IndiaRetailBiz

“This Joint venture underscores our commitment to bring world class partnerships to India, to service the changing needs of the customer; blending the outstanding capabilities of Pearle Europe, a leader in the Optical retail industry, and Reliance Retail, which is seeking to transform the Indian retail industry.” — Bijou Kurien, President and Chief Executive Lifestyle, Reliance Retail.

Reliance Retail, the retailing arm of Mukesh Ambani-led Reliance Industries Limited, has signed a joint venture agreement with Pearle Europe of Netherland, to roll out a retail chain of optical stores, which among others will offer a wide range of optical products like frames, lenses, contact lenses, solutions and sunglasses.

Apart from rolling out independent optical stores, Reliance will offer these products from its other retail formats like Reliance Mart, Reliance Super, and Reliance Wellness.

The Rs. 1,800 crore vision correction market, growing at over 15% per annum, is almost entirely fragmented. Tata group owned watch and jewellery major Titan Industries, which perhaps is the only organised modern retailer in this segment, has launched retail chain of prescription wear products called ‘Eye+’ a few months ago. Titan is aiming to set up about 250 Eye+ stores across the country.

Pearle Europe, which recorded sales of € 1134 million ($1,724 million) in 2006 sales is among leading eyeglass retailers of Europe. Founded in 1996, Pearle Europe was operating 2084 stores across 19 countries (2006) across Europe and the Middle East.