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Titan Eyeplus is expecting sales to bounce back fully to last year’s level by the end of third quarter this fiscal backed by launch of products and solutions and with operations normalising across all its stores.
The company, which had close to 584 stores as on March 31, 2020, has shut down around 14-15 odd stores across the country. According to Saumen Bhaumik, CEO, Titan Eyeplus, of the 570 stores currently in operation, only around 530-odd stores have been able to open fully.
“We saw a recovery of about 50-55 per cent in June, and in July 60-65 per cent. In August we reached almost 80 per cent of the same period last year. So recovery has been consistently upwards but the challenge has been that we haven’t been able to open all the stores,” Bhaumik told BusinessLine .
The company which had signed up for opening around 60 stores during the current fiscal has put its plans on hold.
Titan Eyeplus, which registered a six-to-seven per cent growth in gross turnover at ₹950 crore in FY-20, is expecting sales to remain flat this fiscal. “We are not visualising growth over last year in the foreseeable future. The focus would be to reach last years’ figures,” he said.
Product and solutions
It has introduced a new range of anti-fog lenses for those wearing frame and mask.
According to Bhaumik, close to 75-80 per cent of its sales last year came from prescription eye wear space, which being a need-based segment, is not likely to be impacted. However, sale of sunglasses which is another category for the company has been muted.
“Earlier there was a lot of focus on frame, style, brand etc but now there has been a significant upward swing on lenses as people are buying far more superior quality lenses which focuses on clarity and correction. So in lens category there has been significant increase in ticket size,” he said.
This apart, kids segment is another area of focus given their growing exposure to digital devices.
Titan Eyeplus has launched tele-consultation services in association with Sankara Nethralaya across its stores in select cities.
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