Neso, an unit of optical wear brand Lenskart, has invested USD 4 million dollars in the Paris-based Le Petite Lunetier. The move is likely to expand the retail presence of Le Petite Lunetier across Europe and introduce it to Lenskart’s consumer targeted regions of Asia and Middle East. In exchange, Peyush Bansal and Bjorn Bergstorm, Co-founders of Neso would join the board of directors at Le Petite Lunetier.
Following the investment, Co-founder of Le Petite Lunetier Jeremie Encaoua has said that, “We are proud to announce our partnership with Neso. Being an optician-based business, our focus has always been centred at providing high-quality lens paired with fashionable frames at accessible price range. We look ahead to leveraging Neso’s deep operational expertise to further our company ambitions.”
The investment is believed to roll-out products based on predictive analysis technology throughout Le Petite Lunetier’s retail stores. This would be assisted by Neso’s intelligence software Tango Eye. As part of the software’s cloud-based retail analytics, computer vision and deep learning technology, it is expected to drive customer engagement and sales conversion in physical stores.
The investment marks significant importance for Lenskart as it would consolidate its position to strengthen manufacturing capabilities, technology and distribution support to its portfolio companies. For instance, the portfolio companies would have the access to Lenskart’s network of 1500 stores across APAC and Middle East countries.
Le Petite Lunetier was founded by Jeremie Encaoua and Elie Attias to enable purchase of prescription lenses in stores for consumers via French public health insurance.
In the last year, Lenskart took ownership of Japanese-based Owndays. The Tokyo-based D2C eyewear retailer operates its own store network across 13 markets ranging from Sydney to Dubai. The brand has already received support from Neso Brands and Lenskart across several areas following the investment to increase both revenue and profitability, including supply chain and manufacturing, analytics as well as omnichannel technology, according to the statement.
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