Titan eyewear to cut down on imports of frames, to start in-house production from January

Titan Company Ltd’s eyewear division is looking to cut down on imports of frames for its eyewear by starting in house production at its manufacturing unit from January 2018, said a top company official.
Titan Eyeplus

The company is looking to reap the benefits of its investment of Rs 30 crore (approx $4.7 million) in its manufacturing unit in Bengaluru by producing over 10 lakh frames annually. The new plant is expected to reduce the company’s dependence on outsourcing by giving Titan more control over quality thereby helping it create differentiated products.
The eyewear segment expects to post better margins in the next financial year post the start of this new frame manufacturing facility as it will cut down the company’s cost on imports.
In the last quarter ended September, eyewear segment contributed a paltry sum of Rs 99 crore (approx $15.4 million) to the company’s overall revenue of Rs 3,518 crore (approx 543.8 million) in the quarter.
“The new facility will be operational from January 2018 and frames will hit the shelves by March. The manufacturing unit has the capacity to produce 10 lakh frames annually. But right now we are planning to produce 50,000 units and step up gradually based on demand,” Ronnie Talati, Chief Executive Officer, Titan Eyewear, told BusinessLine.
“Designing and producing their own frames will ensure quality and also will be a key differentiator. This will also help the company reduce the imports. Currently most frames are imported from Asian countries, especially China. As we step up our production our frame import will come down.” Talati added.
Titan Ltd’s eyewear division currently has 483 Titan Eye Plus stores spread across 200 cities of the country and plans to add 17 more by end of this fiscal.

Copyright © 2019 FashionNetwork.com All rights reserved.