IndiaRetailBiz

Having registered huge success in the retail space of watch and jewellery products, Titan Industries, a Tata Group company, is now foraying into prescription eyewear retail business. It has decided to set up 150 Titan Eye+, style and eyecare stores in Class A and B towns across the country over a time span of five years. Within 3 to 5 years, Eye+ stores are expected to garner 20% share of the vision correction market presently estmated at Rs. 1,800 crore per annum. It is annualy growing at a healthy 15 to 20%.

Beginning next week, Titan will start rolling out Eye+ retail outlets from its home town Bangalore, next week. It proposes to initially set up ten outlets, half of which will be located in Bangalore. Rest of the Eye+ stores will be set up in Chennai (4) and Nagpur (1). Besides selling frames and lenses Eye+ outlets will also offer free eye testing. Titan Eye+, catering to mid priced segment, besides in-house frame brands like Titan, Eye+ and Dash will also stock other fashion brands like Vogue, Elle, Hugo Boss, D&G and Mont Blanc. Likewise, lenses being sold under Titan brand, Eye+ will also offer the same under Essilor and Nikon brands. While, Eye+ will sell Bausch and Lomb and Johnson & Johnson contact lenses, it will offer Fastrack, Gucci, Ray Ban and Mont Blanc sunglasses.

While Titan will handle the design, retail and marketing, it will outsource manufacturing, finishing and assembling. Mr Ronnie Talati will head the eyewear business.

The potential for vision correction devices in the country is huge, since only 84 million of the 300 million people requiring such devices use them. In value terms, vision correction market, which is growing at a healthy 15-20%, has potential of Rs. 1,800 crore ($200 million) per annum.