Mumbai: Mukesh Ambani-led Reliance Retail and partner Pearle Europe plan to open up to 700 stores of their eyewear retail chain ‘Vision Express´ across India in the next seven to eight years.
Vision Express is a joint venture between Reliance Retail and Pearle Europe—an optical retail company in Europe and the JV has 41 stores in India.
“We want to have a network of 500-700 outlets of Vision Express over the next seven to eight years. That’s the longer term outlook,” Vision Express chief executive officer Guillame Brouwet told PTI.
“India is a dynamic and strategic market in the optical retail segment. It’s the best economy to do business in the next ten years,” Brouwet said.
Brouwet said the Indian optical industry is estimated to be around $900 million and organised players have immense scope for growth.
“India’s optical goods and services industry is around $900 million and it is likely to double in the next ten years. About 95% of the industry in India comprises independent store owners, so the organised retail chains like us have scope to grow exponentially,” he said.