Titan Industries Ltd, India’s largest watch maker, is entering the prescription eyewear business, with the five-year goal of taking 20% of the Rs1,800 crore lenses and frames trade.
Branded Titan Eye+, this is the third segment after watches and jewellery for the Bangalore-based Titan, a joint venture between the Tata group and Tamil Nadu Industrial Development Corporation (Tidco).
Titan will launch 10 stores in April, five in Bangalore, four in Chennai and one in Nagpur, to become the first national player in the business. In the next five years, it will spend Rs20 crore to open 150 multibrand outlets, on its own and with franchisees.
A typical user changes glasses and frames once in four years, the company said. “You can actually own the customer through their lifetime,” said Bhaskar Bhat, managing director, Titan Industries.
Titan sees revenues of Rs20 crore by March 2008 and a return on capital of between 40% and 50%, similar to what it earns from jewellery and watches.
The company will design the frames, outsource manufacturing to local players and market it as a branded product at its outlets.