Titan Eye Plus expands retail presence amid Covid-19 pandemic
Titan Company Ltd’s eyewear division Titan Eye Plus strengthened its retail presence with the addition of 100 exclusive stores over the last nine months, despite the Covid-19 disruptions.
The company sees huge potential for growth in the eyewear segment and plans to open around 300 more stores during the year.
Additionally, Titan plans to invest around Rs 50 crore ($6.7 million) to strengthen the backend, for manufacturing, and supply of frames and lenses.
“Today there are just two national players including us. The market opportunity is huge as nearly half of the 130 plus-crore people in the country require some kind of vision correction. Only a small percentage of that market is being served currently and our aim is to both grow the market and serve it with better offerings,” Saumen Bhaumik, CEO of the eyewear division of Titan Ltd told Businessline.
“We will continue to expand and by December of next year, we intend to have a network of 1,000 exclusive stores,” Bhaumik added.
Apart from the exclusive stores, its eyewear is also sold in more than 7000 multi-brand outlets where it sells frames and sunglasses.
For the financial year 2020-21, the eyewear division contributed Rs 375 crore in revenue and expects to surpass it during the current financial year on the back of strong sales and retail expansion.
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