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The eyewear market is fragmented, and generally unbranded
with two main big players-Lawrence & Mayo and GKB, who
control less than Rs. 1 billion each of the estimated Rs.18
billion (25 million frames) market revenue.
Three eyeglass frame brands under the Titan Eye+ brand were
announced today by TIL MD Bhaskar Bhatt in Bangalore today
– Titan, Eye+ and Dash (for children). The main difference
in strategy vis-à-vis Tanshq is that TIL plans to sell
multi-brand eyewear, instead of the Tanishq only brand that
they hawk through their jewelry business. International brands
such as Ray Ban, etc will vye for the shoppers notice in Eye+
outlets. For contact lenses, TIL have tied up with reputed
suppliers.
Bhatt plans to capture around 20% of the estimated Rs.18
billion over the next three to five years. The market has
been growing at a double digit rate of 15-20% annually over
that last two years.
TIL spends about Rs.1.2 to 1.5 billion towards promotional
activities annually according to Bhatt, but the eyewear products
will be promoted more by outdoor and print media rather than
mass media. The Eye+ brands have been created by TIL design
team internally along with MacCann and the media buying is
dne by Maxus.
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