Singapore-based Neso Brands, a subsidiary of Lenskart, has acquired an undisclosed stake in French eyewear brand Le Petit Lunetier, investing USD 4 million in the Paris-based startup.
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The funding will see Le Petit Lunetier expand in Europe and establish retail in Lenskart’s primary markets in Asia and the Middle East.
Neso CEO and co-founder Bjorn Bergstrom and co-founder Peyush Bansal – who is also the CEO of Lenskart Group – will join the board of Le Petit Lunetier, as part of the investment.
Founded in 2015 by former Google executive Jérémie Encaoua and optician Elie Attias, Le Petit Lunetier is a manufacturer and retailer of designer glasses for men and women, and currently operates 16 stores in France.
“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,” said Bergstrom.
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.”
Neso Brands is a subsidiary of Lenskart Group, which has a network of more than 2,000 stores across Asia Pacific, as well as in the Middle East and North Africa. Neso Brands recently raised over USD 100 million in its first round of funding.
In 2022, Lenskart acquired Japanese eyewear brand Owndays for reportedly USD 400 million. Most recently, Lenskart secured USD 500 million in early 2023, from a subsidiary of government-linked Abu Dhabi Investment Authority.