Titan Inds forays into prescription eyewear

Bangalore, Mar 29 | Updated: Mar 30 2007, 07:22am hrs
Titan Industries Ltd on Thursday said that it will foray into prescription eyewear business and open 150 optical stores in the country over the next five years, according to company managing director Bhaskar Bhat. Titan, which already has established businesses in watches and jewellery segments, will launch its new business under the brand name Titan Eye +, Bhat told the media.

Indias prescription eyewear business, growing annually at nearly 20%, was worth around Rs 1,500 crore to Rs 1,800 crore and the company aimed to secure 20% of the market share.

Global lens makers Essilor along with other lens brands and optical labs would partner Titan in this venture. The company plans to launch ten stores initially, at locations across Bangalore, Chennai and Nagpur. Titans investments in the business would involve setting up of the retail stores, calling for funds to the tune of Rs 15 crore to Rs 20 crore.