Lenskart unit Neso Brands makes $4 mn investment in Paris eyewear brand

Le Petit Lunetier is a direct-to-consumer eyewear brand offering fashionable designs

Neso Brands, a subsidiary of India's Lenskart, has acquired a stake in the Paris-based eyewear brand Le Petit Lunetier for $4 million.

The investment will be used for Le Petit Lunetier's retail expansion, solidify its brand presence in Europe, and introduce the brand to Lenskart's core markets in Asia and the Middle East. Bjorn Bergstrom, chief executive officer and co-founder of Neso Brands, and Peyush Bansal, co-founder of Neso and chief executive officer of the Lenskart Group, will join Le Petit Lunetier's board.

Le Petit Lunetier, which was founded in 2015 by former Google executive Jérémie Encaoua and optician Elie Attias, is a direct-to-consumer eyewear brand that offers fashionable designs. As a licensed optician chain, its customers can purchase prescription lenses in-store that are reimbursable via French public health insurance.

 

"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 Bjorn Bergstrom, chief executive officer of Neso Brands. "We are particularly excited to bring this vibrant brand to Lenskart's customers and have already seen a tremendous reception of the brand in India following a limited pilot launch in Delhi."

Le Petit Lunetier has a strong online presence in addition to its brick-and-mortar offerings. The brand operates 16 stores in France, including its new Paris store. Up until now, the brand has bootstrapped to profitability with no external equity investment.

"As an optician-founded business, our focus from day one has been to provide high-quality lenses paired with fashionable frames, packaged at accessible price points," said Encaoua. "We look forward to leveraging Neso Brands' deep operational expertise to further our company ambitions."

Following the investment, Neso Brands' and Lenskart's operational teams will support the company across several areas to improve efficiency and growth. This includes rolling out predictive analytics technology throughout Le Petit Lunetier's retail stores, powered by TangoEye, an Indian intelligence software company that is also part of the Neso portfolio. TangoEye's cloud-based retail analytics software leverages artificial intelligence, computer vision, and deep learning technology to enable high customer engagement and sales conversion in physical stores. The rollout will be led by the venture's dedicated in-house tech team and is part of the company's core strategy of building tech-augmented omnichannel brands.

As part of the Lenskart Group, the house brings not just capital but also manufacturing capabilities, technology, and distribution support to its portfolio companies. Portfolio brands, for example, have access to Lenskart's proprietary network of more than 1,500 stores across Asia-Pacific and the Middle East as well as supply chain synergies via the world's largest fully automated eyewear plant in Bhiwadi, India. The new Lenskart factory will be inaugurated in September.

Last year, the Japanese brand Owndays became part of the group. The deal, according to sources, is estimated to be $400 million. The Tokyo-based direct-to-consumer eyewear retailer operates its own store network across 13 markets ranging from Sydney to Dubai. Earlier this year, it opened its 500th store. Owndays has already received support from Neso Brands and Lenskart across several areas following the investment to increase both revenue and profitability. This includes supply chain and manufacturing, analytics, as well as omnichannel technology.