Until four years ago, almost 100% of the frames and sunglasses sold at Titan eyewear stores were imported. Today it is down to 60%. The company is also working overtime to reach its target of setting up 1,000 stores across 400-plus cities. In this interview, Saumen Bhaumik, CEO, EyeCare Division, Titan Company, tells Akanksha Nagar why the company is eyeing the smart eyewear category. Excerpts:
Can optometry move online completely?
In our category, e-commerce does not provide a complete and optimum solution yet. For example, in subjective optometry which helps define someone’s eye power, there is no ready-made solution to screen it online. So for prescription-based eyewear, we can’t give you a solution that’s right 80% of the time. Although online discovery for eyecare has increased after the Covid pandemic, to get greater comfort, consumers are far keener on offline solutions. As far as prescription eyewear is concerned, it is clear that until something transformational happens, it is going to be driven by an in-store experience. The contribution of online channels for our total sales is currently under 10%.
At the flagship stores, we have started rolling out new high-technology eye-testing equipment offering higher accuracy in less time and also diagnosing cataracts. We have also introduced technology that allows us to check hearing loss and have started retailing hearing aids at select stores.
What are the new geographies you are targeting with your latest products?
Titan’s EyeCare division has two main retail brands: Titan Eye+ and Fastrack Specs Store. Fastrack Specs Store, our new format, addresses young consumers and is present in three metro locations. Titan Eye+, the flagship brand, is strong amongst premium consumers and is a family store addressing eyecare needs for kids, young adults, and working couples. Given the focus on mid-premium to premium consumers, the focus markets are the top 25 cities across India.
Are you looking to occupy the premium end of the market here on?
The recent launch of the Zefr glasses collection priced 34,000 onwards seems to imply a shift in strategy… Every August, we launch the most innovative products for the year. Last year, we launched Titan Ultima, which provides near-instant adaptation and feels like a single-vision lens. Starting at52,000, it has been our quiet foray into the luxury segment. In less than a year, it contributes 7% of the total sales of lenses. Zefr frames are the recent launch into luxury eyecare aimed to tap into the growing premiumisation trend across categories. It has been launched in select stores in the top eight cities.
The company is also sharpening focus on the smart eyewear category, you have said…
This Diwali, the company is playing big on smart glasses, which I believe is a blue ocean. We are actually making our play in the smart segment wider and deeper. We pioneered the segment in the country in 2019, and now we have introduced a second-generation version of it. Titan EyeX allows one to take calls, listen to music, navigate and has an inbuilt step counter, and can be used for 12 -16 hours as prescription eyewear. The company also has Fastrack Vibes, smart eyewear that’s designed as sunglasses for the youth and is pocket-friendly at 3,000. As this is a nascent category, the contribution to overall business is still moderate but it’s growing rapidly. The other key focus this festive season is kid’s eyewear and we are doing multiple things in that space — from launching flat pricing at999 to a massive free eye screening drive in schools to raise awareness.
Overall, this year, the company launched five new innovations including the second generation of smart glasses, two new lenses (Neo Sync, DrivEZ), and Zefr Frames. To launch them innovatively, in a manner that’s not been seen in India before, we launched Titan Eye+ A Smart Kiosk. The unique campaign connected with customers in an engaging way by bringing actor Ayushman Khurrana ‘live’ to a kiosk at Phoenix Mall in Mumbai. We used a mall kiosk to feature a life-like image of the actor that comes alive, catching consumers by surprise and allowing them to have real-time conversations with the actor.
You have to step up production and manufacturing in that case…
The company has invested heavily in Chikkaballapur (near Bengaluru) to build an integrated factory that manufactures frames, sunglasses, and lenses. We are scaling up capacity every year to support Make in India. About 40% of our products would be localised, up from nearly all sunglasses and frames being imported three/four years back. As the company is in pursuit of 100% indigenisation, transitioning from a framework that has been around for so long, is not easy.