In March 2007 worldwide leaders in watches introduced its third major line of customer business with a vision to redefine and at the same time disrupt the eyewear industry in India Titan Eyeplus. Little did anyone knew it would straddle the marketplace with its exciting quality standards, unparalleled in India’s prescription eyewear industry. Today competing against the best in the world it has redefined the way the optical market operates in India.
Since its inception in 2007, the company had set high benchmarks in terms of introducing pioneering concepts which included touch-feel-browse format, complete transparency in pricing, free insurance on spectacles and added to it the refreshing style which quickly replaced the conventional models of the 2000’s. If these were the reasons not enough to persuade the ever-fickle consumer market, the brand of TATA group ensured high levels of trust and quality within the consumers.
Titan Eyeplus deals with various products which include frames, lenses, fashionable sunglasses and contact lenses. Titan Eyeplus currently operates in over 483 stores in over 200 across the country and according to its CEO- S Ravi Kant it plans to open 500- outlet stores at the end of the fiscal year. A fair share of these outlets is franchise-owned businesses so much as only 100 are owned and operated by the company. With its business increasing every quarter the company is opening new stores at a breathtaking pace. It opened 100 stores in 2016,37 in 2017 and aims with a number around 40-50 stores for each year. Read about Ebix entry in India.
Coming to its revenue and finances the company has been experiencing a steady growth in terms of its revenue and market shares. Titan Eyeplus generated revenue of 450 crores in 2016 financial year and in accordance with its plans to increase its market share in the whopping 6500 crore eyewear market it opened its new frame manufacturing facility on the outskirts of Bengaluru. The facility commenced commercial production in January 2018 and the results are already visible. With an estimated annual revenue of $17.7M in the fiscal year 2018, the plant provided added dimensions through flexibility with designs and reduced dependency on imports. If words of Taliti are taken into account the new facility dramatically reduced the cost of frames eventually benefiting the customers and hence establishing the already proved TATA’s people first ideology. Constant innovation has not only been introduced in terms of the design of the frames which are generally trendier than their previous counterparts but also efforts have been poured in to make their retail outlets attractable for the younger generation. This is evident by the fact that the company has already renovated its 200 stores by 2017 and plans to renovate all of them by 2018.
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In terms of competition, it faces stiff competition from frame makers and online retailers like LensKart, LensBazar, sunglass hut etc. But with Titans recent decision to increase online presence and adjusting the brand lens to showcase itself as fashion accessory label rather than a manciple of prescription eyewear it has managed to stay way ahead of its competitors. The Gold Award in the Outdoor Advertising Convention in 2014 and Gold and Silver awards in TRRAIN Retail Awards shows the glimpses of its excellence. With the foundation of the company being strong along with a clear vision for the future TITAN EYE PLUS and its 106 employees surely are an exciting prospect for the Indian eyewear market, oops Global eyewear market. Yes, definitely Global.
Photo by Clem Onojeghuo