IndiaRetailBiz

Vision correction market in India, growing at a healthy pace of 15 to 20% every year, is currently estimated at Rs. 1,800 crore. The potential, however, is huge as less than 30% of estimated 300 million people requiring vision correction have presently been covered.

Titan industries, the number one watch and jewellery maker of the country, which a few months ago rolled out prescription eyewear business Titan Eye+, is planning to set up 250-odd stores over the next year. The first Eye+ store was launched by the company on 4th April, 2007, in Bangalore. The Tata group company is currently operating a few Eye+ stores in Bangalore.

While 15-odd of these stores will be franchised, majority of them will be franchisee operated. This was revealed in a press conference by S. Ravi Kant, Chief Operating Officer- Eyewear Business, of the company.

Apart from Titan, Dash (children’s spectacle frames) and Eye+, each of these stores would also stock over 1,000 brands of spectacle frames including Christian Dior, Elle and Tommy Hilfiger.

Eye+ stores are also equipped with optometry clinics to offer free ‘zero-error’ eye testing services to customers. Before prescribing spectacle /contact lenses, customer’s eye pressure, lens curvature and eye power are taken into account by the clinics.

Titan could consider introducing its own contact lenses, though, it currently sources its requirements from the likes of Bausch & Lomb, Johnson & Johnson and Silklens.

Titan, which posted sales turnover of Rs. 2,182 crore in 2006-07 is expecting to register a growth of 40% this year. In 2007-08, it is eyeing at a turnover of about Rs. 3,000 crore and net profit of Rs. 150 crore.