Titan revolutionised the watch market when they entered. From a functional product it became a fashion accessory. They did it once more when they launched their jewelry chain Tanishq. From an opaque, family-jeweller driven business, it became a transparent, check-the- content-of-what -you-are-buying business. And now they are set to do the same with eyewear. Except in this case they are only following the trend. The Titan eyewear retail offer - Titan Eyeplus has launched an all new brand identity. The new brand logo sports a cool blue colour palette and a modern typeface which is minimalist and contemporary.
As per an article in Business Line - The company felt that the earlier logo with its plus (+) sign had a medical feel to it. Today, consumers are buying multiple pairs of eyewear which they see as fashion/lifestyle statements for different occasions, including work, weddings, and parties and so on, with replacement cycles of 12-18 months down from two-three years earlier. The new brand logo and retail identity reflects the shift of the eyewear category from a serious, functional category rooted in healthcare to a more youthful, contemporary fashion accessory.
The products on display in the new Titan Eyeplus stores will have separate sections dedicated to men, women, youth and kids. Each consumer segment will have products segregated by lifestyle/occasion based requirements such as corporate, fashion, sports, luxury with each segment showcasing global trending styles.
The company has rejuvenated the brand’s retail experience from the time the customer enters the store till the time they exit with a story-telling approach for each category. Thirty Titan Eyeplus stores have been readied with the new identity and the rest will go through a makeover in phases, at a cost of 15-20 lakh per store. The store revamp has been done by Foley Designs.
At present, 80% of the company’s sales accrue from prescription eyewear that addresses a core target group of 40 plus individuals and the rest is from sunglasses. And 90% of the lenses sold are manufactured by Titan.
Regarding investments in augmenting manufacturing capacity of lenses, the company has a lens manufacturing facility is in Chikballarpur outside Bengaluru with a capacity of 2,000 lenses per day. It has set up a Satellite Lens Processing Unit in Kolkata last month at an investment of ₹5 crore and plan to set up one in Noida in April and another outside Mumbai in September, at an investment of ₹5 crore each. These processing units will cut down delivery time to customers in those regions from three days to 24 hours.
Titan Eyeplus has a footprint of 395 stores in 148 cities, of which 100 are company-owned. The company clocked over Rs 500 crore last fiscal, has crossed Rs 460 crore last December and is expecting to grow at 17% this fiscal. It has registered a CAGR of 25% over the last five years. The company offers in-house brands priced from Rs 495 to Rs 4,000 and international brands such as Montblanc, Swarovski, Porsche, Tag-Heuer priced upwards of Rs 4,000 to Rs 40,000.