This new Titan Eye Plus store was launched keeping in line with the retail expansion plan to strengthen Titan's position in the eastern India.
Titan forayed into the eyewear segment, which is an estimated Rs. 3,500 crore industry in India in March 2007.
Currently Titan Eye Plus has 43 stores in east India and 23 stores in West Bengal that provide world class products and services in the segment.
V. Ganesh, Geo Head-East, Titan Company Limited said, "In India close to 300 million people need vision correction. However, the overall penetration achieved by the organized and unorganized sector is less than 25pc ."
"The first challenge of Titan Eye Plus is to get higher levels of reach in the markets which have a large consumer base but unorganized," he added.
"Keeping up with this strategy at least 50pc of our 230 stores across India have been set up in the areas where high level quality eye wear was unavailable," Ganesh said in reference to the initiatives taken up by the brand as part of its retail strategy in tier II and III towns.
He added, "We have gone to small towns and we want to reach more small towns. We have installed shops in the hospitals which immediately dispense spectacles so that patients walk out with some good solution."
R Sharad, Head of Retail, Titan Eye Plus said the company is able to work out a very economic business model because it controls several points of value chain.
"We make our own lenses at our factory in Chikkaballapur, near Bengaluru. So, it becomes easier for us to lead the market. Titan eye plus is a totally different concept as we aim to target those markets which are underserved," Sharad added.
Titan Eye Plus is looking at aggressive growth with plans to set up more shops based on tried and tested business models, mostly through the franchise route.
--IBNS (Posted on 29-10-2013)