Centre For Sight unveils plans for optical retail chain with 500 centres over the next five years

As per the Statista dot com Report revenue in the Eyewear market amounts to INR 32000 Crores in 2021, and is expected to grow annually by 10.5% as per the CAGR 2021-25.

Centre for Sight, Mahindra Group, CFS Vision, Optical chains
36 Crore population in the Indian sub-continent is still bereft of an eye wear solution.

Centre for Sight Group of Eye Hospitals, in collaboration with Mahindra Group, has planned to expand its footprints throughout India with a bold idea which intends to disrupt the Indian Eye Wear market in the coming five years. Under the banner of CFS Vision, the Centres will provide complete eye wear solutions showcasing leading international brands as also private labels of ‘Admyra’ and ‘Avanta’.

“Patients can easily get a trusted facility for treatment as all the services will be available under one roof or at a neighboring Centre for Sight Eye Hospital. Our expansion target is to cover even the Tier 2 and 3 cities, so that the travel distance is minimized for such patients.” said Dr. Mahipal Singh Sachdev, Chairman and Medical Director, Centre for Sight Group of Eye Hospitals.

As per the Statista dot com Report revenue in the Eyewear market amounts to INR 32000 Crores in 2021, and is expected to grow annually by 10.5% as per the CAGR 2021-25. Also, the Research firm Market Scope forecasts that India’s Eye Care market growing at a CAGR of 6.8 percent a year shall reach to INR 13,300 Crores by 2022, which clearly suggests that the eye wear market is three times bigger than the eye care market.

CFS Vision targets to achieve annual revenue of INR 350 crores by 2027 and plans an outlay of INR 250 crores over the next five years. Having a growth of CAGR 70% and EBITDA positive.

“CFS Vision shall be the caretaker of eye wear and eye care needs in even the retail space for everyone from the cradle to the elderly using cutting edge technology, tele- consultation and services at the doorsteps. CFS Vision shall also be venturing into manufacturing of frames and lenses under the Make in India mission for its venture in the coming years.” Added Dr Mahipal.

After opening 47 Centres providing Optical solutions across the country, the leading eye chain has proposed to spread its wings in established and new geographies with 500 CFS Vision Centres by 2027.

As per the recent report provided by the Worldometer and Statista report 2021, 35% i.e, around 50 crores of the Indian population needs some form of vision correction but sadly only 25% of those have had their vision corrected. Therefore, 36 Crore population in the Indian sub-continent is still bereft of an eye wear solution. This is the current unmet need which CFS Vision is gearing up to cater in the coming years.

“In this digital era, especially post COVID19, the overall school going population, at least 25% of them have been found to have abnormal vision. The aggravating issue is with the fact that one-third of the above mentioned 25% school going population are still facing vision issues pertaining to wrongly prescribed eye wear and CFS Vision shall double up its efforts and interventions to undo this across the country. If such conditions are identified in the initial stages, the progression of vision loss can be tackled with the use of recommended eye wear, lenses or laser vision correction,” he added.

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