Lenskart acquires 80% stake in Spanish eyewear brand Meller ahead of IPO

In a strategic push into Europe and Gen Z-focused fashion eyewear, Indian eyewear retailer Lenskart has acquired an 80% stake in Spanish sunglasses brand Meller for Rs 407 crore (€41.5 million), the company disclosed in its draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI).

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The acquisition, executed through Lenskart’s Singapore-based subsidiary, forms part of a broader effort to strengthen its international presence and diversify its product portfolio.

Meller, operated by Stellio Ventures, retails fashion-forward sunglasses and accessories via its website across several markets and operates a flagship store in Barcelona. According to the DRHP, 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. The deal remains subject to customary closing conditions.

The Gurugram-based company described Meller as a profitable enterprise in 2024 by Spanish accounting standards. Lenskart said the deal is expected to unlock synergies in ecommerce, social media engagement, and supply chain optimisation, particularly in its sunglasses category.

Lenskart has ramped up its overseas investments in recent years. In 2022, it acquired Japanese D2C eyewear firm Owndays, followed by a minority stake in Paris-based Le Petit Lunetier in 2023, and another in Mumbai-based Ajna Lens, an AI-driven XR glasses startup, earlier this year.

The acquisition announcement coincides with Lenskart’s IPO filing. The company plans to raise Rs 2,150 crore in primary capital as part of a larger Rs 7,500-8,000 crore public offering, which includes a secondary share sale by prominent investors such as SoftBank, Alpha Wave, and Kedaara Capital.

The DRHP outlines that about Rs 272 crore from the fresh issue will fund the establishment of new stores in India, while Rs 591 crore will go towards lease payments and operational expenses for existing outlets. Lenskart currently operates more than 2,700 stores across geographies.

For the fiscal year ended March 2025, Lenskart posted a net profit of Rs 297 crore, reversing a net loss of Rs 10 crore in the prior year. Revenue grew 22% year-on-year to Rs 6,625 crore.