What began as a cautious overseas foray in Singapore in 2019 has quickly turned into Lenskart’s biggest growth driver. Six years on, the eyewear retailer’s international operations are not just supplementing its India business but beginning to redefine its revenue mix.
As of March 2025, Lenskart runs 656 stores outside India, spanning Japan, Singapore, the UAE and a string of Southeast Asian markets. These stores now generate nearly 40% of the company’s total revenue, according to its draft red herring prospectus. India, with more than 2,000 outlets, still contributes the majority share, but the gap is narrowing.
On a per-store basis, the contrast is striking. Each international outlet earns almost twice as much as an Indian one, underscoring both higher purchasing power in these markets and the advantage of operating in stronger currencies. Japan and Southeast Asia, where Lenskart has concentrated nearly 80% of its overseas presence, are proving particularly lucrative.
Owndays’ acquisition and high international productivity
The big breakthrough came in 2022 with the Rs 2,513-crore acquisition of Owndays, the Japan-headquartered eyewear chain with a wide Southeast Asian footprint. That single transaction gave Lenskart scale and immediate visibility outside India. Subsequent expansions into the UAE and Saudi Arabia have deepened its West Asia play.
The payoff has been swift. International revenues surged nearly 60% in FY24 and added another 16.5% growth in FY25 to reach Rs 2,639 crore. Losses from the segment are shrinking fast, from Rs 160.3 crore in FY23 to just Rs 22.8 crore in FY25, pointing to a path to profitability. Volumes tell the same story as overseas eyewear sales almost doubled in two years to 4.29 million units in FY25. The company now counts 2.47 million transacting customers outside India, up 15% year-on-year.
Localisation strategy and future European expansion
Localisation has been central to this success. In Japan and Southeast Asia, the Owndays brand operates independently, appealing to working professionals with pared-back titanium frames. In the Gulf, Ramadan-themed collections have resonated with customers, just as Navratri specials work in India. The company has shown agility in tuning its design and branding to diverse cultural contexts.
The growth potential remains vast. Redseer estimates suggest that more than 65% of people in Southeast Asia and Japan require vision correction, yet organised eyewear retail remains under-penetrated. That leaves plenty of headroom for a brand with Lenskart’s mix of offline reach and tech-driven sales.
The company has already started eyeing Europe. A minority investment in French eyewear label Le Petit Lunetier in 2023 gave it a toehold, followed by the acquisition of an 80% stake in Spain’s Stellio Ventures this year for Rs 406 crore. The move signals its intent to extend the same formula to Western markets.
India still anchors the topline. However, analysts point out that if overseas stores remain twice as productive and the global build-out continues at this clip, Lenskart’s international story may soon eclipse its domestic one.