Titan eneters into eyewear business with an investment of Rs250 million
17 July 2008
Tata Group owned watch and jewellery retailer Titan Industries Ltd will invest Rs250 million in its eyewear retail business, the company announced today.
Titan entering eyewear market with lenses and spectacles
The eyewear brand, Titan Eye Plus, will be introduced in 200 new eyewear stores, which the company plans to set up in the next three years. Titan Eye+ stores will also provide services like eye check-ups and style consultancy. This will be the company's third business after watches and jewellery.
Titan Eye Plus stores would initially open up at Bangalore, Hyderabad, Chennai and Nagpur. The stores will display over 1,000 frames of Titan brand, along with the Eye Plus and Dash brands (for children), frames and sunglasses, the company noted
Titan Industries managing director Bhaskar Bhat stated that Titan Eye Plus will foray into the eyewear market in India with a range of high quality products, aimed to provide consumers new shopping experience with caring service. The company expects to gain a strong foothold in the growing eyewear market in India
The new chain is also intended to bring about standardisation and new practices in the highly fragmented and unorganised eyewear segment in India, the company added.
The total eyewear market in India is around Rs2,000 crore and is growing at around 15-20 per cent per year. Of this, only about 10 per cent is in the organised segment. There is also no clear market leader in the prescription eyewear market in India.