Lenskart secures an 80% ownership in the Spanish eyewear brand, Meller, preceding its Initial Public Offering (IPO)
Indian eyewear retailer Lenskart has made a significant move in expanding its international presence and diversifying its product portfolio with the acquisition of a 80% stake in Spanish sunglasses brand Meller for Rs 407 crore (€41.5 million).
The acquisition, executed through Lenskart's Singapore-based subsidiary, is expected to unlock synergies in ecommerce, social media engagement, and supply chain optimisation, particularly in Lenskart's sunglasses category.
For the fiscal year ended March 2025, Lenskart posted a net profit of Rs 297 crore, a marked improvement from a net loss of Rs 10 crore in the prior year. The company's revenue grew 22% year-on-year to Rs 6,625 crore for the same period.
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.
Meller, operated by Stellio Ventures, retails fashion-forward sunglasses and accessories via its website across several markets. The brand, described as a profitable enterprise in 2024 by Spanish accounting standards, operates a flagship store in Barcelona.
Lenskart's international expansion efforts are not limited to Meller. Earlier this year, the company acquired an investment in Mumbai-based Ajna Lens, an AI-driven XR glasses startup. In 2023, Lenskart also acquired a minority stake in Paris-based Le Petit Lunetier.
As part of a larger Rs 7,500-8,000 crore public offering, Lenskart plans to raise Rs 2,150 crore in primary capital. Of this, approximately Rs 591 crore will go towards lease payments and operational expenses for existing outlets, while about Rs 272 crore will fund the establishment of new stores in India.
The deal remains subject to customary closing conditions. With over 2,700 stores across geographies, Lenskart continues to solidify its position as a leading player in the eyewear market.
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