At a time when Indian retailers are trying to bounce back in the game as eCommerce industry has started facing some hiccups in terms of revenue and profit, country’s eyewear retail major, Titan Eyeplus has stepped out of the odds and decided to extend its foothold overseas. The company is all set to enter into international markets starting with Sri Lanka and Bangladesh. The eyewear retail chain is also planning to tap into the online landscape to get a better grip in the market.
Commenting on the same, Ronnie Talati, CEO, Titan Company Eyewear, “We are thinking of expanding overseas. Initially, in the neighbouring countries like Bangladesh and Sri Lanka which are somewhat similar to Indian market.”
A lot of eCommerce and hyperlocal firms are scouting for global opportunities in order to tap the maximum in comparison to their global counterparts. The trend of going global gathered momentum in 2015 with companies like Zomato, Grofers, and Ola etc decided to extend in services abroad. Recently Yellofashions.in, curated online women ethnic wear destinations has too decided to foray into Sri Lankan market.
“Online is being planned and a detailed digital strategy will be unveiled in the near future,” said Talati.
"We are now focusing on moving in to tier II, III and smaller cities and towns in terms of expanding physical stores in the north east, Jharkhand, Odhisa and Bihar,” said Raheswari Srinivasan, Region Head Titan.
In April-December 2015, Eyeplus did a business of Rs 400 crore, up by 17 per cent over corresponding period.
With this move, Titan has surely unlocked the level that other brick-and-mortar retailers were trying from quite some time now. The year 2015 saw some hike in revenue and consumerism for offline retailers who were into a stiff combat with the booming eCommerce landscape. Surely this year will be very pivotal for traditional retailers in terms of cementing a pole position in the market. While Indian retailers’ global expansion is reason to celebrate, one sore question must be faced. Are they going abroad seeking the huge opportunities there, or because of the growing eCommerce dominance at home?