanwhile, Neso Brands was founded in 2022 and looks to invest in D2C eye brands in line with the model of eyewear giant Luxottica Group. It secured $100 million in seed funding from Lenskart in 2022.