Lenskart Solutions announces partnership with Labubu maker; check stock reaction & target

Shares of Lenskart Solutions gave up its early gains on Thursday even as the company announced its partnership with Labubu maker Popmart’s Sweet Bean to launch a limited-edition collection on December 4 in Singapore. Lenskart rose nearly 0.65 per cent to Rs 407.15 only to fall to Rs 402 mark in early few minutes on Thursday.

Lenskart has announced a partnership with Labubu Popmart, the global leader in designer toy and entertainment culture. This collaboration brings together Lenskart's innovative eyewear fashion with Popmart's beloved IP, Sweet Bean, to launch a limited edition collection of Eyewear and Bitz charms in the Singapore market, said the company in its release.

“Our customers are at the heart of every decision we make. They want global design, personal expression, and brands that feel genuinely authentic. With creative collaborations like Pop Mart, we aim to infuse eyewear with moments of play, imagination, and collectability that truly delight our new age customers,” said Peyush Bansal, Co-founder & CEO, Lenskart.

Popmart’s blind boxes reinvent toy shopping by turning every purchase into a surprise, letting buyers discover one unique designer collectible hidden inside each sealed box. This mystery-driven experience has transformed toys into lifestyle collectibles, creating excitement, anticipation, and a thriving collector culture.

Sweet Bean is one of Popmart’s most popular character IPs, known for its whimsical, expressive universe and collectible appeal. The Lenskart × Sweet Bean Bitz Collection features miniature, magnetically-snappable charms designed around some of Sweet Bean’s ‘I want a Hug’ series. Each charm attaches seamlessly to Bitz-compatible Lenskart frames, interchangeable accessories.

To recall, shares of Lenskart Solutions made their Dalal Street debut on November 10 as the company raised a total of Rs 7,278.02 crore via IPO by selling its shares for Rs 402 apeice. The stock settled at Rs 403.45 on Wednesday, November 27, falling nearly 3 per cent for the day. The stock is hovering around its IPO price.

Domestic brokerage firm Ambit initiated coverage on Lenskart Solutions even before its stock market listing as it expected a more than 16 per cent fall in the stock price of Lenskart from its issue price thanks to its capital-heavy business model, despite strong growth potential. It has a 'sell' rating on the stock with a target price of Rs 337.

Eyewear is a made-to-order category, scaling requires capacity investments , which along with goodwill keep the balance sheet heavy, said Ambit. "with a capex of Rs 2,000 crore over FY25–28E, free-cash flow (FCF) will turn positive only in FY28E. While its higher growth profile justifies premium vs retail universe, the implied 55 times FY28E Pre-IND as EV/Ebitda for India, 15-30 per cent above Trent & Nykaa BPC, is unwarranted given lower RoCE/RoIC of 9 per cent/13 per cent versus peers," it said.