Date:30/03/2007 URL: http://www.thehindu.com/2007/03/30/stories/2007033001742000.htm

Business

Titan forays into prescription eyewear segment

Special Correspondent

To open standalone `TitanEye+' retail stores

BANGALORE: Titan Industries announced here on Thursday the launch of its third business, prescription eyewear, after watches and branded jewellery.

The first ten `Titan Eye+' (Eye Plus) standalone retail stores are to come up in Bangalore, Chennai and Nagpur with the first due to open here. Over five years, there will be 150 such stores, including franchised outlets.

Bhaskar Bhat, Managing Director, told reporters that the entry into this fashion-plus-utility value segment followed a consumer survey of 1,200 persons across eight cities. "The survey showed that people not only wanted glasses to see better but also look better. Fifty-seven per cent wanted both looks and functionality and they are our target market," he said.

"We will have three types to meet all budgets with the lowest costing around Rs. 550, including lenses and frame. The lenses and frames will be outsourced and there will be a technology tie-up with Essilor for the lenses. Our main investment will be on the stores.

The format is designed based on those in Europe and on trained optometrists. Besides the Titan brand, all designer brands of frames will also be offered, from Armani to Mont Blanc. There will be a separate brand for children," Mr. Bhat said.

Each store will have 1,100 to 1,850 sq ft carpet area with frames displayed on a `look-browse-buy' format. "Despite the high taxes on imported frames, we safely anticipate a 40 to 50 per cent return on capital within a few years, based on our transparent pricing and choices offered," he added.